|
House Bill 257 |
House Author: Hilderbran et al. |
|
Effective: See below |
Senate Sponsor: Patrick |
House Bill 257 amends the Property Code to establish an 18-month period of inactivity, or dormancy, relating to a utility deposit after which the deposit is presumed abandoned. The bill reduces from seven years to three years the dormancy period for a money order to be presumed abandoned and increases the cap on the amount of service, maintenance, or other charges that the holder of an uncashed money order may impose before a presumption of abandonment from 50 cents per month to $1 per month for each month the money order remains uncashed before the month the money order is presumed abandoned.
The bill establishes that a checking or savings account or a matured certificate of deposit held by a financial institution is presumed abandoned if the account has been inactive for at least three years after the date of the depositor's last transaction or correspondence concerning the account.
Previous law required a person holding presumably abandoned property on June 30 to file a report on or before the following November 1 and, for property valued at more than $250, to mail to the known owner's last known address on or before the following August 1 written notice regarding the holding and the potential requirement for the holder to deliver the property to the comptroller of public accounts by the November 1 deadline if the property remained unclaimed. The bill changes the holding date from June 30 to March 1, the deadline for mailing the required notice to the known owner's last known address from August 1 to May 1, and the deadline for filing the required report and, if applicable, for delivery of the property to the comptroller from November 1 to July 1.
The bill authorizes the comptroller, on receipt of securities received as unclaimed property, to sell such securities and use the proceeds to buy, exchange, or invest in marketable securities.
The bill makes its provisions changing the holding date and the filing and notice deadlines effective January 1, 2013, and makes the remainder effective September 1, 2011.