Honorable Kevin Eltife, Chair, Senate Committee on Business & Commerce
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB1021 by Creighton (Relating to reporting requirements for certain unclaimed property.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend Chapter 1109 of the Insurance Code and Chapter 74 of the Property Code to reduce from $50 to $25 the amount of unclaimed property which must be reported individually. According to the Comptroller, since the change affects only the required information to be reported, the bill would not have a significant impact on revenue from unclaimed property.
Local Government Impact
No fiscal implication to units of local government is anticipated.