| 1 | | - | By: Flynn (Senate Sponsor - Campbell) H.B. No. 3162 |
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| 2 | | - | (In the Senate - Received from the House April 11, 2019; |
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| 3 | | - | April 15, 2019, read first time and referred to Committee on |
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| 4 | | - | Business & Commerce; May 19, 2019, reported favorably by the |
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| 5 | | - | following vote: Yeas 7, Nays 0; May 19, 2019, sent to printer.) |
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| 6 | | - | Click here to see the committee vote |
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| 1 | + | 86R11588 JES-F |
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| 2 | + | By: Flynn H.B. No. 3162 |
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| 7 | 3 | | |
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| 8 | 4 | | |
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| 9 | 5 | | A BILL TO BE ENTITLED |
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| 10 | 6 | | AN ACT |
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| 11 | 7 | | relating to prepaid funeral benefits. |
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| 12 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 13 | 9 | | SECTION 1. Section 154.302, Finance Code, is amended to |
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| 14 | 10 | | read as follows: |
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| 15 | 11 | | Sec. 154.302. NOTICE OF ABANDONED MONEY. On March 1 [June |
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| 16 | 12 | | 30] of each year, a seller that holds money presumed abandoned under |
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| 17 | 13 | | Section 154.301(b) shall furnish the commissioner with an |
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| 18 | 14 | | acknowledged written notice of the abandoned money not later than |
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| 19 | 15 | | the following June [October] 1. The notice must include: |
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| 20 | 16 | | (1) the name and address, if known, of each person who |
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| 21 | 17 | | appears to be the purchaser or the beneficiary of the contract; |
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| 22 | 18 | | (2) the identification number, if any, of the |
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| 23 | 19 | | contract; |
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| 24 | 20 | | (3) the total amount paid on the contract; |
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| 25 | 21 | | (4) the amount paid on the contract and held at the |
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| 26 | 22 | | depository; |
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| 27 | 23 | | (5) the earnings of the contract; and |
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| 28 | 24 | | (6) a statement by the seller recognizing the seller's |
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| 29 | 25 | | obligation and intent to deliver the abandoned money to the |
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| 30 | 26 | | comptroller in accordance with this subchapter. |
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| 31 | 27 | | SECTION 2. Section 154.304, Finance Code, is amended to |
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| 32 | 28 | | read as follows: |
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| 33 | 29 | | Sec. 154.304. DELIVERY TO COMPTROLLER OF ABANDONED MONEY |
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| 34 | 30 | | AND REPORT. Not later than the first July [November] 1 after the |
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| 35 | 31 | | date a seller is required to furnish notice to the commissioner |
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| 36 | 32 | | under [receives the notice required by] Section 154.302, the seller |
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| 37 | 33 | | shall deliver to the comptroller: |
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| 38 | 34 | | (1) the abandoned money; and |
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| 39 | 35 | | (2) the report required to be filed under Chapter 74, |
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| 40 | 36 | | Property Code. |
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| 41 | 37 | | SECTION 3. Section 154.400, Finance Code, is amended by |
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| 42 | 38 | | adding Subsection (e) to read as follows: |
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| 43 | 39 | | (e) The commissioner may recover the reasonable costs |
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| 44 | 40 | | incurred in connection with an investigation conducted under this |
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| 45 | 41 | | section from the person who is the subject of the investigation if, |
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| 46 | 42 | | after a hearing conducted as provided by Chapter 2001, Government |
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| 47 | 43 | | Code, the trier of fact determines that the person violated this |
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| 48 | 44 | | chapter or a rule adopted under this chapter. |
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| 49 | 45 | | SECTION 4. Section 154.400(e), Finance Code, as added by |
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| 50 | 46 | | this Act, applies only to a violation that occurs or an |
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| 51 | 47 | | investigation conducted on or after the effective date of this Act. |
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| 52 | 48 | | SECTION 5. This Act takes effect September 1, 2019. |
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