Texas Unclaimed Property Changes Become Law
As we mentioned last week, Texas was considering House Bill 257, a bill designed to help the Lone Star State partially overcome its budget problems (at least for this year) by shortening the dormancy periods for certain property types. That bill was signed by the Governor on Friday. Accordingly, the act establishes the following new (shortened) dormancy periods:
- utility deposits — 18 months;
- money orders — 3 years;
- bank deposits — 3 years;
- savings accounts — 3 years;
- matured certificates of deposits (CDs) — 3years.
These shortened dormancy periods are effective as of September, 2011.
The finalized law will also result in a change to the reporting schedule effective January 1, 2013. Under this revised reporting schedule, reports will be due July 1, as of the previous March 1. Texas will become the second state (after Michigan) to use a July/March reporting period.