LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION April 3, 2011 TO: Honorable Steve Ogden, Chair, Senate Committee on Finance FROM: John S O'Brien, Director, Legislative Budget Board IN RE:SB1535 by Watson (Relating to unclaimed property.), As Introduced The fiscal implications of the bill cannot be determined at this time. The bill would amend Chapter 72 of the Property Code, to make unclaimed class action proceeds reportable as unclaimed property. The proceeds would be presumed abandoned if the proceeds are unclaimed on or before the 90th day after the date the proceeds were made payable and available to members of the class, unless the abandonment period is established by the court or settlement agreement. The bill would require the holder to deliver the proceeds, accompanied by a property report to the Comptroller not later than the 60th day after the date the proceeds are presumed to be abandoned. The bill would amend Chapter 74 of the Property Code, regarding the reporting, delivery and claims process for unclaimed property, to specify who may make a claim of the unclaimed property of an entity that has been dissolved, terminated, liquidated, or was involved in a bankruptcy. There is an indeterminate fiscal impact to the state from inclusion of proceeds from class action lawsuits as unclaimed property. In addition, the fiscal impact from the limitations placed on persons who may make a claim to the unclaimed property of an inactive entity, cannot be determined. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:304 Comptroller of Public Accounts LBB Staff: JOB, KK, LCO, RN
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
April 3, 2011
TO: Honorable Steve Ogden, Chair, Senate Committee on Finance FROM: John S O'Brien, Director, Legislative Budget Board IN RE:SB1535 by Watson (Relating to unclaimed property.), As Introduced
TO: Honorable Steve Ogden, Chair, Senate Committee on Finance
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: SB1535 by Watson (Relating to unclaimed property.), As Introduced
Honorable Steve Ogden, Chair, Senate Committee on Finance
Honorable Steve Ogden, Chair, Senate Committee on Finance
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
SB1535 by Watson (Relating to unclaimed property.), As Introduced
SB1535 by Watson (Relating to unclaimed property.), As Introduced
The fiscal implications of the bill cannot be determined at this time.
The fiscal implications of the bill cannot be determined at this time.
The bill would amend Chapter 72 of the Property Code, to make unclaimed class action proceeds reportable as unclaimed property. The proceeds would be presumed abandoned if the proceeds are unclaimed on or before the 90th day after the date the proceeds were made payable and available to members of the class, unless the abandonment period is established by the court or settlement agreement. The bill would require the holder to deliver the proceeds, accompanied by a property report to the Comptroller not later than the 60th day after the date the proceeds are presumed to be abandoned. The bill would amend Chapter 74 of the Property Code, regarding the reporting, delivery and claims process for unclaimed property, to specify who may make a claim of the unclaimed property of an entity that has been dissolved, terminated, liquidated, or was involved in a bankruptcy. There is an indeterminate fiscal impact to the state from inclusion of proceeds from class action lawsuits as unclaimed property. In addition, the fiscal impact from the limitations placed on persons who may make a claim to the unclaimed property of an inactive entity, cannot be determined.
The bill would amend Chapter 72 of the Property Code, to make unclaimed class action proceeds reportable as unclaimed property. The proceeds would be presumed abandoned if the proceeds are unclaimed on or before the 90th day after the date the proceeds were made payable and available to members of the class, unless the abandonment period is established by the court or settlement agreement. The bill would require the holder to deliver the proceeds, accompanied by a property report to the Comptroller not later than the 60th day after the date the proceeds are presumed to be abandoned.
The bill would amend Chapter 74 of the Property Code, regarding the reporting, delivery and claims process for unclaimed property, to specify who may make a claim of the unclaimed property of an entity that has been dissolved, terminated, liquidated, or was involved in a bankruptcy.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 304 Comptroller of Public Accounts
304 Comptroller of Public Accounts
LBB Staff: JOB, KK, LCO, RN
JOB, KK, LCO, RN