SRC-TBR H.B. 1840 77(R)   BILL ANALYSIS


Senate Research Center   H.B. 1840
By: Junell (Ellis)
Finance
4/2/2001
Engrossed


DIGEST AND PURPOSE 

Currently, the comptroller of public accounts is responsible for
administering the Texas Unclaimed Property Program, which requires
financial institutions, businesses, and other entities to deliver to the
comptroller property they hold that they consider abandoned.  Some entities
do not disclose the existence of abandoned property because state law
requires them to pay interest and penalties on the property.  As proposed,
H.B. 1840 waives interest and penalties on certain unclaimed property.  

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to a
state officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 74.707, Property Code, by adding Subsection (c)
as follows: 

(c)  Authorizes the comptroller to waive penalty and interest imposed on
delinquent property, including the contents of a safe deposit box, if the
holder delivering the property was required to deliver the property on or
before November 1, 1997, under Section 74.301(a) or on a specified date
after November 1, 1997, but before June 1, 1998, under Section 74.301(c). 

SECTION 2.  Makes application of this Act prospective.

SECTION 3.  Effective date: upon passage or September 1, 2001.