Leawood, KS – August 10, 2021: The State of Texas has amended its Property Code to allow for an additional manner of notice to be sent to an owner of unclaimed property.
Pursuant to Texas House Bill 1514 (HB 1514), unless otherwise exempt, a holder who on March 1 holds property subject to Chapter 74 of the Property Code valued at more than $250 shall, no later than the 60th day before the date the property is delivered to the State comptroller, provide to the owner by mail to the last known address of the owner OR by email written notice informing the owner the property is being held and may be delivered to the State comptroller if not claimed.
The notice requirement does not apply to a holder who has already provided notice to the owner of the property under existing federal law, rules and regulations or state law within the prescribed time period; or if the holder does not have a record of a physical or email address for the property owner. HB 1514 was signed by Governor Abbot on May 18, 2021 and became effective immediately.
To read Texas HB 1514 click here: Texas HB 1514
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