Bill Text: TX HB3162 | 2019-2020 | 86th Legislature | Comm Sub

---

Bill Title: Relating to prepaid funeral benefits.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Engrossed - Dead) 2019-05-19 - Committee report printed and distributed [HB3162 Detail]

Download: Texas-2019-HB3162-Comm_Sub.html

---

By: Flynn (Senate Sponsor - Campbell) H.B. No. 3162
(In the Senate - Received from the House April 11, 2019;
April 15, 2019, read first time and referred to Committee on
Business & Commerce; May 19, 2019, reported favorably by the
following vote: Yeas 7, Nays 0; May 19, 2019, sent to printer.)
Click here to see the committee vote

A BILL TO BE ENTITLED
AN ACT
relating to prepaid funeral benefits.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 154.302, Finance Code, is amended to
read as follows:
Sec. 154.302. NOTICE OF ABANDONED MONEY. On March 1 [June
30] of each year, a seller that holds money presumed abandoned under
Section 154.301(b) shall furnish the commissioner with an
acknowledged written notice of the abandoned money not later than
the following June [October] 1. The notice must include:
(1) the name and address, if known, of each person who
appears to be the purchaser or the beneficiary of the contract;
(2) the identification number, if any, of the
contract;
(3) the total amount paid on the contract;
(4) the amount paid on the contract and held at the
depository;
(5) the earnings of the contract; and
(6) a statement by the seller recognizing the seller's
obligation and intent to deliver the abandoned money to the
comptroller in accordance with this subchapter.
SECTION 2. Section 154.304, Finance Code, is amended to
read as follows:
Sec. 154.304. DELIVERY TO COMPTROLLER OF ABANDONED MONEY
AND REPORT. Not later than the first July [November] 1 after the
date a seller is required to furnish notice to the commissioner
under [receives the notice required by] Section 154.302, the seller
shall deliver to the comptroller:
(1) the abandoned money; and
(2) the report required to be filed under Chapter 74,
Property Code.
SECTION 3. Section 154.400, Finance Code, is amended by
adding Subsection (e) to read as follows:
(e) The commissioner may recover the reasonable costs
incurred in connection with an investigation conducted under this
section from the person who is the subject of the investigation if,
after a hearing conducted as provided by Chapter 2001, Government
Code, the trier of fact determines that the person violated this
chapter or a rule adopted under this chapter.
SECTION 4. Section 154.400(e), Finance Code, as added by
this Act, applies only to a violation that occurs or an
investigation conducted on or after the effective date of this Act.
SECTION 5. This Act takes effect September 1, 2019.
* * * * *