By Isett                                               H.B. No. 786
         77R561 PAM-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to requiring depositories to provide notice to owners
 1-3     regarding accounts and safe deposit boxes that will become inactive
 1-4     or will be presumed abandoned.
 1-5           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-6           SECTION 1. Section 73.003(b), Property Code, is amended to
 1-7     read as follows:
 1-8           (b)  An account is inactive if for more than one year there
 1-9     has not been a debit or credit to the account because of an act by
1-10     the depositor or an agent of the depositor, other than the
1-11     depository, and the depositor has not communicated with the
1-12     depository.  A safe deposit box is inactive if the rental on the
1-13     box is delinquent for more than two months.
1-14           SECTION 2. Subchapter A, Chapter 73, Property Code, is
1-15     amended by adding Section 73.004 to read as follows:
1-16           Sec. 73.004.  NOTICE REGARDING INACTIVE STATUS. (a)  Not
1-17     later than the 30th day before the date an account or safe deposit
1-18     box becomes inactive, a depository shall provide written notice to
1-19     the depositor of the account or the owner of the safe deposit box.
1-20           (b)  The notice must state:
1-21                 (1)  the date on which the account or safe deposit box
1-22     will become inactive; and
1-23                 (2)  the action required by the depositor or owner to
1-24     prevent the account or safe deposit box from becoming inactive.
 2-1           (c)  The depository shall send the notice to the depositor or
 2-2     owner at the last known address of the depositor or owner according
 2-3     to the records of the depository or any other source reasonably
 2-4     available to the depository.
 2-5           SECTION 3. Subchapter B, Chapter 73, Property Code, is
 2-6     amended by adding Section 73.1011 to read as follows:
 2-7           Sec. 73.1011.  NOTICE REGARDING PRESUMPTION OF ABANDONMENT.
 2-8     (a) Not later than the 30th day before the date an account or safe
 2-9     deposit box is presumed abandoned under Section 73.101, a
2-10     depository shall provide written notice to the depositor of the
2-11     account or the owner of the safe deposit box.
2-12           (b)  The notice must state:
2-13                 (1)  the date on which the account or safe deposit box
2-14     will be presumed abandoned; and
2-15                 (2)  the action required by the depositor or owner to
2-16     prevent the account or safe deposit box from being presumed
2-17     abandoned.
2-18           (c)  The depository shall send the notice to the depositor or
2-19     owner at the last known address of the depositor or owner according
2-20     to the records of the depository or any other source reasonably
2-21     available to the depository.
2-22           SECTION 4. This Act takes effect September 1, 2001.