TITLE: Relating to unclaimed property of a person in this state that is held in another state.

SUMMARY: Relating to unclaimed property of a person in this state that is held in another state.

FULL TEXT:
AN ACT relating to unclaimed property of a person in this state that is held in another state. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subchapter D, Chapter 74, Property Code, is amended by adding Section 74.3062 to read as follows: Sec. 74.3062. UNCLAIMED PROPERTY HELD IN ANOTHER STATE. (a) The comptroller may take any necessary actions to have unclaimed property delivered to the comptroller to be held in the custody of this state as provided by this chapter if the property: (1) is reportable under this chapter; and (2) is in the custody or possession of another state or a person residing in another state. (b) The comptroller shall pay a fee of 15 percent of the value of property recovered by the comptroller under this section to a person who gives the comptroller the information necessary to recover the property. (c) The comptroller may enter into a written agreement with a person regarding the provision of information or payment of a fee as described by Subsection (b). The agreement may not provide for a fee that exceeds the amount authorized by Subsection (b). An agreement is not required for a person to receive a fee under Subsection (b). SECTION 2. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.