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 * * * * *