HBA-MAM, SEB H.B. 68 76(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 68 By: Nixon, Joe Civil Practices 2/25/1999 Introduced BACKGROUND AND PURPOSE Chapter 142, Property Code, limits investment options for a minor who recovers money in a lawsuit to: 1) payment into the registry of the court; 2) an annuity; or 3) payment into a trust. Judges frequently face the difficulty of approving settlements for minors who are to receive large sums of money when they turn 18. Many parents prefer to ensure the payment of their children's education as part of a settlement, and are concerned with the possibility of the minor misspending large lump sum payments received from the registry of the court on the minor's 18th birthday. The option of the Texas Tomorrow Fund is currently not available to a court as part of a minor's settlement. H.B. 68 expands the investment options to include the Texas Tomorrow Fund. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 142.004(a), Property Code, to include the Texas tomorrow fund in a list of investment options in which a next friend could invest on behalf of a minor or incapacitated person who has no legal guardian and has recovered money in a law suit. Creates subdivisions out of this addition and existing text. SECTION 2. Emergency clause. Effective date: upon passage.