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A BILL TO BE ENTITLED
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AN ACT
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relating to unclaimed personal property, including virtual |
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currency. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 72.101(b), Property Code, is amended to |
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read as follows: |
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(b)(1) The [three-year] period leading to a presumption of |
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abandonment [of stock or another intangible ownership interest in a |
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business association, the existence of which is evidenced by |
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records available to the association,] commences on the earlier of: |
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(A) the [first] date that [either a sum payable |
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as a result of the ownership interest is unclaimed by the owner or] |
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a written or electronic communication to the owner is returned |
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undelivered by the United States Postal Service or by electronic |
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mail or other electronic messaging method, as applicable; or |
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(B) the last date on which the owner exercised an |
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act of ownership of the property. |
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(2) The running of the [three-year] period of |
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abandonment ceases immediately on the exercise of an act of |
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ownership interest [or sum payable] or a written, oral, or |
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electronic communication with the holder [association] as |
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evidenced by a memorandum or other record on file with the holder |
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[association] or the holder's [its] agents. |
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(3) At the time property [an ownership] is presumed |
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abandoned under this section, any sum then held for interest or |
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owing to the owner as a result of the ownership interest in the |
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property [interest] and not previously presumed abandoned is |
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presumed abandoned. |
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(4) Any stock or other intangible ownership interest |
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enrolled in a plan that provides for the automatic reinvestment of |
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dividends, distributions, or other sums payable as a result of the |
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ownership interest is subject to the presumption of abandonment as |
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provided by this section. |
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SECTION 2. The heading to Subchapter A, Chapter 74, |
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Property Code, is amended to read as follows: |
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SUBCHAPTER A. GENERAL PROVISIONS [APPLICABILITY] |
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SECTION 3. Subchapter A, Chapter 74, Property Code, is |
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amended by adding Section 74.002 to read as follows: |
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Sec. 74.002. DEFINITION. In this chapter, "virtual |
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currency" has the meaning assigned by Section 12.001, Business & |
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Commerce Code. |
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SECTION 4. Subchapter D, Chapter 74, Property Code, is |
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amended by adding Section 74.3014 to read as follows: |
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Sec. 74.3014. REPORT AND DELIVERY OF VIRTUAL CURRENCY; |
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DISPOSITION. (a) If the property that is presumed abandoned under |
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Section 72.101 is virtual currency and the holder has full control |
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of the necessary private keys required to transfer the virtual |
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currency, the holder shall report the property as required under |
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Section 74.101 and, at the direction of the comptroller, deliver |
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the property in its native form to either the comptroller or the |
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comptroller's designated custodian. |
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(b) If the property that is presumed abandoned under Section |
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72.101 is virtual currency and the holder does not have full control |
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of the necessary private keys required to transfer the property or |
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possesses only a partial private key to the virtual currency, the |
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holder is not required to report and deliver the property to the |
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comptroller. |
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(c) The comptroller may contract with one or more qualified |
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custodians as necessary for the management and safekeeping of |
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virtual currency delivered to the comptroller under this section. |
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(d) The comptroller may hold property delivered to the |
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comptroller under this section outside the state treasury. |
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(e) After liquidating virtual currency held outside the |
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treasury under Subsection (d), the comptroller: |
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(1) may pay the reasonable and necessary expenses for |
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the holding and liquidation of the virtual currency from the |
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proceeds of the sale; and |
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(2) shall deposit the net proceeds of the sale in the |
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state treasury in accordance with Section 74.601. |
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SECTION 5. Section 74.405(b), Property Code, is amended to |
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read as follows: |
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(b) The comptroller may not sell a security or virtual |
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currency listed on an established [stock] exchange for less than |
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the price prevailing on the exchange at the time of sale. The |
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comptroller may sell a security or virtual currency not listed on an |
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established exchange by any commercially reasonable method. |
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SECTION 6. This Act takes effect September 1, 2025. |