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A BILL TO BE ENTITLED
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AN ACT
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relating to interest on unpaid penalties imposed by the Texas |
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Residential Construction Commission. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 419, Property Code, is amended by adding |
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Section 419.0031 to read as follows: |
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Sec. 419.0031. INTEREST ON UNPAID PENALTY. Interest |
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accrues on an unpaid administrative penalty at a rate of 18 percent |
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compounded annually beginning on the day after the date specified |
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for payment under Section 419.003. |
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SECTION 2. The change in law made by this Act applies only |
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to an administrative penalty assessed on or after the effective |
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date of this Act. A penalty assessed before the effective date of |
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this Act is subject to the law in effect immediately before that |
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date, and that law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2007. |