S.B. No. 384
9-1 COMMITTEE AMENDMENT NO. 1
9-2 Amend Article 3 of Senate Bill 384 by adding the following
9-3 Sections and renumbering the existing Sections.
9-4 SECTION 3.01. Section 72.101, Property Code, is amended by
9-5 amending Subsection (b) and deleting Subsections (c), (d), (e),
9-6 (f), and (g).
9-7 (b) The three year period leading to a presumption of
9-8 abandonment of stock or another intangible ownership interest in a
9-9 business association, the existence of which is evidenced by
9-10 records available to the association, commences on the first date
9-11 that either a sum payable as a result of the ownership interest is
9-12 unclaimed by the owner, or a communication to the owner is returned
9-13 undelivered by the United States Postal Service.
9-14 (1) The running of the three year period of
9-15 abandonment ceases immediately upon the exercise of an act of
9-16 ownership interest or sum payable or a communication with the
9-17 association as evidenced by a memorandum or other record on file
9-18 with the association or its agents.
9-19 (2) At the time an ownership is presumed abandoned
9-20 under this section, any sum then held for interest or owing to the
9-21 owner as a result of the interest, and not previously presumed
9-22 abandoned, is presumed abandoned.
9-23 (3) Any stock or other intangible ownership interest
9-24 enrolled in a plan that provides for the automatic reinvestment of
9-25 dividends, distributions or other sums payable as a result of the
9-26 ownership interest is subject to the presumption of abandonment as
9-27 provided by this section.
10-1 SECTION 3.02. Section 73.003, Property Code, is amended by
10-2 amending Subsection (b) and adding Subsection (d).
10-3 (b) An account is inactive if for more than one year there
10-4 has not been a debit or credit to the account because of an act by
10-5 the depositor or an agent of the depositor, other than the
10-6 depository; and the depositor has not communicated with the
10-7 depository. A safe deposit box is inactive if the rental on the
10-8 box is delinquent for more than one year.
10-9 (d) For purposes of presumption of abandonment under Section
10-10 73.101, the 5-year period of inactivity for accounts begins on the
10-11 date of the last transaction or correspondence by the depositor.
10-12 The 5-year period of inactivity of safe deposit boxes begins on the
10-13 date the rental was due but not paid.
10-14 SECTION 3.04. Section 74.401(a), Property Code, is amended
10-15 to read as follows:
10-16 (a) Except as provided by Subsection (c), the State
10-17 Treasurer shall sell at public sale all personal property, other
10-18 than money and marketable securities, delivered to the State
10-19 Treasurer in accordance with Section 74.301. The State Treasurer
10-20 shall conduct the sale in the city in this state that the State
10-21 Treasurer determines affords the most favorable market for the
10-22 particular property.
10-23 SECTION 3.06. Section 74.402, Property Code, is amended to
10-24 read as follows:
10-25 Before the 21st day preceding the day on which a public
10-26 sale<, public or private,> is held under Section 74.401, the State
10-27 Treasurer shall publish notice of the sale in a newspaper of
11-1 general circulation in the county where the sale is be held.
11-2 SECTION 3.07. Section 74.503, Property Code, is amended to
11-3 read as follows:
11-4 The State Treasurer <and the attorney general or their
11-5 authorized agents jointly> shall consider the validity of each
11-6 claim filed under this subchapter.
11-7 SECTION 3.08. Section 74.504, Property Code, is amended to
11-8 read as follows:
11-9 (a) The State Treasurer <and the attorney general> may hold
11-10 a hearing and receive evidence concerning a claim filed under this
11-11 subchapter.
11-12 (b) If the State Treasurer <and the attorney general>
11-13 considers that a hearing is necessary to determine the validity of
11-14 a claim, <both> the State Treasurer <and the attorney general>
11-15 shall sign the statement of the findings and the decision on the
11-16 claim. The statement shall report the substance of the evidence
11-17 heard and the reasons for the decision. The statement is a public
11-18 record.
11-19 (c) If the State Treasurer <and the attorney general>
11-20 determines that a claim is valid, the State Treasurer <they> shall
11-21 approve and sign the claim.
11-22 SECTION 3.10. Section 74.507, Property Code, is amended to
11-23 read as follows:
11-24 A person who informs a potential claimant that the claimant
11-25 may be entitled to claim property that is reportable to the State
11-26 Treasurer under this chapter, that has been reported to the State
11-27 Treasurer, or that is in the possession of the State Treasurer, <or
12-1 a person who files a claim under this subchapter for such property
12-2 on behalf of a claimant,> may not contract for or receive from the
12-3 claimant for services an amount that exceeds 10 percent of the
12-4 value of the property recovered. If the property involved is
12-5 mineral proceeds, the amount for services may not include a portion
12-6 of the underlying minerals or any production payment, overriding
12-7 royalty, or similar payment.
12-8 SECTION 3.13. Section 74.702(b), Property Code, is amended
12-9 to read as follows:
12-10 (b) The State Treasurer, the attorney general, or an agent
12-11 of either may not make public any information obtained by an
12-12 examination made under this section and may not disclose that
12-13 information except in the course of a judicial proceeding,
12-14 authorized by this chapter, in which the state is a party; or
12-15 pursuant to an agreement with another state allowing joint audits
12-16 or the exchange of information subject to this Section.
12-17 SECTION 3.14. Section 74.602(d), Property Code, is repealed.
12-18 Heflin