HBA-GUM S.B. 529 76(R) BILL ANALYSIS Office of House Bill AnalysisS.B. 529 By: Haywood Ways & Means 4/28/1999 Engrossed BACKGROUND AND PURPOSE Currently, unclaimed property reports must be notarized. Eliminating the notary requirement would allow the comptroller's office to improve processing efficiency by reducing paper documents and utilizing electronic reporting automation procedures. Additionally, unclaimed property required to be processed by the comptroller includes safe deposit box contents. Yearly, two staff members of the comptroller's office receive and inventory 350,000 to 500,000 individual items from abandoned safe deposit boxes within seven months, because the receipt deadline allows only seven months. S.B. 529 eliminates the notary requirement relating to an unclaimed property report, and authorizes the comptroller to adopt rules to maximize the use of future developments in electronic filing technology. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that rulemaking authority is expressly delegated to the comptroller of public accounts in SECTION 1 (Section 74.102, Property Code) of this bill. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 74.102, Property Code, as follows: Sec. 74.102. New title: SIGNED STATEMENT. Requires the person preparing a property report to provide a statement signed by, rather than verification made under oath and executed by, certain persons, with each copy of the report. Authorizes the comptroller to adopt rules relating to the signature requirement for the purpose of maximizing the use of electronic filing technology. Makes conforming changes. SECTION 2. Amends Section 74.301(c), Property Code, to authorize the comptroller to instruct the holder of a safe deposit box's contents to deliver the contents before November 1 of the following year, rather than after November 1 but before June 1 of the following year. SECTION 3. Amends Section 74.302, Property Code, as follows: Sec. 74.302. New title: STATEMENT OF DELIVERED PROPERTY. Requires property delivered under Section 74.301, Property Code, to be accompanied by a statement, rather than a verification under oath. Makes a conforming change. SECTION 4. Repealer: Section 74.101(b), Property Code (requiring a filing regardless of the existence of reportable property). SECTION 5. Effective date: September 1, 1999. SECTION 6. Emergency clause.