Issue Date: 1991-09-01
Revised Date: 2020-09-20

Legal Citations

Origin:

1991 by H.B. 2269, 72nd Leg., R.S.

Purpose

Established as a special trust fund administered without appropriation for payment of claims against licensed auctioneers. Consists of additional license fees and may be invested in the same manner as funds of Employees Retirement System. Income from investments deposited to the fund. 

Executive director of the department may use all funds in excess of $300,000 to:

  1. implement the advancement of education and research in the auctioneering profession and the improvement and increased efficiency of the industry;
  2. underwrite educational seminars, training centers and other forms of education projects for the use and benefit of licensees;
  3. sponsor, contract, and underwrite all other educational and research projects advancing the auctioneer profession in this state; and
  4. cooperate with associations of auctioneers and other groups for the education and advancement of the auctioneer profession in this state.
Classification Group 08: Trust Funds [?]
Depository Interest Retained in appropriated fund (L.O. 92-69, 1992).
Disposition of Balance Accumulative
Appropriation Technique Not appropriated for state expenditure.

Financial Activity

To view this appropriated fund's current revenue and expenditure activity by agency or comptroller object code, visit the following links:

Note

H.B. 3038, 83rd Leg., R.S. increased from $250,000 to $300,000 the threshold which must be met before the executive director may spend amounts under 1802.156.

USAS Values

USAS Title AUCTION ED & RECOVERY TRUST FUND
Consolidated Fund
State Fund Group 08 - TRUST FUNDS
USAS Status A
Those funds created to account for assets held by the state in a trustee capacity for individuals, private organizations or other governmental entities