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.