1-1     By:  Junell (Senate Sponsor - Ellis)                  H.B. No. 1840
 1-2           (In the Senate - Received from the House March 28, 2001;
 1-3     March 29, 2001, read first time and referred to Committee on
 1-4     Finance; April 17, 2001, reported adversely, with favorable
 1-5     Committee Substitute by the following vote:  Yeas 11, Nays 0;
 1-6     April 17, 2001, sent to printer.)
 1-7     COMMITTEE SUBSTITUTE FOR H.B. No. 1840                   By:  Ellis
 1-8                            A BILL TO BE ENTITLED
 1-9                                   AN ACT
1-10     relating to authorizing the comptroller to waive penalties and
1-11     interest relating to the delivery of certain delinquent unclaimed
1-12     property.
1-13           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-14           SECTION 1. Section 74.707, Property Code, is amended by
1-15     adding Subsection (c) to read as follows:
1-16           (c)  The comptroller may waive penalty and interest imposed
1-17     on delinquent property if the holder delivering the property was
1-18     required to deliver the property on or before November 1, 1997.
1-19           SECTION 2. The change in law made by this Act applies only to
1-20     unclaimed property delivered to the comptroller of public accounts
1-21     under Subchapter D, Chapter 74, Property Code, on or after the
1-22     effective date of this Act.  Unclaimed property delivered to the
1-23     comptroller of public accounts before the effective date of this
1-24     Act is governed by the law in effect at the time the property was
1-25     delivered, and the former law is continued in effect for that
1-26     purpose.
1-27           SECTION 3. This Act takes effect immediately if it receives a
1-28     vote of two-thirds of all the members elected to each house, as
1-29     provided by Section 39, Article III, Texas Constitution.  If this
1-30     Act does not receive the vote necessary for immediate effect, this
1-31     Act takes effect September 1, 2001.
1-32                                  * * * * *