HB 1454

84(R) - 2015
House Investments & Financial Services
House Investments & Financial Services
Property Rights

Vote Recommendation

  • Neutral
  • Positive
  • Neutral
  • Neutral
  • Neutral


John Raney

Bill Caption

Relating to notice, reporting, and records requirements for holders of certain personal property that is or may be presumed abandoned.

Fiscal Notes

A fiscal note dated March 30, 2015 indicates that the potential revenue loss from implementation of the bill cannot be determined at this time. It also anticipates no fiscal implication to units of local government.

Bill Analysis

House Bill 1454 would allow owners of property under Chapter 72 (owner of shares of a mutual fund) and 73 (owner of an account or the contents of a safe deposit box) of the Property Code the option to name a representative for the sole purpose of receiving the notice by a property holder that a property is presumed abandoned.

The representative would receive the notice in addition to the property owner, and would be able to halt the running of the three-year period of abandonment by declaring that he or she knows the property owner's location and that the property owner exists and has not abandoned the property.

The representative would serve that unique role and would have no ownership right or access to the property in question.

Vote Recommendation Notes

Currently, the holder of property that is presumed abandoned must notify the owner of the property and can only communicate with the owner.

House Bill 1454 would give the owners of shares in a mutual fund and of accounts or the contents of a safe deposit box the option of name a representative who would also receive the notice from the holder and be able to stop the abandonment process.

Because some property owners may be difficult to reach, House Bill 1454 would give them an extra option to make sure that their property is not declared abandoned and remitted to the Comptroller of Public Accounts for deposit to the General Revenue Fund wrongly. House Bill 1454 hence strengthens the property rights of these property owners. As a consequence, we support this bill.