1. (a) Except as provided by Subsection (b), a holder who on March 1 holds property valued at more than $250 that is presumed abandoned under Chapter 72, 73, or 75 of this code or Chapter 154, Finance Code, shall, on or before the following May 1, mail to the last known address of the known owner written notice stating that:

   1. (1) the holder is holding the property; and
   2. (2) the holder may be required to deliver the property to the comptroller on or before July 1 if the property is not claimed.

2. (b) The notice required under Subsection (a) does not apply to a holder who:

   1. (1) has already provided such notice to the owner of the property or a person entitled to the property under existing federal law, rules, and regulations or state law within the time specified under Subsection (a); or
   2. (2) does not have a record of an address for the property owner or any other person entitled to the property.
3. (c) A holder that provides notice under this section may charge the cost of the postage as a service charge against the property.

Added by Acts 2009, 81st Leg., R.S., Ch. 232 (S.B. 1589), Sec. 2, eff. September 1, 2009.

Acts 2011, 82nd Leg., R.S., Ch. 685 (H.B. 257), Sec. 7, eff. January 1, 2013.