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.