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A BILL TO BE ENTITLED
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AN ACT
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relating to the delivery of unclaimed property to certain urban |
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scholarship funds; authorizing administrative penalties. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 74.3012, Property Code, is amended by |
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amending Subsections (a) and (b) and adding Subsection (h) to read |
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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 exchange company shall [may] |
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deliver reported money to a scholarship fund for urban students |
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instead of delivering the money to the comptroller as prescribed by |
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Section 74.301. |
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(b) A local exchange company shall [may] deliver the money |
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under this section only to a scholarship fund established by one or |
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more local exchange companies in this state to enable needy |
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students from urban areas to attend college, technical school, or |
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another postsecondary educational institution. |
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(h) A local exchange company is subject to a penalty under |
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Section 74.706(a-1) for a violation of this section. |
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SECTION 2. Section 74.706, Property Code, is amended by |
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adding Subsection (a-1) and amending Subsection (b) to read as |
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follows: |
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(a-1) If a holder fails to deliver property to a scholarship |
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fund for urban students as required by Section 74.3012 on or before |
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the latest date for delivery of property under Section 74.301(a), a |
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penalty equal to 10 percent of the value of the property due shall |
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be imposed on the holder for each day on and after that date on which |
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the holder fails to deliver the property. |
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(b) For purposes of Subsections [Subsection] (a) and (a-1), |
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"holder" does not include a local governmental entity or an officer |
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or employee of a local governmental entity who is performing the |
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officer's or employee's official duties for the local governmental |
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entity. |
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SECTION 3. 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, 2025. |