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Texas Legislature Passes Unclaimed Property Reporting Changes
Wednesday, May 13, 2015 6:55 AM

The Texas House has passed SB 1021 by Brandon Creighton (R-Conroe)/HB 1981 by Rene Oliveira (D-Brownsville), which changes the amount of unclaimed property that can be reported to the comptroller in aggregate without furnishing such information as a description of the property, date the property, detailed information on the owner.

SB 1021 amends the Property Code, decreasing from less than $50 to less than $25 the amount due of unclaimed property presumed abandoned that a holder of that property may report to the comptroller in the aggregate without furnishing any of the specified required information. The bill now goes to the Governor.

Contact Jeff Huffman, President, Texas Credit Union Association at 469-385-6488 or jhuffman@txcua.coop for more information.