SRC-CTC, SEW S.B. 1038 77(R)BILL ANALYSIS


Senate Research CenterS.B. 1038
77R4341 PAM-DBy: Ellis, Rodney
Finance
3/14/2001
Committee Report (Amended)


DIGEST AND PURPOSE 

The Office of Comptroller of Public Accounts established two unclaimed
property amnesty periods in the last three years allowing waivers of
penalties and interest due for unreported unclaimed property. Each amnesty
period generated $26 million in unclaimed property.  The comptroller's
office estimates that the state would raise $18.2 million in fiscal year
2002 from eliminating property and interest provisions for the disclosure
of certain unclaimed property.  S.B. 1038 allows the comptroller to waive
penalty and interest charges imposed on certain delinquent 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 if the holder delivering the property was required to
deliver the property on or before November 1, 1997. 

SECTION 2.  (a) Effective date:  September 1, 2001.

(b) Provides that the change in law made by this Act applies only to
unclaimed property delivered to the comptroller under Chapter 74D, Property
Code, on or after the effective date of this Act.  Makes application of
this Act prospective. 

SUMMARY OF COMMITTEE CHANGES

Differs from the original in SECTION 1 by substituting on or before
November 1, 1997, as the applicable date and deleting an additional
eligibility period of a date after November 1, 1997, and before June 1,
1998.