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