Bill Text: TX HB1454 | 2015-2016 | 84th Legislature | Enrolled
Bill Title: Relating to notice, reporting, and records requirements for holders of certain personal property that is or may be presumed abandoned.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Passed) 2015-06-18 - Effective on . . . . . . . . . . . . . . . [HB1454 Detail]
Download: Texas-2015-HB1454-Enrolled.html
H.B. No. 1454 |
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relating to notice, reporting, and records requirements for holders | ||
of certain personal property that is or may be presumed abandoned. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter B, Chapter 72, Property Code, is | ||
amended by adding Section 72.1021 to read as follows: | ||
Sec. 72.1021. SHARES OF MUTUAL FUND; DESIGNATION OF | ||
REPRESENTATIVE FOR NOTICE. (a) The owner of shares of a mutual fund | ||
may designate the name and a mailing or e-mail address of a | ||
representative of the owner only for the purpose of receiving the | ||
notice required by Section 74.1011. The owner is not required to | ||
designate a representative under this subsection. | ||
(b) The comptroller shall prescribe a form that a holder of | ||
shares of a mutual fund may make available to an owner of the shares | ||
to designate a representative for notice under this section. | ||
(c) A representative for notice designated under this | ||
section does not have any rights to the mutual fund shares and may | ||
not access the shares. | ||
(d) The running of the three-year period of abandonment | ||
under Section 72.101 ceases immediately if a representative | ||
designated under this section communicates to the holder that the | ||
representative knows: | ||
(1) the owner's location; and | ||
(2) that the owner exists and has not abandoned the | ||
shares of the mutual fund. | ||
SECTION 2. Subchapter B, Chapter 73, Property Code, is | ||
amended by adding Section 73.103 to read as follows: | ||
Sec. 73.103. DESIGNATION OF REPRESENTATIVE FOR NOTICE. (a) | ||
The depositor of an account or the owner of the contents of a safe | ||
deposit box may designate the name and a mailing or e-mail address | ||
of a representative of the depositor or the owner only for the | ||
purpose of receiving the notice required by Section 74.1011. The | ||
depositor or owner is not required to designate a representative | ||
under this subsection. | ||
(b) The comptroller shall prescribe a form that a holder of | ||
an account or the contents of a safe deposit box may make available | ||
to a depositor of the account or owner of the contents of the box to | ||
designate a representative for notice under this section. | ||
(c) A representative for notice designated under this | ||
section does not have any rights to the account or safe deposit box | ||
and may not access the account or box. | ||
(d) The running of a period of abandonment under Section | ||
73.101 ceases immediately if a representative designated under this | ||
section communicates to the holder that the representative knows: | ||
(1) the depositor's or owner's location; and | ||
(2) that the depositor or owner exists and has not | ||
abandoned the account or the contents of a safe deposit box. | ||
SECTION 3. Section 74.101(c), Property Code, is amended to | ||
read as follows: | ||
(c) The property report must include, if known by the | ||
holder: | ||
(1) the name, social security number, driver's license | ||
or state identification number, e-mail address, and [ |
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known address of: | ||
(A) each person who, from the records of the | ||
holder of the property, appears to be the owner of the property; or | ||
(B) any person who is entitled to the property; | ||
(2) the name and last known mailing or e-mail address | ||
of any person designated as a representative for notice under | ||
Section 72.1021 or 73.103; | ||
(3) a description of the property, the identification | ||
number, if any, and, if appropriate, a balance of each account, | ||
except as provided by Subsection (d); | ||
(4) [ |
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demandable, or returnable; | ||
(5) [ |
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owner concerning the property; and | ||
(6) [ |
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rule requires to be disclosed as necessary for the administration | ||
of this chapter. | ||
SECTION 4. Section 74.1011, Property Code, is amended by | ||
adding Subsection (b-1) to read as follows: | ||
(b-1) If an owner has designated a representative for notice | ||
under Section 72.1021 or 73.103, the holder shall mail or e-mail the | ||
written notice required under Subsection (a) to the representative | ||
in addition to mailing the notice to the owner. | ||
SECTION 5. Section 74.103(a), Property Code, is amended to | ||
read as follows: | ||
(a) A holder required to file a property report under | ||
Section 74.101 shall keep a record of: | ||
(1) the name, the social security number, if known, | ||
and the last known address of each person who, from the records of | ||
the holder of the property, appears to be the owner of the property; | ||
(2) the name and last known mailing or e-mail address | ||
of any representative for notice designated under Section 72.1021 | ||
or 73.103; | ||
(3) a brief description of the property, including the | ||
identification number, if any; and | ||
(4) [ |
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SECTION 6. This Act takes effect September 1, 2017. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 1454 was passed by the House on April | ||
15, 2015, by the following vote: Yeas 141, Nays 0, 1 present, not | ||
voting; that the House refused to concur in Senate amendments to | ||
H.B. No. 1454 on May 23, 2015, and requested the appointment of a | ||
conference committee to consider the differences between the two | ||
houses; and that the House adopted the conference committee report | ||
on H.B. No. 1454 on May 28, 2015, by the following vote: Yeas 144, | ||
Nays 0, 2 present, not voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 1454 was passed by the Senate, with | ||
amendments, on May 22, 2015, by the following vote: Yeas 31, Nays | ||
0; at the request of the House, the Senate appointed a conference | ||
committee to consider the differences between the two houses; and | ||
that the Senate adopted the conference committee report on H.B. No. | ||
1454 on May 30, 2015, by the following vote: Yeas 31, Nays 0. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: __________________ | ||
Date | ||
__________________ | ||
Governor |