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AN ACT
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relating to certain unclaimed property that is presumed abandoned. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 72.101(a), Property Code, is amended to |
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read as follows: |
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(a) Except as provided by this section and Sections 72.1015, |
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72.1016, 72.1017, and 72.102, personal property is presumed |
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abandoned if, for longer than three years: |
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(1) the existence and location of the owner of the |
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property is unknown to the holder of the property; and |
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(2) according to the knowledge and records of the |
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holder of the property, a claim to the property has not been |
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asserted or an act of ownership of the property has not been |
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exercised. |
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SECTION 2. Subchapter B, Chapter 72, Property Code, is |
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amended by adding Section 72.1017 to read as follows: |
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Sec. 72.1017. UTILITY DEPOSITS. (a) In this section: |
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(1) "Utility" has the meaning assigned by Section |
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183.001, Utilities Code. |
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(2) "Utility deposit" is a refundable money deposit a |
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utility requires a user of the utility service to pay as a condition |
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of initiating the service. |
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(b) Notwithstanding Section 73.102, a utility deposit is |
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presumed abandoned on the latest of: |
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(1) 18 months after the date a refund check for the |
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utility deposit was payable to the owner of the deposit; |
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(2) 18 months after the date the utility last received |
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documented communication from the owner of the utility deposit; or |
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(3) 18 months after the date the utility issued a |
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refund check for the deposit payable to the owner of the deposit if, |
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according to the knowledge and records of the utility or payor of |
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the check, during that period, a claim to the check has not been |
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asserted or an act of ownership by the payee has not been exercised. |
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(c) A utility deposit is not presumed abandoned for two |
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years from the time the depositor provides documentation to the |
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utility of being called to active military service in any branch of |
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the United States armed forces during any part of the period |
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described by Subsection (b). |
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SECTION 3. Section 72.102(c), Property Code, is amended to |
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read as follows: |
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(c) A money order to which Subsection (a) applies is |
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presumed to be abandoned on the latest of: |
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(1) the third [seventh] anniversary of the date on |
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which the money order was issued; |
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(2) the third [seventh] anniversary of the date on |
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which the issuer of the money order last received from the owner of |
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the money order communication concerning the money order; or |
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(3) the third [seventh] anniversary of the date of the |
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last writing, on file with the issuer, that indicates the owner's |
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interest in the money order. |
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SECTION 4. Section 72.103, Property Code, is amended to |
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read as follows: |
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Sec. 72.103. PRESERVATION OF PROPERTY. Notwithstanding any |
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other provision of this title except a provision of this section or |
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Section 72.1016 relating to a money order or a stored value card, a |
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holder of abandoned property shall preserve the property and may |
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not at any time, by any procedure, including a deduction for |
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service, maintenance, or other charge, transfer or convert to the |
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profits or assets of the holder or otherwise reduce the value of the |
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property. For purposes of this section, value is determined as of |
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the date of the last transaction or contact concerning the |
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property, except that in the case of a money order, value is |
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determined as of the date the property is presumed abandoned under |
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Section 72.102(c). If a holder imposes service, maintenance, or |
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other charges on a money order prior to the time of presumed |
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abandonment, such charges may not exceed the amount of $1 [50 cents] |
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per month for each month the money order remains uncashed prior to |
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the month in which the money order is presumed abandoned. |
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SECTION 5. Section 73.101, Property Code, is amended by |
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amending Subsection (a) and adding Subsection (c) to read as |
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follows: |
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(a) An account or safe deposit box is presumed abandoned if: |
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(1) except as provided by Subsection (c), the account |
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or safe deposit box has been inactive for at least five years as |
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determined under Subsection (b); |
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(2) the location of the depositor of the account or |
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owner of the safe deposit box is unknown to the depository; and |
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(3) the amount of the account or the contents of the |
