SB 1615
AN ACT relating to the application of funds under construction contracts.
Senate Bill • Johnson
89th Regular Session
Jan 14, 2025 - Jun 2, 2025 • Session ended
Awaiting Committee Assignment
Bill filed, pending referral to Senate committee
Committee
Not yet assigned
Fiscal Note
Not available
What This Bill Does
relating to the application of funds under construction contracts.
Subject Areas
Bill Text
relating to the application of funds under construction contracts. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 162.031, Property Code, is amended by adding Subsection (a-1) to read as follows: (a-1) A trustee who retains or otherwise diverts trust funds due to a dispute, including an alleged default, arising under a construction contract other than the contract in connection with which the trust funds were received by or placed under the control or direction of the trustee has misapplied the trust funds. SECTION 2. The changes in law made by this Act apply only to a contract that is entered into on or after the effective date of SECTION 3. This Act takes effect September 1, 2025.
Bill History
filed
Bill filed: AN ACT relating to the application of funds under construction contracts.
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