HBA-MSH, SEP H.B. 1261 77(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 1261 By: Hardcastle Business & Industry 2/22/2001 Introduced BACKGROUND AND PURPOSE Under current law, nonprofit cooperative corporations are authorized to deliver unclaimed money to a scholarship fund for rural students or an economic development fund for the stimulation of rural economic development in an amount not to exceed $1 million. This cap limits the use of such unclaimed money as a funding source for rural scholarships and economic development. House Bill 1261 removes the $1 million cap placed on all transfers. 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. ANALYSIS House Bill 1261 amends the Property Code to remove the provision that prohibits the total amount of money transferred by all nonprofit cooperative corporations from exceeding $1 million during a state fiscal year under provisions for delivery of money for rural scholarships and economic development. The bill also removes the provision that requires the comptroller to adopt procedures to record the total amount of money transferred annually under these provisions for a specified purpose. EFFECTIVE DATE September 1, 2001 and applies only to specified property presumed abandoned that is held by a nonprofit cooperative corporation on or after June 30, 2000, and required to be delivered on or after November 1, 2001.