Unclaimed Property
Texas is currently holding about $4 billion in cash and other valuables waiting for their rightful owners to claim. The Texas Comptroller estimates that one in four residents of the state of Texas have unclaimed property. Examples of unclaimed property include a dividend, payroll or cashier’s checks; stocks, bonds and mutual fund accounts; utility deposits and other refunds; insurance proceeds; mineral interest or royalty payments; dormant bank accounts; and abandoned safe deposit box contents.
The Texas Comptroller’s office receives unclaimed property as required by law from financial institutions, businesses, and government entities that are holding personal property which is considered abandoned or unclaimed. The unclaimed or abandoned property is turned over to the Comptroller’s office when the property owners’ whereabouts are unknown and the property has been inactive and on the books of the reporting company after the necessary abandonment period has expired. It is important to know that the Comptroller’s office acts only as a custodian of the unclaimed property and holds the property in a trust until such time as it can be claimed. Texas does not take legal ownership of the unclaimed property, so there is no time limit for filing a claim.
Over the past several years, the Texas Comptroller has traveled around the state to raise awareness to the billions of dollars worth of unclaimed property being held by the State of Texas. Since the unclaimed property program began, the Comptroller’s office returned over $1 billion worth of unclaimed property. In 2014 alone, the Comptroller’s office returned over $200 million in unclaimed property. The average individual claim that is paid out is around $1,000.
In addition to increased outreach efforts, the Comptroller’s office has outlined a number of recently added features on their website to make finding and claiming your property even easier. The Comptroller’s office also regularly updates its database with new unclaimed or abandoned property. To find out if you are one of these Texas residents with unclaimed property, I strongly recommend that you check the unclaimed property list by visiting Texas Unclaimed Property or by calling 1-800-654-FIND (3463).
If you would like to follow the Texas House and learn more information on news, committees or other aspects of the legislative body, you can access its website at Texas House of Representatives. The site features live streaming from committee hearings as well as access to a number of other resources. You can also follow the Texas Senate at Texas Senate. For important information regarding transportation in the state, feel free to visit the Texas Department of Transportation. Other references are the Texas General Land Office, or visit the Texas Railroad Commission.
The 84th Legislative session has come to a close but I invite you to review what was accomplished during the recent session. To view the governor’s actions, please visit Office of the Governor Gregg Abbot or to see the bills that have already been signed, please visit Office of the Governor bills . If you would like to see more about the legislature, please visit the Texas Legislature Online .
If you have questions regarding any of the information mentioned in this week’s article, please do not hesitate to call my Capitol or District Office. Please always feel free to contact my office if you have any questions or issues regarding a Texas state agency, or if you would like to contact my office regarding constituent services. As always, my offices are available at any time to assist with questions, concerns or comments (Capitol Office, 512-463-0672; District Office, 361-949-4603).
– State Representative Todd Hunter, District 32
Rep. Hunter represents Nueces (Part) County. He can be contacted at todd.hunter@house.state.tx.us or at 512-463-0672.
