AN ACT
1-1 relating to reporting and delivering unclaimed property to the
1-2 comptroller.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 74.102, Property Code, is amended to read
1-5 as follows:
1-6 Sec. 74.102. SIGNED STATEMENT [VERIFICATION]. (a) The
1-7 person preparing a property report shall provide with each copy of
1-8 the report a statement signed [verification made under oath and
1-9 executed] by:
1-10 (1) the individual holding the reported property;
1-11 (2) a partner, if the holder is a partnership;
1-12 (3) an officer, if the holder is an unincorporated
1-13 association or a private corporation; or
1-14 (4) the chief fiscal officer, if the holder is a
1-15 public corporation.
1-16 (b) The statement [verification] must include the following
1-17 sentence:
1-18 "This report contains a full and complete list of all
1-19 property held by the undersigned that, from the knowledge and
1-20 records of the undersigned, is abandoned under the laws of the
1-21 State of Texas."
1-22 (c) The comptroller may adopt rules or policies relating to
1-23 the signature requirement, as the comptroller determines
1-24 appropriate, to maximize the use of future developments in
2-1 electronic filing technology.
2-2 SECTION 2. Subsection (c), Section 74.301, Property Code, is
2-3 amended to read as follows:
2-4 (c) If the property subject to delivery under Subsection
2-5 (a) is the contents of a safe deposit box, the comptroller may
2-6 instruct a holder to deliver the property on a specified date
2-7 before [after] November 1 [but before June 1] of the following
2-8 year.
2-9 SECTION 3. Section 74.302, Property Code, is amended to read
2-10 as follows:
2-11 Sec. 74.302. STATEMENT [VERIFICATION] OF DELIVERED PROPERTY.
2-12 (a) Property delivered under Section 74.301 must be accompanied by
2-13 a statement [verification under oath] that:
2-14 (1) the property delivered is a complete and correct
2-15 remittance of all accounts subject to this chapter in the holder's
2-16 possession;
2-17 (2) the existence and location of the listed owners
2-18 are unknown to the holder; and
2-19 (3) the listed owners have not asserted a claim or
2-20 exercised an act of ownership with respect to the owner's reported
2-21 property.
2-22 (b) The statement [verification] required by Subsection (a)
2-23 shall be signed by:
2-24 (1) the individual holding the reported property;
2-25 (2) a partner, if the holder is a partnership;
2-26 (3) an officer, if the holder is an unincorporated
3-1 association or a private corporation; or
3-2 (4) the chief fiscal officer, if the holder is a
3-3 public corporation.
3-4 SECTION 4. Subsection (b), Section 74.507, Property Code, is
3-5 amended to read as follows:
3-6 (b) The person who informs a potential claimant and by
3-7 contract or other written agreement is to receive a percentage of
3-8 the value of the property may not file or receive a form to claim
3-9 [or act] on behalf of a claimant.
3-10 SECTION 5. Subsection (b), Section 74.101, Property Code, is
3-11 repealed.
3-12 SECTION 6. This Act takes effect September 1, 1999.
3-13 SECTION 7. The importance of this legislation and the
3-14 crowded condition of the calendars in both houses create an
3-15 emergency and an imperative public necessity that the
3-16 constitutional rule requiring bills to be read on three several
3-17 days in each house be suspended, and this rule is hereby suspended.
_______________________________ _______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 529 passed the Senate on
March 31, 1999, by a viva-voce vote; and that the Senate concurred
in House amendment on May 25, 1999, by a viva-voce vote.
_______________________________
Secretary of the Senate
I hereby certify that S.B. No. 529 passed the House, with
amendment, on May 22, 1999, by a non-record vote.
_______________________________
Chief Clerk of the House
Approved:
_______________________________
Date
_______________________________
Governor