| TO: | Honorable Steve Ogden, Chair, Senate Committee on Finance |
| FROM: | John S. O'Brien, Director, Legislative Budget Board |
| IN RE: | SB1589 by Ogden (Relating to the reporting of unclaimed property.), As Introduced |
The bill would amend the Property Code, the Government Code, and the Labor Code to increase the reporting requirements for holders of unclaimed property and to require holders of unclaimed property to send written notice to the apparent property owner or any person entitled to the property.
The bill would require the Texas Department of Public Safety, the Employees Retirement System of Texas, the Teacher Retirement System of Texas, and the Texas Workforce Commission to provide to the Comptroller of Public Accounts (CPA) identifying information regarding each person in their records. The information would be used by the CPA to identify persons entitled to unclaimed property.
The bill's impact on the receipt of unclaimed property by the Comptroller, and any revenue that may be received from the penalty imposed, cannot be determined.
The agencies assigned indicate that any costs associated with the provisions of the bill would be absorbed with existing resources.
| Source Agencies: | 304 Comptroller of Public Accounts, 320 Texas Workforce Commission, 327 Employees Retirement System, 405 Department of Public Safety, 323 Teacher Retirement System
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| LBB Staff: | JOB, MN, JM, JRO, SD, PJK, JW
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