HBA-GUM S.B. 529 76(R)    BILL ANALYSIS


Office of House Bill AnalysisS.B. 529
By: Haywood
Ways & Means
4/28/1999
Engrossed



BACKGROUND AND PURPOSE 

Currently, unclaimed property reports must be notarized.  Eliminating the
notary requirement would allow the comptroller's office to improve
processing efficiency by reducing paper documents and utilizing electronic
reporting automation procedures.  Additionally, unclaimed property required
to be processed by the comptroller includes safe deposit box contents.
Yearly, two staff members of the comptroller's office receive and inventory
350,000 to 500,000 individual items from abandoned safe deposit boxes
within seven months, because the receipt deadline allows only seven months.
S.B. 529 eliminates the notary requirement relating to an unclaimed
property report, and  authorizes the comptroller to adopt rules to maximize
the use of future developments in electronic filing technology. 

RULEMAKING AUTHORITY

It is the opinion of the Office of House Bill Analysis that rulemaking
authority is  expressly delegated to the comptroller of public accounts in
SECTION 1 (Section 74.102, Property Code) of this bill. 

SECTION BY SECTION ANALYSIS

SECTION 1. Amends Section 74.102, Property Code, as follows:

Sec. 74.102.  New title: SIGNED STATEMENT.  Requires the person preparing a
property report to provide a statement signed by, rather than verification
made under oath and executed by, certain persons, with each copy of the
report.  Authorizes the comptroller to adopt rules relating to the
signature requirement for the purpose of maximizing the use of electronic
filing technology.  Makes conforming changes.  

SECTION 2. Amends Section 74.301(c), Property Code, to authorize the
comptroller to instruct the holder of a safe deposit box's contents to
deliver the contents before November 1 of the following year, rather than
after November 1 but before June 1 of the following year.  

SECTION 3. Amends Section 74.302, Property Code, as follows:

Sec. 74.302.  New title: STATEMENT OF DELIVERED PROPERTY.  Requires
property delivered under Section 74.301, Property Code, to be accompanied
by a statement, rather than a verification under oath.  Makes a conforming
change.  

SECTION 4. Repealer: Section 74.101(b), Property Code (requiring a filing
regardless of the existence of reportable property).  

SECTION 5. Effective date: September 1, 1999.

SECTION 6. Emergency clause.