76R9905 WP-F
By Isett H.B. No. 3437
Substitute the following for H.B. No. 3437:
By Solomons C.S.H.B. No. 3437
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.