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


Senate Research CenterC.S.H.B. 1840
77R11721 PAM-DBy: Junell (Ellis)
Finance
4/10/2001
Engrossed

Committee Report (Substituted) 

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.  C.S.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),
to authorize the comptroller to waive penalty and interest imposed on
delinquent property if the holder delivering the property was required to
deliver the property on or before November 1, 1997. 

SECTION 2.  Makes application of this Act prospective.

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

SUMMARY OF COMMITTEE CHANGES

Amends Engrossed H.B. 1840 by deleting proposed language regarding the
contents of a safe deposit box and specifies before November 1, 1997 as the
date by which the property was required to be delivered.