HB4279 - Relating to the delivery of unclaimed property to certain urban scholarship funds; authorizing administrative penalties.

  89R19500 SCR-F     By: Y. Davis of Dallas, Simmons H.B. No. 4279       A BILL TO BE ENTITLED   AN ACT   relating to the delivery of unclaimed property to certain urban   scholarship funds; authorizing administrative penalties.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 74.3012, Property Code, is amended by   amending Subsections (a) and (b) and adding Subsection (h) to read   as follows:          (a)  Notwithstanding and in addition to any other provision   of this chapter or other law, a local exchange company shall [ may ]   deliver reported money to a scholarship fund for urban students   instead of delivering the money to the comptroller as prescribed by   Section 74.301.          (b)  A local exchange company shall [ may ] deliver the money   under this section only to a scholarship fund established by one or   more local exchange companies in this state to enable needy   students from urban areas to attend college, technical school, or   another postsecondary educational institution.           (h)     A local exchange company is subject to a penalty under   Section 74.706(a-1) for a violation of this section.          SECTION 2.  Section 74.706, Property Code, is amended by   adding Subsection (a-1) and amending Subsection (b) to read as   follows:           (a-1)     If a holder fails to deliver property to a scholarship   fund for urban students as required by Section 74.3012 on or before   the latest date for delivery of property under Section 74.301(a), a   penalty equal to 10 percent of the value of the property due shall   be imposed on the holder for each day on and after that date on which   the holder fails to deliver the property.          (b)  For purposes of Subsections [ Subsection ] (a) and (a-1) ,   "holder" does not include a local governmental entity or an officer   or employee of a local governmental entity who is performing the   officer's or employee's official duties for the local governmental   entity.          SECTION 3.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as   provided by Section 39, Article III, Texas Constitution.  If this   Act does not receive the vote necessary for immediate effect, this   Act takes effect September 1, 2025.