77R11506 CAS-F
By Brimer H.B. No. 3199
Substitute the following for H.B. No. 3199:
By Brimer C.S.H.B. No. 3199
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to certain personal property that is presumed abandoned.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 72.102(c), Property Code, is amended to
1-5 read as follows:
1-6 (c) A money order to which Subsection (a) applies is
1-7 presumed to be abandoned on the latest of:
1-8 (1) the seventh [fifth] anniversary of the date on
1-9 which the money order was issued;
1-10 (2) the seventh [fifth] anniversary of the date on
1-11 which the issuer of the money order last received from the owner of
1-12 the money order communication concerning the money order; or
1-13 (3) the seventh [fifth] anniversary of the date of the
1-14 last writing, on file with the issuer, that indicates the owner's
1-15 interest in the money order.
1-16 SECTION 2. Section 72.103, Property Code, is amended to read
1-17 as follows:
1-18 Sec. 72.103. PRESERVATION OF PROPERTY. (a) Notwithstanding
1-19 any other provision of this title except a provision of this
1-20 section relating to a money order, a holder of abandoned property
1-21 shall preserve the property and may not at any time, by any
1-22 procedure, including a deduction for service, maintenance, or other
1-23 charge, transfer or convert to the profits or assets of the holder
1-24 or otherwise reduce the value of the property.
2-1 (b) For purposes of this section, value is determined as of
2-2 the date of the last transaction or contact concerning the
2-3 property, except that in the case of a money order, value is
2-4 determined as of the date the property is presumed abandoned under
2-5 Section 72.102(c).
2-6 (c) If a holder imposes a service, maintenance, or other
2-7 charge on a money order before the date of presumed abandonment,
2-8 that charge may not exceed an amount equal to 50 cents a month for
2-9 each month that the money order remains uncashed before the month
2-10 in which the money order is presumed abandoned.
2-11 SECTION 3. The change in law made by Section 1 of this Act to
2-12 Section 72.102(c), Property Code, does not affect the status of a
2-13 money order that was presumed abandoned under Section 72.102(c),
2-14 Property Code, as that law existed immediately before the effective
2-15 date of Section 1 of this Act, and that law is continued in effect
2-16 for that purpose.
2-17 SECTION 4. (a) Section 1 of this Act takes effect June 1,
2-18 2004.
2-19 (b) Section 2 of this Act takes effect June 1, 2002.