TITLE: Relating to the maximum amount of operating capital retained in a licensed authorized organization's charitable bingo account.

SUMMARY: Relating to the maximum amount of operating capital retained in a licensed authorized organization's charitable bingo account.

FULL TEXT:
AN ACT relating to the maximum amount of operating capital retained in a licensed authorized organization's charitable bingo account. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 2001.451(h), Occupations Code, is amended to read as follows: (h) Except as provided by Subsection (j), a licensed authorized organization or a unit of licensed authorized organizations may retain operating capital in the organization's or unit's bingo account in an amount that: (1) is equal to the organization's or unit's actual average bingo expenses per quarter based on the preceding license period, excluding prizes paid; and (2) does not exceed a total of $100,000 [$50,000] for a single organization or $100,000 [$50,000] for each member of a unit unless: (A) the commission by rule establishes a higher amount for all organizations or units or one or more classes of organizations or units; or (B) the bingo operations director, on request, raises the operating capital limit for one organization or unit as necessary to facilitate the operation of the organization or unit. SECTION 2. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.