Issue Date: 1991-09-01
Revised Date: 2023-09-01

Legal Cites

Origin:

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

Purpose

Established as a special trust fund for payment of claims against licensed auctioneers. Consists of additional license fees. 

If on August 31 of any year, the balance in the trust fund is less than $350,000 each licensee shall pay a fee in addition to renewal fees, the greater of $50 or a pro rata share of the amount necessary to bring the fund to $350,000.

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.

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.

Direction on expenditures under sec. 1802.156 and authority to invest the fund were repealed by H.B. 4416, 88th Leg., R.S.

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