| Vote Recommendation | Economic Freedom | Property Rights | Personal Responsibility | Limited Government | Individual Liberty |
|---|---|---|---|---|---|
| Neutral | Neutral | Neutral | Neutral | Neutral | Neutral |
Relating to the administration of unclaimed property.
The bill could result in an indeterminate increase in payment of unclaimed property claims. The fiscal impact of provisions that grant authority to the Comptroller to use the proceeds from the sale of unclaimed securities, to buy, exchange, invest, or reinvest in marketable securities cannot be determined.
HB 1514 makes certain changes to unclaimed property laws. It would require a court clerk to provide a copy to the comptroller of a court order paying funds to the comptroller by mail or e-mail, rather than personal service of citation. It would require an insurer to report and deliver unclaimed proceeds from a life insurance policy, annuity contract, or retained asset account to the comptroller. Worthless or non-freely transferable securities and firearms would be prohibited from being considered unclaimed property.
HB 1514 would apply the existing unclaimed property process to property that is presumed abandoned as prepaid funeral services or unclaimed proceeds from life insurance policies. It would make small changes to the procedures for unclaimed property, including permitting e-mail notification, allowing the comptroller to liquidate securities delivered to them, and regulate the information included on certain claims, among others. The comptroller would be permitted to waive the filing requirement and deliver the unclaimed property directly to the reported owner of the property if it has less than $5,000 in value.
Texas Action is neutral on HB 1514 as it is an administrative bill affecting agency procedure and does not touch directly on our Liberty Principles.