1-1 By: Haywood S.B. No. 529
1-2 (In the Senate - Filed February 16, 1999; February 17, 1999,
1-3 read first time and referred to Committee on State Affairs;
1-4 March 15, 1999, reported adversely, with favorable Committee
1-5 Substitute by the following vote: Yeas 8, Nays 0; March 15, 1999,
1-6 sent to printer.)
1-7 COMMITTEE SUBSTITUTE FOR S.B. No. 529 By: Brown
1-8 A BILL TO BE ENTITLED
1-9 AN ACT
1-10 relating to reporting and delivering unclaimed property to the
1-11 comptroller.
1-12 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-13 SECTION 1. Section 74.102, Property Code, is amended to read
1-14 as follows:
1-15 Sec. 74.102. SIGNED STATEMENT [VERIFICATION]. (a) The
1-16 person preparing a property report shall provide with each copy of
1-17 the report a statement signed [verification made under oath and
1-18 executed] by:
1-19 (1) the individual holding the reported property;
1-20 (2) a partner, if the holder is a partnership;
1-21 (3) an officer, if the holder is an unincorporated
1-22 association or a private corporation; or
1-23 (4) the chief fiscal officer, if the holder is a
1-24 public corporation.
1-25 (b) The statement [verification] must include the following
1-26 sentence:
1-27 "This report contains a full and complete list of all
1-28 property held by the undersigned that, from the knowledge and
1-29 records of the undersigned, is abandoned under the laws of the
1-30 State of Texas."
1-31 (c) The comptroller may adopt rules or policies relating to
1-32 the signature requirement, as the comptroller determines
1-33 appropriate, to maximize the use of future developments in
1-34 electronic filing technology.
1-35 SECTION 2. Subsection (c), Section 74.301, Property Code, is
1-36 amended to read as follows:
1-37 (c) If the property subject to delivery under Subsection
1-38 (a) is the contents of a safe deposit box, the comptroller may
1-39 instruct a holder to deliver the property on a specified date
1-40 before [after] November 1 [but before June 1] of the following
1-41 year.
1-42 SECTION 3. Section 74.302, Property Code, is amended to read
1-43 as follows:
1-44 Sec. 74.302. STATEMENT [VERIFICATION] OF DELIVERED PROPERTY.
1-45 (a) Property delivered under Section 74.301 must be accompanied by
1-46 a statement [verification under oath] that:
1-47 (1) the property delivered is a complete and correct
1-48 remittance of all accounts subject to this chapter in the holder's
1-49 possession;
1-50 (2) the existence and location of the listed owners
1-51 are unknown to the holder; and
1-52 (3) the listed owners have not asserted a claim or
1-53 exercised an act of ownership with respect to the owner's reported
1-54 property.
1-55 (b) The statement [verification] required by Subsection (a)
1-56 shall be signed by:
1-57 (1) the individual holding the reported property;
1-58 (2) a partner, if the holder is a partnership;
1-59 (3) an officer, if the holder is an unincorporated
1-60 association or a private corporation; or
1-61 (4) the chief fiscal officer, if the holder is a
1-62 public corporation.
1-63 SECTION 4. Subsection (b), Section 74.101, Property Code, is
1-64 repealed.
2-1 SECTION 5. This Act takes effect September 1, 1999.
2-2 SECTION 6. The importance of this legislation and the
2-3 crowded condition of the calendars in both houses create an
2-4 emergency and an imperative public necessity that the
2-5 constitutional rule requiring bills to be read on three several
2-6 days in each house be suspended, and this rule is hereby suspended.
2-7 * * * * *