78S30090 QS-F

By:  Swinford                                                     H.B. No. 8  



A BILL TO BE ENTITLED
AN ACT


relating to unclaimed property.                                             
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Section 72.101(a), Property Code, is amended to 
read as follows: 
	(a)  Except as provided by this section and Sections 72.1015 
and [Section] 72.102, personal property is presumed abandoned if, 
for longer than three years:
		(1)  the existence and location of the owner of the 
property is unknown to the holder of the property; and
		(2)  according to the knowledge and records of the 
holder of the property, a claim to the property has not been 
asserted or an act of ownership of the property has not been 
exercised.
	SECTION 2.  Subchapter B, Chapter 72, Property Code, is 
amended by adding Section 72.1015 to read as follows:
	Sec. 72.1015.  UNCLAIMED WAGES.  (a)  In this section, 
"wages" has the meaning assigned by Section 61.001, Labor Code.
	(b)  An amount of unclaimed wages is presumed abandoned if, 
for longer than one year:
		(1)  the existence and location of the person to whom 
the wages are owed is unknown to the holder of the wages; and
		(2)  according to the knowledge and records of the 
holder of the wages, a claim to the wages has not been asserted or an 
act of ownership of the wages has not been exercised.
	SECTION 3.  Section 74.001(a), Property Code, as amended by 
Chapter 894, Acts of the 78th Legislature, Regular Session, 2003, 
is amended to read as follows:
	(a)  Except as provided by Subsection (b), this chapter 
applies to a holder of property that is presumed abandoned under[:
		[(1)]  Chapter 72, Chapter 73, or Chapter 75 [of this 
code; or
		[(2)  Subchapter G, Chapter 61, Labor Code].                 
	SECTION 4.  Section 74.101(a), Property Code, as amended by 
Chapter 894, Acts of the 78th Legislature, Regular Session, 2003, 
is amended to read as follows:
	(a)  Each holder who on June 30 holds property that is 
presumed abandoned under Chapter 72, 73, or 75 of this code or 
under[,] Chapter 154, Finance Code, [or Subchapter G, Chapter 61, 
Labor Code,] shall file a report of that property on or before the 
following November 1.  The comptroller may require the report to be 
in a particular format, including a format that can be read by a 
computer.
	SECTION 5.  Section 74.301(a), Property Code, as amended by 
Chapter 894, Acts of the 78th Legislature, Regular Session, 2003, 
is amended to read as follows:
	(a)  Except as provided by Subsection (c), each holder who on 
June 30 holds property that is presumed abandoned under Chapter 72, 
73, or 75 [of this code or Subchapter G, Chapter 61, Labor Code,] 
shall deliver the property to the comptroller on or before the 
following November 1 accompanied by the report required to be filed 
under Section 74.101.
	SECTION 6.  Subchapter G, Chapter 61, Labor Code, as added by 
Chapter 894, Acts of the 78th Legislature, Regular Session, 2003, 
is repealed.
	SECTION 7.  This Act takes effect immediately if it receives 
a vote of two-thirds of all the members elected to each house, as 
provided by Section 39, Article III, Texas Constitution.  If this 
Act does not receive the vote necessary for immediate effect, this 
Act takes effect on the 91st day after the last day of the 
legislative session.