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box have not been delivered to the comptroller in accordance with |
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Chapter 74. |
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(c) If the account is a checking or savings account or is a |
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matured certificate of deposit, the account is presumed abandoned |
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if the account has been inactive for at least three years as |
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determined under Subsection (b)(1). |
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SECTION 6. Section 74.101(a), Property Code, is amended to |
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read as follows: |
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(a) Each holder who on March 1 [June 30] holds property that |
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is presumed abandoned under Chapter 72, 73, or 75 of this code or |
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under Chapter 154, Finance Code, shall file a report of that |
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property on or before the following July [November] 1. The |
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comptroller may require the report to be in a particular format, |
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including a format that can be read by a computer. |
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SECTION 7. Section 74.1011(a), Property Code, is amended to |
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read as follows: |
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(a) Except as provided by Subsection (b), a holder who on |
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March 1 [June 30] holds property valued at more than $250 that is |
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presumed abandoned under Chapter 72, 73, or 75 of this code or |
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Chapter 154, Finance Code, shall, on or before the following May |
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[August] 1, mail to the last known address of the known owner |
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written notice stating that: |
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(1) the holder is holding the property; and |
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(2) the holder may be required to deliver the property |
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to the comptroller on or before July [November] 1 if the property is |
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not claimed. |
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SECTION 8. Sections 74.301(a) and (c), Property Code, are |
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amended to read as follows: |
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(a) Except as provided by Subsection (c), each holder who on |
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March 1 [June 30] holds property that is presumed abandoned under |
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Chapter 72, 73, or 75 shall deliver the property to the comptroller |
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on or before the following July [November] 1 accompanied by the |
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report required to be filed under Section 74.101. |
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(c) If the property subject to delivery under Subsection (a) |
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is the contents of a safe deposit box, the comptroller may instruct |
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a holder to deliver the property on a specified date before July |
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[November] 1 of the following year. |
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SECTION 9. Section 74.601(e), Property Code, is amended to |
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read as follows: |
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(e) The comptroller on receipt or from time to time may |
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[from time to time] sell securities, including stocks, bonds, and |
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mutual funds, received under this chapter or any other statute |
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requiring the delivery of unclaimed property to the comptroller and |
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use the proceeds to buy, exchange, invest, or reinvest in |
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marketable securities. When making or selling the investments, the |
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comptroller shall exercise the judgment and care of a prudent |
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person. |
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SECTION 10. Section 74.708, Property Code, is amended to |
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read as follows: |
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Sec. 74.708. PROPERTY HELD IN TRUST. A holder who on March |
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1 [June 30] holds property presumed abandoned under Chapters 72-75 |
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holds the property in trust for the benefit of the state on behalf |
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of the missing owner and is liable to the state for the full value of |
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the property, plus any accrued interest and penalty. A holder is |
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not required by this section to segregate or establish trust |
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accounts for the property provided the property is timely delivered |
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to the comptroller in accordance with Section 74.301. |
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SECTION 11. A charge imposed on a money order under Section |
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72.103, Property Code, by a holder before the effective date of this |
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Act is governed by the law applicable to the charge immediately |
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before the effective date of this Act, and the holder may retain the |
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charge. |
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SECTION 12. (a) Except as provided by Subsection (b) of |
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this section, this Act takes effect September 1, 2011. |
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(b) Sections 74.101(a), 74.1011(a), 74.301(a) and (c), and |
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74.708, Property Code, as amended by this Act, take effect January |
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1, 2013. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 257 was passed by the House on May 4, |
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2011, by the following vote: Yeas 139, Nays 3, 2 present, not |
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voting; and that the House concurred in Senate amendments to H.B. |
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No. 257 on May 23, 2011, by the following vote: Yeas 143, Nays 0, 2 |
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present, not voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 257 was passed by the Senate, with |
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amendments, on May 20, 2011, by the following vote: Yeas 31, Nays |
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0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: __________________ |
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Date |
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__________________ |
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Governor |