HB 4115by Rep. Jim Pitts (R-Waxahachie) is a State Comptroller-requested bill requiring entities that report unclaimed property to the state to include driver’s license number or state identification number and email address of the unclaimed property owner or possible owner, if known. The bill also requires the entity to provide specific notice to the possible owner that the entity must report the property to the State Comptroller.
A significant new penalty of 5% of the unclaimed property value is assessed against a reporting entity who fails to knowingly supply the owner’s Social Security number.
The bill is scheduled for the hearing today before the House Business and Industry Committee upon House adjournment.
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