Please note the changes below to the Texas Unclaimed Property Laws:

Texas New Legislation

Texas Senate Bill 1589 signed by the Governor on March 27, 2009. This bill takes effect on September 1, 2009.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Subsection (c), Section 74.101, Property Code, is amended to read as follows:

(c) The property report must include, if known by the holder:
(1) the name, [and] social security number, driver's license or state identification number, e-mail address [if known], and the last known address[, if any,] of:
(A) each person who, from the records of the holder of the property, appears to be the owner of the property;[,]
or
(B) [the name and address, if known, of] any person who is entitled to the property;
(2) a description of the property, the identification number, if any, and, if appropriate, a balance of each account, except as provided by Subsection (d);
(3) the date that the property became payable, demandable, or returnable;
(4) the date of the last transaction with the owner concerning the property; and
(5) other information that the comptroller by rule requires to be disclosed as necessary for the administration of this chapter.

SECTION 2. Subchapter B, Chapter 74, Property Code, is amended by adding Section 74.1011 to read as follows:
Sec . 74.1011 . NOTICE BY PROPERTY HOLDER REQUIRED.

(a) Except as provided by Subsection (b), a holder who on June 30 holds property valued at more than $250 that is presumed abandoned under Chapter 72, 73, or 75 of this code or Chapter 154, Finance Code, shall, on or before the following August 1, mail to the last known address of the known owner written notice stating that:
(1) the holder is holding the property; and
(2) the holder may be required to deliver the property to the comptroller on or before November 1 if the property is not claimed.
(b) The notice required under Subsection (a) does not apply to a holder who:
(1) has already provided such notice to the owner of the property or a person entitled to the property under existing federal law, rules, and regulations or state law within the time specified under Subsection (a); or
(2) does not have a record of an address for the property owner or any other person entitled to the property.
(c) A holder that provides notice under this section may charge the cost of the postage as a service charge against the property.