By: Guillen H.B. No. 227
A BILL TO BE ENTITLED
AN ACT
relating to disposition of certain unclaimed money by local
telephone exchange companies.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. The heading to Section 74.3011, Property Code,
is amended to read as follows:
Sec. 74.3011. DELIVERY OF MONEY TO RURAL SCHOLARSHIP FUND
AND ECONOMIC DEVELOPMENT FUND.
SECTION 2. Section 74.3011, Property Code, is amended by
amending Subsections (a), (b), (d), (e), and (g) and adding
Subsections (h) and (i) to read as follows:
(a) Notwithstanding and in addition to any other provision
of this chapter or other law, a local telephone exchange company may
deliver reported money to a [scholarship] fund described by
Subsection (b) [for rural students] instead of delivering the money
to the comptroller as prescribed by Section 74.301.
(b) A local telephone exchange company may deliver the money
under this section only to:
(1) a scholarship fund established by one or more
local telephone exchange companies in this state to enable needy
students from rural areas to attend college, technical school, or
another postsecondary educational institution; and
(2) an economic development fund established by one or
more local telephone exchange companies in this state to enable
rural, low-income areas to promote or support economic development
and stimulate infrastructure development in those areas.
(d) A claim for money delivered to a [scholarship] fund
under this section must be filed with the local telephone exchange
company that delivered the money. The local telephone exchange
company shall forward the claim to the administrator of the
[scholarship] fund to which the money was delivered. The
[scholarship] fund shall pay the claim if the fund determines in
good faith that the claim is valid. A person aggrieved by a claim
decision may file a suit against the appropriate fund in a district
court in the county in which the administrator of the [scholarship]
fund is located in accordance with Section 74.506.
(e) The comptroller shall prescribe forms and procedures
governing this section, including forms and procedures relating to:
(1) notice of presumed abandoned property;
(2) delivery of reported money to a [scholarship] fund
described by Subsection (b); and
(3) filing of a claim.
(g) During a state fiscal year, subject to Subsection (h),
the total amount of money that may be transferred by all local
telephone exchange companies under this section may not exceed $2
million [$800,000]. The comptroller shall keep a record for each
fund of the total amount of money transferred annually. When the
total amount of money transferred during a state fiscal year equals
the amount allowed by this subsection, the comptroller shall notify
each local telephone exchange company that the company may not
transfer any additional money to the applicable [company's
scholarship] fund of the company during the remainder of that state
fiscal year.
(h) During a state fiscal year, a local telephone exchange
company may not deliver to an economic development fund under this
section more than the greater of $25,000 or 20 percent of the funds
eligible for delivery by the company under this section.
(i) Money delivered to an economic development fund under
this section may not be used to provide support for:
(1) telecommunication services or facilities;
(2) information services or facilities; or
(3) the planning, development, construction, or
maintenance of facilities that support the delivery of
telecommunication or information services.
SECTION 3. This Act takes effect September 1, 2015.