84R7215 LEH-D
 
  By: Hernandez H.B. No. 1560
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to investment options for property recovered in a suit by a
  next friend or guardian ad litem on behalf of a minor or
  incapacitated person.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 142.004(a), Property Code, is amended to
  read as follows:
         (a)  In a suit in which a minor or incapacitated person who
  has no legal guardian is represented by a next friend or an
  appointed guardian ad litem, any money recovered by the plaintiff,
  if not otherwise managed under this chapter, may be invested:
               (1)  by the next friend or guardian ad litem in:
                     (A)  a higher education savings plan established
  under Subchapter G, Chapter 54, Education Code, or a prepaid
  tuition program [the Texas tomorrow fund] established under [by]
  Subchapter H [F], Chapter 54, Education Code; or
                     (B)  interest-bearing time deposits in a
  financial institution doing business in this state and insured by
  the Federal Deposit Insurance Corporation; or
               (2)  by the clerk of the court, on written order of the
  court of proper jurisdiction, in:
                     (A)  a higher education savings plan established
  under Subchapter G, Chapter 54, Education Code, or a prepaid
  tuition program [the Texas tomorrow fund] established under [by]
  Subchapter H [F], Chapter 54, Education Code;
                     (B)  interest-bearing deposits in a financial
  institution doing business in this state and insured by the Federal
  Deposit Insurance Corporation;
                     (C)  United States treasury bills;
                     (D)  an eligible interlocal investment pool that
  meets the requirements of Sections 2256.016, 2256.017, and
  2256.019, Government Code; or
                     (E)  a no-load money market mutual fund, if the
  fund:
                           (i)  is regulated by the Securities and
  Exchange Commission;
                           (ii)  has a dollar weighted average stated
  maturity of 90 days or fewer; and
                           (iii)  includes in its investment objectives
  the maintenance of a stable net asset value of $1 for each share.
         SECTION 2.  This Act takes effect September 1, 2015.