1-1 By: Ellis S.B. No. 1038 1-2 (In the Senate - Filed March 1, 2001; March 5, 2001, read 1-3 first time and referred to Committee on Finance; March 19, 2001, 1-4 reported favorably, as amended, by the following vote: Yeas 13, 1-5 Nays 0; March 19, 2001, sent to printer.) 1-6 COMMITTEE AMENDMENT NO. 1 By: Ellis 1-7 Amend S.B. No. 1038, on page , by striking 1-8 lines through and substituting the following: "required to 1-9 deliver the property on or before November 1, 1997." 1-10 A BILL TO BE ENTITLED 1-11 AN ACT 1-12 relating to authorizing the comptroller of public accounts to waive 1-13 penalties and interest relating to the delivery of certain 1-14 delinquent unclaimed property. 1-15 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-16 SECTION 1. Section 74.707, Property Code, is amended by 1-17 adding Subsection (c) to read as follows: 1-18 (c) The comptroller may waive penalty and interest imposed 1-19 on delinquent property if the holder delivering the property was 1-20 required to deliver the property: 1-21 (1) on or before November 1, 1997, under Section 1-22 74.301(a); or 1-23 (2) on a specified date after November 1, 1997, but 1-24 before June 1, 1998, under Section 74.301(c). 1-25 SECTION 2. (a) This Act takes effect September 1, 2001. 1-26 (b) The change in law made by this Act applies only to 1-27 unclaimed property delivered to the comptroller of public accounts 1-28 under Subchapter D, Chapter 74, Property Code, on or after the 1-29 effective date of this Act. Unclaimed property delivered to the 1-30 comptroller of public accounts before the effective date of this 1-31 Act is governed by the law in effect at the time the property was 1-32 delivered, and the former law is continued in effect for that 1-33 purpose. 1-34 * * * * *