SB1244 - Relating to unclaimed personal property, including virtual currency.

      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.