Bill Text: TX HB1560 | 2015-2016 | 84th Legislature | Enrolled
Bill Title: Relating to investment options for property recovered in a suit by a next friend or guardian ad litem on behalf of a minor or incapacitated person.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2015-06-01 - Effective on 9/1/15 [HB1560 Detail]
Download: Texas-2015-HB1560-Enrolled.html
| H.B. No. 1560 | ||
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| relating to investment options for property recovered in a suit by a | ||
| next friend or guardian ad litem on behalf of a minor or | ||
| incapacitated person. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 142.004(a), Property Code, is amended to | ||
| read as follows: | ||
| (a) In a suit in which a minor or incapacitated person who | ||
| has no legal guardian is represented by a next friend or an | ||
| appointed guardian ad litem, any money recovered by the plaintiff, | ||
| if not otherwise managed under this chapter, may be invested: | ||
| (1) by the next friend or guardian ad litem in: | ||
| (A) a higher education savings plan established | ||
| under Subchapter G, Chapter 54, Education Code, or a prepaid | ||
| tuition program [ |
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| Subchapter H [ |
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| (B) interest-bearing time deposits in a | ||
| financial institution doing business in this state and insured by | ||
| the Federal Deposit Insurance Corporation; or | ||
| (2) by the clerk of the court, on written order of the | ||
| court of proper jurisdiction, in: | ||
| (A) a higher education savings plan established | ||
| under Subchapter G, Chapter 54, Education Code, or a prepaid | ||
| tuition program [ |
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| Subchapter H [ |
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| (B) interest-bearing deposits in a financial | ||
| institution doing business in this state and insured by the Federal | ||
| Deposit Insurance Corporation; | ||
| (C) United States treasury bills; | ||
| (D) an eligible interlocal investment pool that | ||
| meets the requirements of Sections 2256.016, 2256.017, and | ||
| 2256.019, Government Code; or | ||
| (E) a no-load money market mutual fund, if the | ||
| fund: | ||
| (i) is regulated by the Securities and | ||
| Exchange Commission; | ||
| (ii) has a dollar weighted average stated | ||
| maturity of 90 days or fewer; and | ||
| (iii) includes in its investment objectives | ||
| the maintenance of a stable net asset value of $1 for each share. | ||
| SECTION 2. This Act takes effect September 1, 2015. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I certify that H.B. No. 1560 was passed by the House on April | ||
| 23, 2015, by the following vote: Yeas 139, Nays 0, 2 present, not | ||
| voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| I certify that H.B. No. 1560 was passed by the Senate on May | ||
| 20, 2015, by the following vote: Yeas 31, Nays 0. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| APPROVED: _____________________ | ||
| Date | ||
| _____________________ | ||
| Governor | ||
