1-1     By:  Armbrister                                       S.B. No. 1355
 1-2           (In the Senate - Filed March 8, 2001; March 13, 2001, read
 1-3     first time and referred to Committee on Business and Commerce;
 1-4     April 9, 2001, reported adversely, with favorable Committee
 1-5     Substitute by the following vote:  Yeas 7, Nays 0; April 9, 2001,
 1-6     sent to printer.)
 1-7     COMMITTEE SUBSTITUTE FOR S.B. No. 1355                  By:  Fraser
 1-8                            A BILL TO BE ENTITLED
 1-9                                   AN ACT
1-10     relating to certain personal property that is presumed abandoned.
1-11           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-12           SECTION 1.  Subsection (c), Section 72.102, Property Code, is
1-13     amended to read as follows:
1-14           (c)  A money order to which Subsection (a) applies is
1-15     presumed to be abandoned on the latest of:
1-16                 (1)  the seventh [fifth] anniversary of the date on
1-17     which the money order was issued;
1-18                 (2)  the seventh [fifth] anniversary of the date on
1-19     which the issuer of the money order last received from the owner of
1-20     the money order communication concerning the money order; or
1-21                 (3)  the seventh [fifth] anniversary of the date of the
1-22     last writing, on file with the issuer, that indicates the owner's
1-23     interest in the money order.
1-24           SECTION 2.  Section 72.103, Property Code, is amended to read
1-25     as follows:
1-26           Sec. 72.103.  PRESERVATION OF PROPERTY.  Notwithstanding any
1-27     other provision of this title except a provision of this section
1-28     relating to a money order, a holder of abandoned property shall
1-29     preserve the property and may not at any time, by any procedure,
1-30     including a deduction for service, maintenance, or other charge,
1-31     transfer or convert to the profits or assets of the holder or
1-32     otherwise reduce the value of the property.  For purposes of this
1-33     section, value is determined as of the date of the last transaction
1-34     or contact concerning the property, except that in the case of a
1-35     money order, value is determined as of the date the property is
1-36     presumed abandoned under Section 72.102(c).  If a holder imposes
1-37     service, maintenance, or other charges on a money order prior to
1-38     the time of presumed abandonment, such charges may not exceed the
1-39     amount of 50 cents per month for each month the money order remains
1-40     uncashed prior to the month in which the money order is presumed
1-41     abandoned.
1-42           SECTION 3.  The change in law made by Section 1 of this Act
1-43     to Subsection (c), Section 72.102, Property Code, does not affect
1-44     the status of a money order that was presumed abandoned under
1-45     Subsection (c), Section 72.102, Property Code, as that law existed
1-46     immediately before the effective date of Section 1 of this Act, and
1-47     that law is continued in effect for that purpose.
1-48           SECTION 4.  Section 1 of this Act takes effect June 1, 2004.
1-49     Section 2 of this Act takes effect June 1, 2002.
1-50                                  * * * * *