Relating to the reporting and handling of unclaimed property.
Impact
The implementation of HB 4115 is expected to enhance the visibility of unclaimed property and streamline the process for owners to reclaim their assets. By specifying a reporting format and responsibilities for property holders, the bill aims to minimize the instances of unclaimed property remaining with holders and ensure that individuals are informed about their rights to recover such properties. Furthermore, this bill is designed to facilitate better management of unclaimed property by the Comptroller, assisting in identifying rightful claimants through improved data sharing requirements across governmental departments.
Summary
House Bill 4115 proposes amendments to the Texas Property Code concerning the reporting and handling of unclaimed property. The bill stipulates that property holders must provide detailed reports regarding unclaimed assets, including the owner's name, social security number, and last known address, along with a description of the property and its identification number. Additionally, a new requirement mandates that holders of certain unclaimed property valued over $250 must send written notice to the apparent owner by August 1 if the property remains unclaimed, enhancing communication between property holders and individuals entitled to the property.
Contention
Notable points of contention surrounding HB 4115 may include discussions related to privacy concerns with the increased collection of personal information, such as social security numbers and home addresses, particularly given that this data is classified as confidential and cannot be disclosed publicly. Stakeholders might debate the adequacy of safeguards in place to protect this sensitive information while also enhancing government accountability and transparency in managing unclaimed property. This balance between effective governance and the right to privacy will likely be a focus as the bill progresses through the legislative process.
Relating to civil asset forfeiture proceedings, to the seizure and forfeiture of certain property, and to the reporting and disposition of proceeds and property from civil asset forfeiture.
Relating to authorizing the comptroller to release a reported owner's unclaimed property to the owner's crime victim in certain circumstances and payment by the Texas Department of Criminal Justice of certain amounts owed by an inmate.
Relating to authorizing the comptroller to release a reported owner's unclaimed property to the owner's crime victim in certain circumstances and payment by the Texas Department of Criminal Justice of certain amounts owed by an inmate.
Relating to providing property tax relief through the public school finance system, exemptions, limitations on appraisals and taxes, and property tax administration; authorizing the imposition of a fee.
Relating to a study of the feasibility and benefits to this state of abolishing the property tax assistance division of the office of the comptroller of public accounts and transferring its powers and duties to an independent agency.
Relating to abolishing the property tax assistance division of the office of the comptroller of public accounts and transferring its powers and duties to the newly created State Property Tax Board.