84R25652 NC-D
By: Sanford H.B. No. 858
Substitute the following for H.B. No. 858:
By: Capriglione C.S.H.B. No. 858
A BILL TO BE ENTITLED
AN ACT
relating to the presumption of abandonment of an inactive checking
or savings account or a matured certificate of deposit.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Effective September 1, 2018, Section 73.101(c),
Property Code, is amended to read as follows:
(c) If the account is a checking or savings account or is a
matured certificate of deposit, the account is presumed abandoned
if the account has been inactive for at least four [three] years as
determined under Subsection (b)(1). This subsection expires
September 1, 2020.
SECTION 2. Effective September 1, 2020, Section 73.101(a),
Property Code, is amended to read as follows:
(a) An account or safe deposit box is presumed abandoned if:
(1) [except as provided by Subsection (c),] the
account or safe deposit box has been inactive for at least five
years as determined under Subsection (b);
(2) the location of the depositor of the account or
owner of the safe deposit box is unknown to the depository; and
(3) the amount of the account or the contents of the
box have not been delivered to the comptroller in accordance with
Chapter 74.
SECTION 3. This Act takes effect September 1, 2015.