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A BILL TO BE ENTITLED
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AN ACT
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relating to the presumed abandonment date for stored value cards. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 72.1016(b), Property Code, is amended to |
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read as follows: |
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(b) If the existence and location of the owner of a stored |
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value card is unknown to the holder of the property, the stored |
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value card is presumed abandoned to the extent of its unredeemed and |
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uncharged value on the earlier of: |
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(1) the card's expiration date; |
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(2) the fifth [third] anniversary of the date the card |
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was issued, if the card is not used after it is issued, or the date |
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the card was last used or value was last added to the card; or |
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(3) the first anniversary of the date the card was |
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issued, if the card is not used after it is issued, or the date the |
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card was last used or value was last added to the card, if the card's |
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value represents wages, as defined by Section 61.001, Labor Code. |
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SECTION 2. The change in law made by this Act applies to a |
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stored value card issued on or after the effective date of this Act |
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and a stored value card issued before the effective date of this Act |
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that has not been presumed abandoned before the effective date of |
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this Act. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2011. |