84R2182 PMO-F
By: Lucio S.B. No. 1586
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. Sections 74.3011(a), (b), (d), (e), and (g),
Property Code, are amended 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, underserved 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, the total amount of money
that may be transferred by all local telephone exchange companies
under this section may not exceed $1 million to the scholarship fund
and $1 million to the economic development fund [$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.
SECTION 3. This Act takes effect September 1, 2015.