By: Schwertner S.B. No. 1244
(In the Senate - Filed February 12, 2025; February 28, 2025,
read first time and referred to Committee on Business & Commerce;
April 14, 2025, reported adversely, with favorable Committee
Substitute by the following vote: Yeas 10, Nays 0; April 14, 2025,
sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR S.B. No. 1244 By: Schwertner
A BILL TO BE ENTITLED
AN ACT
relating to unclaimed personal property, including virtual
currency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 72.101(b), Property Code, is amended to
read as follows:
(b)(1) The [three-year] period leading to a presumption of
abandonment [of stock or another intangible ownership interest in a
business association, the existence of which is evidenced by
records available to the association,] commences on the earlier of:
(A) the [first] date that [either a sum payable
as a result of the ownership interest is unclaimed by the owner or]
a written or electronic communication to the owner is returned
undelivered by the United States Postal Service or by electronic
mail or other electronic messaging method, as applicable; or
(B) the last date on which the owner exercised an
act of ownership of the property.
(2) The running of the [three-year] period of
abandonment ceases immediately on the exercise of an act of
ownership interest [or sum payable] or a written, oral, or
electronic communication with the holder [association] as
evidenced by a memorandum or other record on file with the holder
[association] or the holder's [its] agents.
(3) At the time property [an ownership] is presumed
abandoned under this section, any sum then held for interest or
owing to the owner as a result of the ownership interest in the
property [interest] and not previously presumed abandoned is
presumed abandoned.
(4) Any stock or other intangible ownership interest
enrolled in a plan that provides for the automatic reinvestment of
dividends, distributions, or other sums payable as a result of the
ownership interest is subject to the presumption of abandonment as
provided by this section.
SECTION 2. The heading to Subchapter A, Chapter 74,
Property Code, is amended to read as follows:
SUBCHAPTER A. GENERAL PROVISIONS [APPLICABILITY]
SECTION 3. Subchapter A, Chapter 74, Property Code, is
amended by adding Section 74.002 to read as follows:
Sec. 74.002. DEFINITION. In this chapter, "virtual
currency" has the meaning assigned by Section 12.001, Business &
Commerce Code.
SECTION 4. Subchapter D, Chapter 74, Property Code, is
amended by adding Section 74.3014 to read as follows:
Sec. 74.3014. REPORT AND DELIVERY OF VIRTUAL CURRENCY;
DISPOSITION. (a) If the property that is presumed abandoned under
Section 72.101 is virtual currency and the holder has full control
of the necessary private keys required to transfer the virtual
currency, the holder shall report the property as required under
Section 74.101 and, at the direction of the comptroller, deliver
the property in its native form to either the comptroller or the
comptroller's designated custodian.
(b) If the property that is presumed abandoned under Section
72.101 is virtual currency and the holder does not have full control
of the necessary private keys required to transfer the property or
possesses only a partial private key to the virtual currency, the
holder is not required to report and deliver the property to the
comptroller.
(c) The comptroller may contract with one or more qualified
custodians as necessary for the management and safekeeping of
virtual currency delivered to the comptroller under this section.
(d) The comptroller may hold property delivered to the
comptroller under this section outside the state treasury.
(e) After liquidating virtual currency held outside the
treasury under Subsection (d), the comptroller:
(1) may pay the reasonable and necessary expenses for
the holding and liquidation of the virtual currency from the
proceeds of the sale; and
(2) shall deposit the net proceeds of the sale in the
state treasury in accordance with Section 74.601.
SECTION 5. Section 74.405(b), Property Code, is amended to
read as follows:
(b) The comptroller may not sell a security or virtual
currency listed on an established [stock] exchange for less than
the price prevailing on the exchange at the time of sale. The
comptroller may sell a security or virtual currency not listed on an
established exchange by any commercially reasonable method.
SECTION 6. This Act takes effect September 1, 2025.
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