Amend CSHB 257 (house committee printing) as follows:

(1)  Strike page 4, line 10.

(2)  Insert the following appropriately numbered SECTIONS and renumber SECTIONS of the bill accordingly:

SECTION ____.  Section 74.101(a), Property Code, is amended to read as follows:

(a)  Each holder who on March 1 [June 30] holds property that is presumed abandoned under Chapter 72, 73, or 75 of this code or under Chapter 154, Finance Code, shall file a report of that property on or before the following July [November] 1. The comptroller may require the report to be in a particular format, inclduing a format that can be read by a computer.

SECTION ____.  Section 74.1011(a), Property Code, is amended to read as follows:

(a)  Except as provided by Subsection (b), a holder who on March 1 [June 30] holds property valued at more than $250 that is presumed abandoned under Chapter 72, 73, or 75 of this code or Chapter 154, Finance Code, shall, on or before the following May [August} 1, mail to the last known address of the known owner written notice stating that:

(1)  the holder is holding the property; and

(2)  the holder may be required to deliver the property to the comptroller on or before July [November] 1 if the property is not claimed.

SECTION ____.  Sections 74.301(a) and (c), Property Code, are amended to read as follows:

(a)  Except as provided by Subsection (c), each holder who on March 1 [June 30] holds property that is presumed abandoned under Chapter 72, 73, or 75 shall deliver the property to the comptroller on or before the following July [November] 1 accompanied by the report required to be filed under Section 74.101.

(c)  If the property subject to delivery under Subsection (a) is the contents of a safe deposit box, the comptroller may instruct a holder to deliver the property on a specified date before July [November] 1 of the following year.

SECTION ____.  Sections 74.601(e), Property Code, is amended to read as follows:

(e)  The comptroller on receipt or from time to time may [from time to time] sell securities, including stocks, bonds, and mutual funds. received under this chapter or any other statute requiring the delivery of unclaimed property to the comptroller and use the proceeds to buy, exchange, invest, or reinvest in marketable securities. When making or selling the investments, the comptroller shall exercise the judgment and care of a prudent person.

SECTION ____.  Sections 74.708, Property Code, is amended to read as follows:

Sec. 74.708. PROPERTY HELD IN TRUST. A holder who on March 1 [June 30] holds property presumed abandoned under Chapters 72-75 holds the property in trust for the benefit of the state on behalf of the missing owner and is liable to the state for the full value of the property, plus any accrued interest and penalty. A holder is not required by this section to segregate or establish trust accounts for the property provided the property is timely delivered to the comptroller in accordance with Section 74.301.

SECTION ____.  (a )Except as provided by Subsection (b) of this section, this Act takes effect September 1, 2011.

(b)  Sections 74.101(a), 74.1011(a), 74.301(a) and (c), and 74.708, Property Code, as amended by this Act, take effect January 1, 2013.