S.B. No. 700
UNCLAIMED PROPERTY
Bill Description
Governor Bush signed SB 700 on June 19, 1997. SB 700 becomes effective September 1, 1997.
The House Business and Industry Committee Report on SB 700 states:
| The purpose of this bill is primarily intended to clarify provisions of the
Property Code as they related to unclaimed property. Although the
legislation includes some substantive changes it is primarily a restructuring
of the language to clarify the original wording and make it easier to follow.
In addition, the bill allows the separation of civil and criminal violations into one section pertaining to civil violations and one section pertaining to criminal violations. These sections currently overlap, and as a result a showing of criminal intent may be needed before civil penalties can be granted. The statute as written makes the assessment of penalties under the statute difficult. In addition, the affected statutes will be amended to change all references from "treasurer" to "comptroller". |