Bill Text: TX HB2650 | 2017-2018 | 85th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Introduced.html
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-Introduced.html
| By: Villalba | H.B. No. 2650 | |
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| relating to the treatment of membership initiation payments as | ||
| abandoned personal 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 Payments. (a) In this | ||
| section, "membership initiation payment" means a payment that: | ||
| (1) is paid by a person to join a membership program; | ||
| and, | ||
| (2) may be refundable under the terms of a membership | ||
| agreement. | ||
| (b) A membership initiation payment is not presumed | ||
| abandoned under this chapter when the member has not forfeited the | ||
| refund and the person receiving the membership initiation payment | ||
| incurs discharge of indebtedness income on its state and/or federal | ||
| tax returns when due. | ||
| SECTION 2. EFFECTIVE DATE. 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. | ||
