Bill Text: TX HB2964 | 2017-2018 | 85th Legislature | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to designation of a representative for notice regarding abandonment of shares of a mutual fund.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Passed) 2017-05-26 - Effective on 9/1/17 [HB2964 Detail]
Download: Texas-2017-HB2964-Engrossed.html
Bill Title: Relating to designation of a representative for notice regarding abandonment of shares of a mutual fund.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Passed) 2017-05-26 - Effective on 9/1/17 [HB2964 Detail]
Download: Texas-2017-HB2964-Engrossed.html
85R3483 PMO-D | ||
By: Meyer, Button | H.B. No. 2964 |
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relating to abandonment of shares of a mutual fund. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter B, Chapter 72, Property Code, is | ||
amended by adding Section 72.1011 to read as follows: | ||
Sec. 72.1011. SHARES OF MUTUAL FUND. The three-year period | ||
established by Section 72.101 with respect to the abandonment of | ||
shares in a mutual fund begins on the later of the date of: | ||
(1) the last investment in the mutual fund made by or | ||
on behalf of the owner; or | ||
(2) the last payment to the owner or reinvestment by or | ||
on behalf of the owner of a dividend from the mutual fund. | ||
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. |