Bill Text: TX HB2650 | 2017-2018 | 85th Legislature | Comm Sub
Bill Title: Relating to the presumption of membership initiation deposits as abandoned property.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-05-02 - 1 hr. notice-for reconsideration [HB2650 Detail]
Download: Texas-2017-HB2650-Comm_Sub.html
| 85R20164 PMO-F | |||
| By: Villalba | H.B. No. 2650 | ||
| Substitute the following for H.B. No. 2650: | |||
| By: Oliveira | C.S.H.B. No. 2650 | ||
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| relating to the presumption of membership initiation deposits as | ||
| abandoned property. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 72, Property Code, is | ||
| amended by adding Section 72.1018 to read as follows: | ||
| Sec. 72.1018. MEMBERSHIP INITIATION DEPOSITS. (a) In this | ||
| section, "membership initiation deposit" means an amount of money | ||
| paid to join a club membership program operated by a business that | ||
| provides a member access to or the use of entertainment, | ||
| recreation, sports, dining, or social facilities and other related | ||
| real property. | ||
| (b) A membership initiation deposit is not presumed | ||
| abandoned if: | ||
| (1) the member forfeits the deposit under the terms of | ||
| an agreement between the member and the business that sold the | ||
| membership; or | ||
| (2) the deposit is included as discharge of | ||
| indebtedness income on the federal income tax return of the | ||
| business that sold the membership. | ||
| 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. | ||
