By:  Armbrister                                       S.B. No. 1355
                                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.  Subsection (c), Section 72.102, Property Code, is
 1-5     amended to 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.  Notwithstanding any
1-19     other provision of this title except a provision of this section
1-20     relating to a money order, a holder of abandoned property shall
1-21     preserve the property and may not at any time, by any procedure,
1-22     including a deduction for service, maintenance, or other charge,
1-23     transfer or convert to the profits or assets of the holder or
1-24     otherwise reduce the value of the property.  For purposes of this
1-25     section, value is determined as of the date of the last transaction
 2-1     or contact concerning the property, except that in the case of a
 2-2     money order, value is determined as of the date the property is
 2-3     presumed abandoned under Section 72.102(c).  If a holder imposes
 2-4     service, maintenance, or other charges on a money order prior to
 2-5     the time of presumed abandonment, such charges may not exceed the
 2-6     amount of 50 cents per month for each month the money order remains
 2-7     uncashed prior to the month in which the money order is presumed
 2-8     abandoned.
 2-9           SECTION 3.  The change in law made by Section 1 of this Act
2-10     to Subsection (c), Section 72.102, Property Code, does not affect
2-11     the status of a money order that was presumed abandoned under
2-12     Subsection (c), Section 72.102, Property Code, as that law existed
2-13     immediately before the effective date of Section 1 of this Act, and
2-14     that law is continued in effect for that purpose.
2-15           SECTION 4.  Section 1 of this Act takes effect June 1, 2004.
2-16     Section 2 of this Act takes effect June 1, 2002.