SRC-AXB C.S.S.B. 529 76(R)BILL ANALYSIS


Senate Research CenterC.S.S.B. 529
76R9169  WP-FBy: Haywood
State Affairs
3/14/1999
Committee Report (Substituted)


DIGEST 

Currently, unclaimed property reports must be notarized.  Eliminating the
notary requirement would allow the comptroller's office to improve
processing efficiency through 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.  C.S.S.B. 529 simplifies and increases efficiency of
unclaimed property report and processing procedures, and authorizes the
comptroller to adopt rules.  

PURPOSE

As proposed, C.S.S.B. 529 streamlines reporting and delivering unclaimed
property to the comptroller. 

RULEMAKING AUTHORITY

Rulemaking authority is granted to the comptroller in SECTION 1 (Section
74.102(c), Property Code) of this bill. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 74.102, Property Code, as follows:

Sec.  74.102.  New heading:  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.  Sets forth required language of the statement, rather
than verification.  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, rather than after, November 1 of the following
year.  Deletes a provision that the safe deposit box's contents may be
delivered before June 1. 

SECTION 3.  Amends Section 74.302, Property Code, as follows:

Sec.  74.302.  New heading:  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 (regarding a filing
requirement regardless of the existence of reportable property). 

SECTION 5.  Effective date:  September 1, 1999.

SECTION 6.  Emergency clause.
 
SUMMARY OF COMMITTEE CHANGES

SECTION 3.

Amends Section 74.302, Property Code, to create a new heading and require a
statement, rather than a verification under oath, to accompany certain
delivered property. 

SECTION 4.

 Redesignates existing SECTION 3 as SECTION 4.

SECTION 5.

 Redesignates existing SECTION 4 as SECTION 5.

SECTION 6.

 Redesignates existing SECTION 5 as SECTION 6.