Bill Text: TX HB1764 | 2011-2012 | 82nd Legislature | Introduced
Bill Title: Relating to the periods for presumed abandonment of certain unclaimed personal property.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-04-11 - No action taken in committee [HB1764 Detail]
Download: Texas-2011-HB1764-Introduced.html
82R4444 NC-D | ||
By: Harper-Brown | H.B. No. 1764 |
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relating to the periods for presumed abandonment of certain | ||
unclaimed personal property. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 72.101(a), Property Code, is amended to | ||
read as follows: | ||
(a) Except as provided by this section and Sections 72.1015, | ||
72.1016, 72.1017, and 72.102, personal property is presumed | ||
abandoned if, for longer than three years: | ||
(1) the existence and location of the owner of the | ||
property is unknown to the holder of the property; and | ||
(2) according to the knowledge and records of the | ||
holder of the property, a claim to the property has not been | ||
asserted or an act of ownership of the property has not been | ||
exercised. | ||
SECTION 2. Subchapter B, Chapter 72, Property Code, is | ||
amended by adding Section 72.1017 to read as follows: | ||
Sec. 72.1017. UTILITY DEPOSITS. (a) In this section: | ||
(1) "Utility" has the meaning assigned by Section | ||
183.001, Utilities Code. | ||
(2) "Utility deposit" is a refundable money deposit a | ||
utility requires a user of the utility service to pay as a condition | ||
of initiating the service. | ||
(b) Notwithstanding Section 73.102, a utility deposit is | ||
presumed abandoned on the latest of: | ||
(1) the first anniversary of the date a refund check | ||
for the utility deposit was payable to the owner of the deposit; | ||
(2) the first anniversary of the date the utility last | ||
received documented communication from the owner of the utility | ||
deposit; or | ||
(3) the first anniversary of the date the utility | ||
issued a refund check for the deposit payable to the owner of the | ||
deposit if, according to the knowledge and records of the utility or | ||
payor of the check, during that period, a claim to the check has not | ||
been asserted or an act of ownership by the payee has not been | ||
exercised. | ||
SECTION 3. Section 72.102(c), Property Code, is amended to | ||
read as follows: | ||
(c) A money order to which Subsection (a) applies is | ||
presumed to be abandoned on the latest of: | ||
(1) the third [ |
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which the money order was issued; | ||
(2) the third [ |
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which the issuer of the money order last received from the owner of | ||
the money order communication concerning the money order; or | ||
(3) the third [ |
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last writing, on file with the issuer, that indicates the owner's | ||
interest in the money order. | ||
SECTION 4. Section 73.101, Property Code, is amended by | ||
amending Subsection (a) and adding Subsection (c) to read as | ||
follows: | ||
(a) An account or safe deposit box is presumed abandoned if: | ||
(1) except as provided by Subsection (c), the account | ||
or safe deposit box has been inactive for at least five years as | ||
determined under Subsection (b); | ||
(2) the location of the depositor of the account or | ||
owner of the safe deposit box is unknown to the depository; and | ||
(3) the amount of the account or the contents of the | ||
box have not been delivered to the comptroller in accordance with | ||
Chapter 74. | ||
(c) If the account is a checking or savings account or is a | ||
matured certificate of deposit, the account is presumed abandoned | ||
if the account has been inactive for at least three years as | ||
determined under Subsection (b)(1). | ||
SECTION 5. This Act takes effect September 1, 2011. |