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A BILL TO BE ENTITLED
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AN ACT
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relating to the presumed abandonment of certain unclaimed personal |
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property. |
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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) the first anniversary of the date a refund check |
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for the utility deposit was payable to the owner of the deposit; |
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(2) the first anniversary of the date the utility last |
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received documented communication from the owner of the utility |
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deposit; or |
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(3) the first anniversary of the date the utility |
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issued a refund check for the deposit payable to the owner of the |
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deposit if, according to the knowledge and records of the utility or |
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payor of the check, during that period, a claim to the check has not |
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been asserted or an act of ownership by the payee has not been |
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exercised. |
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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 one dollar |
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[50 cents] per month for each month the money order remains uncashed |
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prior to 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. 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 7. This Act takes effect September 1, 2011. |