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A BILL TO BE ENTITLED
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AN ACT
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Relating to the urban scholarship; enforcement and authorizing |
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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 amending 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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(c) A local exchange company shall file with the comptroller |
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a verification of money delivered under this section that complies |
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with Section 74.302. |
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(h) A local exchange company is subject to Subchapter H for |
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failure to comply with this Section. |
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SECTION 2. Section 74.706, Property Code, is amended to |
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read as follows: |
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(a) A penalty equal to five percent of the value of the |
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property due shall be imposed on a holder who fails to pay or |
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deliver property within the time prescribed by this chapter. If a |
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holder fails to pay or deliver property before the 31st day after |
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the date the property is due, an additional penalty equal to five |
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percent of the value of the property due shall be imposed. |
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(b) A penalty equal to ten percent of the property due per day |
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shall be imposed on a holder who fails to pay or deliver property |
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under Section 74.3012 within the time prescribed by this Chapter. |
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(c)[(b)] For purposes of Subsections (a) and (b) |
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[Subsection (a)], "holder" does not include a local governmental |
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entity or an officer or employee of a local governmental entity who |
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is performing the officer's or employee's official duties for the |
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local governmental 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 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. |