By: Williams S.B. No. 777
(Otto)
A BILL TO BE ENTITLED
AN ACT
relating to re-creating the scholarship trust fund for fifth-year
accounting students as a trust fund outside the state treasury.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subsection (a), Section 901.155, Occupations
Code, is amended to read as follows:
(a) The fee for the issuance or renewal of a license under
this chapter consists of:
(1) [is] the amount of the fee set by the board under
Section 901.154;
(2) [together with] the fee increase imposed under
Section 901.406; and
(3) an additional $10 annual fee to be deposited to the
credit of the scholarship trust fund for fifth-year accounting
students.
SECTION 2. Subsection (b), Section 901.155, Occupations
Code, as amended by Chapter 119 (H.B. 2440), Acts of the 81st
Legislature, Regular Session, 2009, is reenacted to read as
follows:
(b) The scholarship trust fund for fifth-year accounting
students is held by the board outside the state treasury and may be
used only to:
(1) provide scholarships under Subchapter N to
accounting students in the fifth year of a program designed to
qualify each student to apply for certification as a certified
public accountant; and
(2) pay administrative costs under Subsection (c).
SECTION 3. Subsection (c), Section 901.155, Occupations
Code, is amended to read as follows:
(c) The administrative costs incurred to collect the fee
imposed under Subsection (a)(3) [(a)] and to disburse the money may
not exceed 10 percent of the total money collected.
SECTION 4. The scholarship trust fund for fifth-year
accounting students is re-created by this Act as a trust fund held
outside the state treasury by the Texas State Board of Public
Accountancy. The revenue dedicated to the trust fund as provided by
Chapter 119 (H.B. 2440), Acts of the 81st Legislature, Regular
Session, 2009, is rededicated by this Act for the purposes
specified by Subchapter N, Chapter 901, Occupations Code, as
amended by that Act.
SECTION 5. 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, 2011.