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 if the holder delivering the property was
1-10     required to deliver the property on or before November 1, 1997.
1-11           SECTION 2.  The change in law made by this Act applies only
1-12     to unclaimed property delivered to the comptroller of public
1-13     accounts under Subchapter D, Chapter 74, Property Code, on or after
1-14     the effective date of this Act.  Unclaimed property delivered to
1-15     the comptroller of public accounts before the effective date of
1-16     this Act is governed by the law in effect at the time the property
1-17     was delivered, and the former law is continued in effect for that
1-18     purpose.
1-19           SECTION 3.  This Act takes effect immediately if it receives
1-20     a vote of two-thirds of all the members elected to each house, as
1-21     provided by Section 39, Article III, Texas Constitution.  If this
1-22     Act does not receive the vote necessary for immediate effect, this
1-23     Act takes effect September 1, 2001.
         _______________________________     _______________________________
             President of the Senate              Speaker of the House
               I certify that H.B. No. 1840 was passed by the House on March
         27, 2001, by the following vote:  Yeas 148, Nays 0, 1 present, not
         voting; and that the House concurred in Senate amendments to H.B.
         No. 1840 on May 3, 2001, by the following vote:  Yeas 144, Nays 0,
         1 present, not voting.
                                             _______________________________
                                                 Chief Clerk of the House
               I certify that H.B. No. 1840 was passed by the Senate, with
         amendments, on April 27, 2001, by the following vote:  Yeas 28,
         Nays 0, 1 present, not voting.
                                             _______________________________
                                                 Secretary of the Senate
         APPROVED:  __________________________
                              Date
                    __________________________
                            Governor