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A BILL TO BE ENTITLED
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AN ACT
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relating to notice, reporting, and records requirements for holders |
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of certain personal property that is or may be presumed abandoned. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 72, Property Code, is |
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amended by adding Section 72.1021 to read as follows: |
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Sec. 72.1021. SHARES OF MUTUAL FUND; DESIGNATION OF |
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REPRESENTATIVE FOR NOTICE. (a) The owner of shares of a mutual fund |
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may designate the name and a mailing or e-mail address of a |
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representative of the owner only for the purpose of receiving the |
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notice required by Section 74.1011. The owner is not required to |
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designate a representative under this subsection. |
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(b) The comptroller shall prescribe a form that a holder of |
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shares of a mutual fund may make available to an owner of the shares |
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to designate a representative for notice under this section. |
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(c) A representative for notice designated under this |
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section does not have any rights to the mutual fund shares and may |
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not access the shares. |
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(d) The running of the three-year period of abandonment |
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under Section 72.101 ceases immediately if a representative |
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designated under this section communicates to the holder that the |
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representative knows: |
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(1) the owner's location; and |
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(2) that the owner exists and has not abandoned the |
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shares of the mutual fund. |
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SECTION 2. Subchapter B, Chapter 73, Property Code, is |
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amended by adding Section 73.103 to read as follows: |
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Sec. 73.103. DESIGNATION OF REPRESENTATIVE FOR NOTICE. (a) |
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The depositor of an account or the owner of the contents of a safe |
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deposit box may designate the name and a mailing or e-mail address |
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of a representative of the depositor or the owner only for the |
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purpose of receiving the notice required by Section 74.1011. The |
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depositor or owner is not required to designate a representative |
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under this subsection. |
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(b) The comptroller shall prescribe a form that a holder of |
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an account or the contents of a safe deposit box may make available |
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to a depositor of the account or owner of the contents of the box to |
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designate a representative for notice under this section. |
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(c) A representative for notice designated under this |
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section does not have any rights to the account or safe deposit box |
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and may not access the account or box. |
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(d) The running of a period of abandonment under Section |
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73.101 ceases immediately if a representative designated under this |
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section communicates to the holder that the representative knows: |
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(1) the depositor's or owner's location; and |
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(2) that the depositor or owner exists and has not |
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abandoned the account or the contents of a safe deposit box. |
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SECTION 3. Section 74.101(c), Property Code, is amended to |
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read as follows: |
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(c) The property report must include, if known by the |
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holder: |
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(1) the name, social security number, driver's license |
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or state identification number, e-mail address, and [the] last |
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known address of: |
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(A) each person who, from the records of the |
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holder of the property, appears to be the owner of the property; or |
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(B) any person who is entitled to the property; |
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(2) the name and last known mailing or e-mail address |
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of any person designated as a representative for notice under |
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Section 72.1021 or 73.103; |
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(3) a description of the property, the identification |
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number, if any, and, if appropriate, a balance of each account, |
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except as provided by Subsection (d); |
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(4) [(3)] the date that the property became payable, |
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demandable, or returnable; |
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(5) [(4)] the date of the last transaction with the |
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owner concerning the property; and |
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(6) [(5)] other information that the comptroller by |
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rule requires to be disclosed as necessary for the administration |
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of this chapter. |
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SECTION 4. Section 74.1011, Property Code, is amended by |
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adding Subsection (b-1) to read as follows: |
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(b-1) If an owner has designated a representative for notice |
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under Section 72.1021 or 73.103, the holder shall mail or e-mail the |
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written notice required under Subsection (a) to the representative |
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in addition to mailing the notice to the owner. |
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SECTION 5. Section 74.103(a), Property Code, is amended to |
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read as follows: |
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(a) A holder required to file a property report under |
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Section 74.101 shall keep a record of: |
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(1) the name, the social security number, if known, |
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and the last known address of each person who, from the records of |
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the holder of the property, appears to be the owner of the property; |
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(2) the name and last known mailing or e-mail address |
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of any representative for notice designated under Section 72.1021 |
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or 73.103; |
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(3) a brief description of the property, including the |
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identification number, if any; and |
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(4) [(3)] the balance of each account, if appropriate. |
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SECTION 6. This Act takes effect January 1, 2016. |