Unclaimed Property Texas Statutes Property Code Title 6 - PDF document

Unclaimed Property Texas Statutes Property Code – Title 6 Chapters 72-77 Glenn Hegar Texas Comptroller of Public Accounts

Unclaimed Property Texas Statutes – Title 6 – Property Code ii

Texas Property Code Title 6. Unclaimed Property Chapters 72-77 Tiis publication presents the Texas Property Code, Title 6, Chapters 72-77, governing unclaimed property in Texas. Chapters 72-77 require holders to report and remit abandoned property to the Texas Comptroller of Public Accounts. Chapter 76 requires counties, cities, school districts and junior colleges to report and remit abandoned property valued at $100 or less to their treasurer. Property valued over $100 must be reported and remitted to the Comptroller’s offjce in accordance with Chapters 72-75. Chapter 76 also requires each city, county, school district and junior college to develop an unclaimed property program for the reporting, delivery, public notifjcation, claims processing, enforcement and accounting of this locally reported unclaimed property. Chapter 77 requires county probation departments to report unclaimed crime victims restitution payments. If you have any questions concerning your reporting obligations, please contact the Holder Reporting and Education Section at 1-800-321-2274, option 2 or up.holder@cpa.texas.gov. Unclaimed Property Texas Statutes – Title 6 – Property Code iii

Unclaimed Property Texas Statutes – Title 6 – Property Code iv

Table of Contents CHAPTER 72. ABANDONMENT OF PERSONAL PROPERTY Subchapter A. General Provisions 72.001. Application of Chapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Subchapter B. Presumption of Abandonment 72.101. Personal Property Presumed Abandoned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 72.1015. Unclaimed Wages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 72.1016. Stored Value Card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 72.1017. Utility Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 72.102. Traveler’s Checks and Money Orders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 72.1021. Shares of Mutual Fund; Designation of Representative for Notice . . . . . . . . . . . . . . . . . . . . . 4 72.103. Preservation of Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 72.104. Tangible Personal Property Held by County . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 CHAPTER 73. PROPERTY HELD BY FINANCIAL INSTITUTIONS Subchapter A. General Provisions 73.001. Definitions and Application of Chapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 73.002. Depository . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 73.003. Preservation of Inactive Account or Safe Deposit Box . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Subchapter B. Presumption of Abandonment 73.101. Inactive Account or Safe Deposit Box Presumed Abandoned . . . . . . . . . . . . . . . . . . . . . . . . 6 73.102. Checks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 73.103. Designation of Representative for Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 CHAPTER 74. REPORT, DELIVERY, AND CLAIMS PROCESS Subchapter A. Applicability 74.001. Applicability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Subchapter B. Report and Delivery of Property 74.101. Property Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 74.1011. Notice by Property Holder Required . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 74.102. Signed Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 74.103. Retention of Records . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 74.104. Confidentiality of Property Report; Exceptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Subchapter C. Notice by Comptroller 74.201. Required Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 74.202. Notice for Item with Value of Less Than $100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 74.203. Authorized Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 74.205. Charge for Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Unclaimed Property Texas Statutes – Title 6 – Property Code v