1. Unclaimed Property: Reporting and Claims Processes
Bryant Clayton and Verna Bright
Unclaimed Property Division
Texas Comptroller of Public Accounts (CPA)

2. Topics Discussed Unclaimed Property Reporting
Unclaimed property – what it is and isn’t
Dormancy Periods
Relevant Statute
Due Diligence
Reportable Property Types
How to Report
Do’s and Don'ts of Reporting
ClaimItTexas.org search engine
Claim types
Supporting documentation
Holder refunds or reimbursements

3. What is Unclaimed Property?
Property Types in Quick Start Reporting Guide at

4. Unclaimed Property - Overview
Comptroller Susan Combs took office in 2007
$1.3 billion returned to rightful owners
Unclaimed property is a major initiative
Primary goal to return lost assets to citizens and local Texas economies
Goal achieved through greater owner outreach and claims processing performance enhancements

5. Unclaimed Property - Overview
In fiscal 2014 Texas:
Received more than $440 million in abandoned property
Received 17,245 Holder reports

6. Governed by: Chapters 71 – 76 Texas Property Code
Chapter 71 applies to true escheat
Chapter 73 applies only to financial institutions
Chapter 74 governs reporting and claims processes

7. Recent Updates: Recently added fields required for property report
Effective 9/1/2009
If known by the holder, include:
Owner driver’s license or state ID number (Texas only)
Owner address

8. Due Diligence: Owner Notices For property valued at more than $250;
Mail no later than May 1 for July report
Second notice not required if mail returned by post office according to your records
Not required if good address is not available

9. Due Diligence: Postage deduction
Deduct from cash amount owed each owner
Postage deduction from report total not permitted
Postage deduction from property amounts less than $250 not permitted
Q: What if the second owner on a record has a different address? Do we mail letters to both?
A: Yes, if they are joint owners and are both entitled to claim the property at the time of your mailing. There are exceptions. For example, if the 2nd name on an account is only a Payable On Death (POD) designation and the owner is still alive, do not mail a letter to the 2nd address.

10. Due Diligence: General purpose due diligence letter online at

11. Reportable Property Types:
Payroll
Accounts Payable
Miscellaneous Checks
Royalty / production payments
Bank Accounts
Matured life insurance policies
Any other unclaimed credit

12. Reporting Basics:
Holder reports due to Comptroller July 1 - Cut-off date of March 1
Ongoing production payments reported annually
Dormancy period three years for most property types except wages and utility deposits, which are one year
Electronic payment threshold $100,000

13. Reporting Basics: Download Comptroller’s free software Paper CDs Disks
Enter data or import from spreadsheet
Submit report on:
Secure file transfer (preferred)
Online Express (25 or fewer records)
Reports not submitted correctly will be rejected

14. Reporting Basics: Common problems Paper/CD/Disk reports
Incorrect property type codes
Missing owner addresses, Social Security Numbers, or account numbers (owner numbers)

15. Reporting Basics: Common problems
Ongoing production payments sent monthly without report
Holders fail to contact CPA after attempt to collect corrected report
Incorrect name formatting / “messy” data

16. Claims for Property Verna Bright Unclaimed Property Division
Texas Comptroller of Public Accounts

17. Overview Options for property searches Claim types
Required information for filing claims

20. Search Requests

21. Original Owner General Business Holder Refund/Reimbursement
Claim Types
Original Owner
General
Business
Holder Refund/Reimbursement

22. Original Owner & General Claims
Photo Identification
Social Security Number
Additional documentation to prove ownership

23. Business Claims Proof of Ownership Business Taxpayer Number
Authority to Act form signed by officer of business
Photo Identification
Business In Good Standing

24. Business Claims – cont.
If reported property name is different than business claiming
Proof of ownership
Merger/Buy/Sell Agreement
Articles of Incorporation

25. Business Claims – cont. Multi Corporation Claims
Must be approved by Research & Correspondence section
Parent companies claiming numerous subsidiaries
Proof of ownership

26. Holder Refund
If funds are to be mailed to an address different than the address on the Holder Report submitted to Comptroller, it will require an Authority to Act from an officer of the corporation.

27. Holder Refund/Reimbursement
Holder Reimbursement Request Form (53-115)
Holder Refund Request Form (53-115)
Report Year – year reported to Comptroller
Report Amount – Total dollar amount of report to Comptroller
Property Type – property type for individual/business
Aggregate – was it reported as an Aggregate (less than $50)
Property Amount – amount reported for individual
Claim Amount – amount requested back
If more than one request, use supplemental sheet (53-117)

28. Contact Information
Verna Bright (512)
Supervisor, Claims Section
Claims Section (800)

29. Contact Us: Bryant Clayton - (512)463-6059 Holder Reporting Section
(reporting or statutory questions)
(800) , Option 5

30. Contact Us: Search our Web Site:
Reporting information
Forms and guides
Refer owners to search for their property

31. Questions: