Relating to unclaimed personal property, including virtual currency.

89(R) SB 1244 - House Committee Report version - Bill Text

By: Schwertner

S.B. No. 1244

(Capriglione)

A BILL TO BE ENTITLED

AN ACT

relating to unclaimed personal property, including virtual

currency.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Section 72.101(b), Property Code, is amended to

read as follows:

(b)(1) The [
three-year
] period leading to a presumption of

abandonment [
of stock or another intangible ownership interest in a

business association, the existence of which is evidenced by

records available to the association,
] commences on
the earlier of:

(A)
the [
first
] date that [
either a sum payable

as a result of the ownership interest is unclaimed by the owner or
]

a
written or electronic
communication to the owner is returned

undelivered by the United States Postal Service
or by electronic

mail or other electronic messaging method, as applicable; or

(B)

the last date on which the owner exercised an

act of ownership of the property
.

(2) The running of the [
three-year
] period of

abandonment ceases immediately on the exercise of an act of

ownership interest [
or sum payable
] or a
written, oral, or

electronic
communication with the
holder
[
association
] as

evidenced by a memorandum or other record on file with the
holder

[
association
] or
the holder's
[
its
] agents.

(3) At the time
property
[
an ownership
] is presumed

abandoned under this section, any sum then held for interest or

owing to the owner as a result of the
ownership interest in the

property
[
interest
] and not previously presumed abandoned is

presumed abandoned.

(4) Any stock or other intangible ownership interest

enrolled in a plan that provides for the automatic reinvestment of

dividends, distributions, or other sums payable as a result of the

ownership interest is subject to the presumption of abandonment as

provided by this section.

SECTION 2. The heading to Subchapter A, Chapter 74,

Property Code, is amended to read as follows:

SUBCHAPTER A.
GENERAL PROVISIONS
[
APPLICABILITY
]

SECTION 3. Subchapter A, Chapter 74, Property Code, is

amended by adding Section 74.002 to read as follows:

Sec.

74.002.

DEFINITION.

In this chapter, "virtual

currency"

has the meaning assigned by Section 12.001, Business &

Commerce Code.

SECTION 4. Subchapter D, Chapter 74, Property Code, is

amended by adding Section 74.3014 to read as follows:

Sec.

74.3014.

REPORT AND DELIVERY OF VIRTUAL CURRENCY;

DISPOSITION.

(a)

If the property that is presumed abandoned under

Section 72.101 is virtual currency and the holder has full control

of the necessary private keys required to transfer the virtual

currency, the holder shall report the property as required under

Section 74.101 and, at the direction of the comptroller, deliver

the property in its native form to either the comptroller or the

comptroller's designated custodian.

(b)

If the property that is presumed abandoned under Section

72.101 is virtual currency and the holder does not have full control

of the necessary private keys required to transfer the property or

possesses only a partial private key to the virtual currency, the

holder is not required to report and deliver the property to the

comptroller.

(c)

The comptroller may contract with one or more qualified

custodians as necessary for the management and safekeeping of

virtual currency delivered to the comptroller under this section.

(d)

The comptroller may hold property delivered to the

comptroller under this section outside the state treasury.

(e)

After liquidating virtual currency held outside the

treasury under Subsection (d), the comptroller:

(1)

may pay the reasonable and necessary expenses for

the holding and liquidation of the virtual currency from the

proceeds of the sale; and

(2)

shall deposit the net proceeds of the sale in the

state treasury in accordance with Section 74.601.

SECTION 5. Section 74.405(b), Property Code, is amended to

read as follows:

(b) The comptroller may not sell a security
or virtual

currency
listed on an established [
stock
] exchange for less than

the price prevailing on the exchange at the time of sale. The

comptroller may sell a security
or virtual currency
not listed on an

established exchange by any commercially reasonable method.

SECTION 6. This Act takes effect September 1, 2025.