By Smith H.B. No. 1295 76R4393 CLG-D A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to certain property delivered to the comptroller on the 1-3 presumption of owner abandonment. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Subchapter F, Chapter 74, Property Code, is 1-6 amended by adding Section 74.510 to read as follows: 1-7 Sec. 74.510. INTEREST PAYABLE ON CLAIM FOR ACCOUNT 1-8 WRONGFULLY PRESUMED ABANDONED BY FINANCIAL INSTITUTION. (a) In 1-9 this section: 1-10 (1) "Account" has the meaning assigned by Section 1-11 73.001. 1-12 (2) "Depository" means a financial institution 1-13 described by Section 73.002. 1-14 (b) As soon as possible after the comptroller or a 1-15 depository pays a claim filed under this subchapter for money in an 1-16 account wrongfully presumed abandoned under Subchapter B, Chapter 1-17 73, the depository shall pay to the owner of the account interest 1-18 on the money accruing from the date interest was last credited to 1-19 the account or, if the account is not an interest-bearing account, 1-20 the date on which the property was delivered to the comptroller 1-21 until the date on which the claim is paid. 1-22 (c) The amount of interest due under Subsection (b) is 1-23 computed by multiplying the amount on which interest is payable by 1-24 the greater of the interest rate applicable to the account or the 2-1 applicable federal funds rate and multiplying the product by the 2-2 number of days for which interest is payable. The applicable 2-3 federal funds rate is the average of the federal funds rates 2-4 published by the Federal Reserve Bank of New York for each of the 2-5 days for which interest is payable divided by 360. The federal 2-6 funds rate for any day on which a published rate is not available 2-7 is the same as the published rate for the next preceding day for 2-8 which there is a published rate. 2-9 SECTION 2. Section 74.509, Property Code, is repealed. 2-10 SECTION 3. This Act takes effect September 1, 1999, and 2-11 applies only to a claim filed on or after that date. A claim filed 2-12 before the effective date of this Act is governed by the law in 2-13 effect at the time the claim was filed, and the former law is 2-14 continued in effect for that purpose. 2-15 SECTION 4. The importance of this legislation and the 2-16 crowded condition of the calendars in both houses create an 2-17 emergency and an imperative public necessity that the 2-18 constitutional rule requiring bills to be read on three several 2-19 days in each house be suspended, and this rule is hereby suspended.