By: Meyer, Button (Senate Sponsor - Hancock) H.B. No. 2964
(In the Senate - Received from the House April 20, 2017;
April 24, 2017, read first time and referred to Committee on
Business & Commerce; May 10, 2017, reported favorably by the
following vote: Yeas 9, Nays 0; May 10, 2017, sent to printer.)
Click here to see the committee vote
A BILL TO BE ENTITLED
AN ACT
relating to abandonment of shares of a mutual fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 72, Property Code, is
amended by adding Section 72.1011 to read as follows:
Sec. 72.1011. SHARES OF MUTUAL FUND. The three-year period
established by Section 72.101 with respect to the abandonment of
shares in a mutual fund begins on the later of the date of:
(1) the last investment in the mutual fund made by or
on behalf of the owner; or
(2) the last payment to the owner or reinvestment by or
on behalf of the owner of a dividend from the mutual fund.
SECTION 2. 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, 2017.
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