Sec. 74.706. PENALTY. (a) A penalty equal to five percent of the value of the property due shall be imposed on a holder who fails to pay or deliver property within the time prescribed by this chapter. If a holder fails to pay or deliver property before the 31st day after the date the property is due, an additional penalty equal to five percent of the value of the property due shall be imposed.
(b) For purposes of Subsection (a), "holder" does not include a local governmental entity or an officer or employee of a local governmental entity who is performing the officer's or employee's official duties for the local governmental entity.
Added by Acts 1997, 75th Leg., ch. 1037, Sec. 36, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 748, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Chapter 74 - Report, Delivery, and Claims Process
Section 74.702. Examination of Records
Section 74.7021. Limitation Period for Examination
Section 74.703. Additional Personnel
Section 74.704. Assistance in Enforcement
Section 74.707. Waiver or Abatement of Penalty or Interest
Section 74.708. Property Held in Trust
Section 74.709. Suit to Compel Delivery of Property and Civil Penalties
Section 74.710. Criminal Offense
Section 74.711. Authority to Take Testimony and Issue Administrative Subpoenas