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
  85R3483 PMO-D
 
  By: Meyer, Button H.B. No. 2964
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  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.
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