GEC H.B. 1521 75(R)    BILL ANALYSIS


BUSINESS & INDUSTRY
H.B. 1521
By: Raymond
4-16-97
Committee Report (Unamended)



BACKGROUND 

Between 1984 and 1996, the State Treasury published an annual list of
Texans with unclaimed property valued at $50 or more, as part of a larger
effort to return these assets to their rightful owners. Before becoming
part of the Comptroller's office, the State Treasury's Unclaimed Property
Division attempted to identify unclaimed property by advertising the names
of property owners and returning property to those who could verify
ownership. The Treasury relied primarily on a newspaper insert placed in
newspapers across the state every month. While the size of the insert has
remained relatively stable, the cost of publishing it has risen
dramatically. One reason for this cost increase is the skyrocketing cost
of newsprint. Between fiscal 1994 and fiscal 1996, the state's cost rose
from $364,000 to $573,000. Insert fees charged by newspapers have also
risen steadily. In fiscal 1989, the state paid $82,000 in insert fees to
newspapers, but by fiscal year 1996 this figure has more than doubled, to
$169,000.  

PURPOSE

As proposed, HB 1521 would raise the asset threshold for publishing the
names of unclaimed property owners from $50 to $100. 


RULEMAKING AUTHORITY

It is the committee's opinion that this bill does not expressly grant any
additional rulemaking authority to a state officer, department, agency or
institution. 

SECTION BY SECTION ANALYSIS


SECTION 1.   Amends Section 74.202, Property Code, raising the asset
threshold for publishing names of unclaimed property owners from $50 to
$100 unless the comptroller determines that publication of that
information is in the public interest.  

SECTION 2.   Emergency clause.