By Junell                                             H.B. No. 1840
         77R4341 PAM-D                           
                                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 if the holder delivering the property was
1-10     required to deliver the property:
1-11                 (1)  on or before November 1, 1997, under Section
1-12     74.301(a); or
1-13                 (2)  on a specified date after November 1, 1997, but
1-14     before June 1, 1998, under Section 74.301(c).
1-15           SECTION 2. (a)  This Act takes effect September 1, 2001.
1-16           (b)  The change in law made by this Act applies only to
1-17     unclaimed property delivered to the comptroller under Subchapter D,
1-18     Chapter 74, Property Code, on or after the effective date of this
1-19     Act.  Unclaimed property delivered to the comptroller before the
1-20     effective date of this Act is governed by the law in effect at the
1-21     time the property was delivered, and the former law is continued in
1-22     effect for that purpose.