1-1 By: Isett (Senate Sponsor - Nixon) H.B. No. 3437
1-2 (In the Senate - Received from the House May 11, 1999;
1-3 May 12, 1999, read first time and referred to Committee on
1-4 Jurisprudence; May 14, 1999, reported favorably by the following
1-5 vote: Yeas 3, Nays 0; May 14, 1999, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to certain records and fees involving abandoned property.
1-9 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-10 SECTION 1. Section 74.103(b), Property Code, is amended to
1-11 read as follows:
1-12 (b) The record must be kept for four [10] years from the
1-13 date on which the property is reportable, regardless of whether the
1-14 property is reported in the aggregate under Section 74.101.
1-15 SECTION 2. Section 74.507, Property Code, is amended to read
1-16 as follows:
1-17 Sec. 74.507. FEE FOR RECOVERY. (a) A person who informs a
1-18 potential claimant that the claimant may be entitled to claim
1-19 property that is reportable to the comptroller under this chapter,
1-20 that has been reported to the comptroller, or that is in the
1-21 possession of the comptroller may not contract to [for or] receive
1-22 from the claimant for services a percentage [an amount that exceeds
1-23 10 percent] of the value of any [the] property recovered, but may
1-24 contract to receive an amount specifically stated in the contract
1-25 for recovery of property. If the property involved is mineral
1-26 proceeds, the amount for services may not include a portion of the
1-27 underlying minerals or any production payment, overriding royalty,
1-28 or similar payment.
1-29 (b) The person who informs a potential claimant and by
1-30 contract or other written agreement is to receive a specified fee
1-31 [percentage of the value of the property] may not file or receive a
1-32 form to claim or act on behalf of a claimant.
1-33 SECTION 3. (a) This Act takes effect September 1, 1999.
1-34 (b) The change in law made by Section 74.103(b), Property
1-35 Code, as amended by this Act, applies to any record required to be
1-36 filed under that section before, on, or after the effective date of
1-37 this Act.
1-38 (c) The changes in law made by Section 74.507, Property
1-39 Code, as amended by this Act, apply only to a contract entered into
1-40 on or after the effective date of this Act. A contract entered
1-41 into before the effective date of this Act is covered by the law in
1-42 effect when the contract was entered into, and the former law is
1-43 continued in effect for that purpose.
1-44 SECTION 4. The importance of this legislation and the
1-45 crowded condition of the calendars in both houses create an
1-46 emergency and an imperative public necessity that the
1-47 constitutional rule requiring bills to be read on three several
1-48 days in each house be suspended, and this rule is hereby suspended.
1-49 * * * * *