H.B. No. 1454
 
 
 
 
AN ACT
  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 [the] last
  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) [(3)]  the date that the property became payable,
  demandable, or returnable;
               (5) [(4)]  the date of the last transaction with the
  owner concerning the property; and
               (6) [(5)]  other information that the comptroller by
  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) [(3)]  the balance of each account, if appropriate.
         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