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.