| 2 | 4 | | |
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| 3 | 5 | | |
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| 4 | 6 | | A BILL TO BE ENTITLED |
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| 5 | 7 | | AN ACT |
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| 6 | 8 | | Relating to the urban scholarship; enforcement and authorizing |
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| 7 | 9 | | penalties. |
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| 8 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 11 | | SECTION 1. Section 74.3012, Property Code, is amending by |
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| 10 | 12 | | amending Subsections (a) and (b) and adding Subsection (h) to read |
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| 11 | 13 | | as follows: |
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| 12 | 14 | | (a) Notwithstanding and in addition to any other provision |
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| 13 | 15 | | of this chapter or other law, a local exchange company shall [may] |
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| 14 | 16 | | deliver reported money to a scholarship fund for urban students |
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| 15 | 17 | | instead of delivering the money to the comptroller as prescribed by |
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| 16 | 18 | | Section 74.301. |
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| 17 | 19 | | (b) A local exchange company shall [may] deliver the money |
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| 18 | 20 | | under this section only to a scholarship fund established by one or |
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| 19 | 21 | | more local exchange companies in this state to enable needy |
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| 20 | 22 | | students from urban areas to attend college, technical school, or |
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| 21 | 23 | | another postsecondary educational institution. |
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| 22 | 24 | | (c) A local exchange company shall file with the comptroller |
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| 23 | 25 | | a verification of money delivered under this section that complies |
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| 24 | 26 | | with Section 74.302. |
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| 25 | 27 | | (h) A local exchange company is subject to Subchapter H for |
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| 26 | 28 | | failure to comply with this Section. |
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| 27 | 29 | | SECTION 2. Section 74.706, Property Code, is amended to |
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| 28 | 30 | | read as follows: |
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| 29 | 31 | | (a) A penalty equal to five percent of the value of the |
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| 30 | 32 | | property due shall be imposed on a holder who fails to pay or |
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| 31 | 33 | | deliver property within the time prescribed by this chapter. If a |
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| 32 | 34 | | holder fails to pay or deliver property before the 31st day after |
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| 33 | 35 | | the date the property is due, an additional penalty equal to five |
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| 34 | 36 | | percent of the value of the property due shall be imposed. |
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| 35 | 37 | | (b) A penalty equal to ten percent of the property due per day |
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| 36 | 38 | | shall be imposed on a holder who fails to pay or deliver property |
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| 37 | 39 | | under Section 74.3012 within the time prescribed by this Chapter. |
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| 38 | 40 | | (c)[(b)] For purposes of Subsections (a) and (b) |
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| 39 | 41 | | [Subsection (a)], "holder" does not include a local governmental |
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| 40 | 42 | | entity or an officer or employee of a local governmental entity who |
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| 41 | 43 | | is performing the officer's or employee's official duties for the |
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| 42 | 44 | | local governmental entity. |
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| 43 | 45 | | SECTION 3. This Act takes effect immediately if it receives |
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| 44 | 46 | | a vote of two-thirds of all members elected to each house, as |
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| 45 | 47 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 46 | 48 | | Act does not receive the vote necessary for immediate effect, this |
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| 47 | 49 | | Act takes effect September 1, 2025. |
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