| 1 | 1 | | 85R20164 PMO-F |
|---|
| 2 | 2 | | By: Villalba H.B. No. 2650 |
|---|
| 3 | 3 | | Substitute the following for H.B. No. 2650: |
|---|
| 4 | 4 | | By: Oliveira C.S.H.B. No. 2650 |
|---|
| 5 | 5 | | |
|---|
| 6 | 6 | | |
|---|
| 7 | 7 | | A BILL TO BE ENTITLED |
|---|
| 8 | 8 | | AN ACT |
|---|
| 9 | 9 | | relating to the presumption of membership initiation deposits as |
|---|
| 10 | 10 | | abandoned property. |
|---|
| 11 | 11 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 12 | 12 | | SECTION 1. Subchapter B, Chapter 72, Property Code, is |
|---|
| 13 | 13 | | amended by adding Section 72.1018 to read as follows: |
|---|
| 14 | 14 | | Sec. 72.1018. MEMBERSHIP INITIATION DEPOSITS. (a) In this |
|---|
| 15 | 15 | | section, "membership initiation deposit" means an amount of money |
|---|
| 16 | 16 | | paid to join a club membership program operated by a business that |
|---|
| 17 | 17 | | provides a member access to or the use of entertainment, |
|---|
| 18 | 18 | | recreation, sports, dining, or social facilities and other related |
|---|
| 19 | 19 | | real property. |
|---|
| 20 | 20 | | (b) A membership initiation deposit is not presumed |
|---|
| 21 | 21 | | abandoned if: |
|---|
| 22 | 22 | | (1) the member forfeits the deposit under the terms of |
|---|
| 23 | 23 | | an agreement between the member and the business that sold the |
|---|
| 24 | 24 | | membership; or |
|---|
| 25 | 25 | | (2) the deposit is included as discharge of |
|---|
| 26 | 26 | | indebtedness income on the federal income tax return of the |
|---|
| 27 | 27 | | business that sold the membership. |
|---|
| 28 | 28 | | SECTION 2. This Act takes effect immediately if it receives |
|---|
| 29 | 29 | | a vote of two-thirds of all the members elected to each house, as |
|---|
| 30 | 30 | | provided by Section 39, Article III, Texas Constitution. If this |
|---|
| 31 | 31 | | Act does not receive the vote necessary for immediate effect, this |
|---|
| 32 | 32 | | Act takes effect September 1, 2017. |
|---|