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A BILL TO BE ENTITLED
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AN ACT
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relating to the presumption of membership initiation deposits as |
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abandoned property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 72, Property Code, is |
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amended by adding Section 72.1018 to read as follows: |
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Sec. 72.1018. MEMBERSHIP INITIATION DEPOSITS. (a) In this |
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section, "membership initiation deposit" means an amount of money |
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paid to join a club membership program operated by a business that |
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provides a member access to or the use of entertainment, |
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recreation, sports, dining, or social facilities and other related |
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real property. |
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(b) A membership initiation deposit is not presumed |
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abandoned if: |
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(1) the member forfeits the deposit under the terms of |
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an agreement between the member and the business that sold the |
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membership; or |
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(2) the deposit is included as discharge of |
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indebtedness income on the federal income tax return of the |
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business that sold the membership. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2017. |