By Isett                                              H.B. No. 3437
         76R9905 WP-F                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to certain records and fees involving abandoned property.
 1-3           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-4           SECTION 1.  Section 74.103(b), Property Code, is amended to
 1-5     read as follows:
 1-6           (b)  The record must be kept for four [10] years from the
 1-7     date on which the property is reportable, regardless of whether the
 1-8     property is  reported in the aggregate under Section 74.101.
 1-9           SECTION 2.  Section 74.507, Property Code, is amended to read
1-10     as follows:
1-11           Sec. 74.507.  FEE FOR RECOVERY.  (a)  A person who informs a
1-12     potential claimant that the claimant may be entitled to claim
1-13     property that is reportable to the comptroller under this chapter,
1-14     that has been reported to the comptroller, or that is in the
1-15     possession of the comptroller may not contract to [for or] receive
1-16     from the claimant for services a percentage [an amount that exceeds
1-17     10 percent] of the value of any [the] property recovered, but may
1-18     contract to receive an amount specifically stated in the contract
1-19     for recovery of property.  If the property involved is mineral
1-20     proceeds, the amount for services may not include a portion of the
1-21     underlying minerals or any production payment, overriding royalty,
1-22     or similar payment.
1-23           (b)  The person who informs a potential claimant and by
1-24     contract or other written agreement is to receive a specified fee
 2-1     [percentage of the value of the property] may not file or receive a
 2-2     form to claim or act on behalf of a claimant.
 2-3           SECTION 3.  (a)  This Act takes effect September 1, 1999.
 2-4           (b)  The change in law made by Section 74.103(b), Property
 2-5     Code, as amended by this Act, applies to any record required to be
 2-6     filed under that section before, on, or after the effective date of
 2-7     this Act.
 2-8           (c)  The changes in law made by Section 74.507, Property
 2-9     Code, as amended by this Act, apply only to a contract entered into
2-10     on or after the effective date of this Act.  A contract entered
2-11     into before the effective date of this Act is covered by the law in
2-12     effect when the contract was entered into, and the former law is
2-13     continued in effect for that purpose.
2-14           SECTION 4.  The importance of this legislation and the
2-15     crowded condition of the calendars in both houses create an
2-16     emergency and an imperative public necessity that the
2-17     constitutional rule requiring bills to be read on three several
2-18     days in each house be suspended, and this rule is hereby suspended.