Pending Legislation in the Lone Star State
Were not sure why, but the Texas state legislature seems to be very busy with unclaimed property bills. Currently pending before various committees of the Texas House and Senate are the following:
Texas Senate Bill 1535 – This bill would amend the Texas Unclaimed Property Act to provide that class action settlement proceeds are deemed abandoned 90 days after becoming payable, unless a different time period is specified by the applicable court or settlement agreement. The bill is currently before the Committee on Finance.
Texas House Bill 3790 – Would permit the Controller of Public Accounts to deduct a claim fee of 10% of all claims valued at over $100. Currently pending before the Appropriations Committee.
Texas Senate Bill 1657 – Would add unclaimed land grant mineral proceeds to the coverage of the Unclaimed Property Act. Currently pending before the Committee on Finance.
Texas House Bill 3571 – Would allow “institutes of higher education” to maintain custody of credit balances of $25 or less and to use such funds. The bill would also require the colleges to maintain a list of owners and permit claims against the property. The bill is currently pending before the Committee on Higher Education.
Texas House Bill 257 – This bill would establish a 1 year dormancy period for utility deposits, shorten the dormancy period for money orders to 3 years (from 7) and shorten the dormancy periods of matured CDs to 3 years (from 5). Currently pending before the Committee on Ways & Means.