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House Bill 1454 |
House Author: Raney et al. |
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Effective: 9-1-17 |
Senate Sponsor: Eltife |
House Bill 1454 amends escheat provisions of the Property Code to authorize the owner of shares of a mutual fund, the depositor of an account, or the owner of the contents of a safe deposit box to designate a representative for the purpose of receiving notice from the property holder in the event that the property is presumed abandoned. The bill requires the comptroller of public accounts to prescribe a form for designating such a representative and establishes that the running of the applicable period of abandonment ceases immediately if a designated representative informs the property holder that the representative knows the owner's location and that the owner exists and has not abandoned the property.