By Junell                                             H.B. No. 1840
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to authorizing the comptroller to waive penalties and
 1-3     interest relating to the delivery of certain delinquent unclaimed
 1-4     property.
 1-5           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-6           SECTION 1. Section 74.707, Property Code, is amended by
 1-7     adding Subsection (c) to read as follows:
 1-8           (c)  The comptroller may waive penalty and interest imposed
 1-9     on delinquent property, including the contents of a safe deposit
1-10     box, if the holder delivering the property was required to deliver
1-11     the property:
1-12                 (1)  on or before November 1, 1997, under Section
1-13     74.301(a); or
1-14                 (2)  on a specified date after November 1, 1997, but
1-15     before June 1, 1998, under Section 74.301(c).
1-16           SECTION 2.  The change in law made by this Act applies only
1-17     to unclaimed property delivered to the comptroller under Subchapter
1-18     D, Chapter 74, Property Code, on or after the effective date of
1-19     this Act.  Unclaimed property delivered to the comptroller before
1-20     the effective date of this Act is governed by the law in effect at
1-21     the time the property was delivered, and the former law is
1-22     continued in effect for that purpose.
1-23           SECTION 3.  This Act takes effect immediately if it receives
1-24     a vote of two-thirds of all the members elected to each house, as
 2-1     provided by Section 39, Article III, Texas Constitution.  If this
 2-2     Act does not receive the vote necessary for immediate effect, this
 2-3     Act takes effect September 1, 2001.