Honorable Steve Ogden, Chair, Senate Committee on Finance
FROM:
John S. O'Brien, Director, Legislative Budget Board
IN RE:
SB2350 by Ogden (Relating to the payment of cy pres funds in an action by the attorney general.), As Introduced
No significant fiscal implication to the State is anticipated.
This bill would amend the Civil Practice and Remedies Code and create the cy pres account as a dedicated account in General Revenue Fund. The Office of the Attorney General (OAG) would retain cy pres funds awarded by the courts and deposit those funds into the newly created account and would distribute those funds to nonprofit, charitable, or educational entities for programs that provide assistance to consumers. It is assumed that all revenue generated as a result of the provisions of the bill would be distributed by the OAG to eligible entities. The OAG has indicated that any additional costs associated with implementation of the bill could be absorbed within existing resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
212 Office of Court Administration, Texas Judicial Council, 302 Office of the Attorney General, 304 Comptroller of Public Accounts