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A BILL TO BE ENTITLED
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AN ACT
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relating to disposition of certain unclaimed money by local |
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telephone exchange companies. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The heading to Section 74.3011, Property Code, |
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is amended to read as follows: |
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Sec. 74.3011. DELIVERY OF MONEY TO RURAL SCHOLARSHIP FUND |
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AND ECONOMIC DEVELOPMENT FUND. |
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SECTION 2. Sections 74.3011(a), (b), (d), (e), and (g), |
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Property Code, are amended to read as follows: |
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(a) Notwithstanding and in addition to any other provision |
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of this chapter or other law, a local telephone exchange company may |
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deliver reported money to a [scholarship] fund described by |
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Subsection (b) [for rural students] instead of delivering the money |
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to the comptroller as prescribed by Section 74.301. |
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(b) A local telephone exchange company may deliver the money |
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under this section only to: |
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(1) a scholarship fund established by one or more |
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local telephone exchange companies in this state to enable needy |
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students from rural areas to attend college, technical school, or |
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another postsecondary educational institution; and |
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(2) an economic development fund established by one or |
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more local telephone exchange companies in this state to enable |
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rural, low-income, underserved areas to promote or support economic |
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development and stimulate infrastructure development in those |
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areas. |
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(d) A claim for money delivered to a [scholarship] fund |
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under this section must be filed with the local telephone exchange |
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company that delivered the money. The local telephone exchange |
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company shall forward the claim to the administrator of the |
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[scholarship] fund to which the money was delivered. The |
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[scholarship] fund shall pay the claim if the fund determines in |
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good faith that the claim is valid. A person aggrieved by a claim |
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decision may file a suit against the appropriate fund in a district |
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court in the county in which the administrator of the [scholarship] |
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fund is located in accordance with Section 74.506. |
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(e) The comptroller shall prescribe forms and procedures |
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governing this section, including forms and procedures relating to: |
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(1) notice of presumed abandoned property; |
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(2) delivery of reported money to a [scholarship] fund |
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described by Subsection (b); and |
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(3) filing of a claim. |
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(g) During a state fiscal year, the total amount of money |
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that may be transferred by all local telephone exchange companies |
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under this section may not exceed $1 million to the scholarship fund |
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and $1 million to the economic development fund [$800,000]. The |
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comptroller shall keep a record for each fund of the total amount of |
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money transferred annually. When the total amount of money |
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transferred during a state fiscal year equals the amount allowed by |
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this subsection, the comptroller shall notify each local telephone |
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exchange company that the company may not transfer any additional |
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money to the applicable [company's scholarship] fund of the company |
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during the remainder of that state fiscal year. |
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SECTION 3. This Act takes effect September 1, 2015. |