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A BILL TO BE ENTITLED
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AN ACT
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relating to the presumption of abandonment of an inactive checking |
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or savings account or a matured certificate of deposit. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Effective September 1, 2018, Section 73.101(c), |
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Property Code, is amended to read as follows: |
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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 four [three] years as |
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determined under Subsection (b)(1). This subsection expires |
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September 1, 2020. |
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SECTION 2. Effective September 1, 2020, Section 73.101(a), |
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Property Code, is amended to read as 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 |
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account or safe deposit box has been inactive for at least five |
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years as 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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SECTION 3. This Act takes effect September 1, 2015. |