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.
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