HBA-MPM H.B. 1840 77(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 1840 By: Junell Business & Industry 77/17/2001 Enrolled BACKGROUND AND PURPOSE The Texas comptroller of public accounts (comptroller) is responsible for administering the Texas Unclaimed Property Program, which requires financial institutions, businesses, and other entities (entities) to deliver to the comptroller property they hold that they consider abandoned. Property is considered abandoned if it has been inactive for three to five years and if the owner's whereabouts are unknown. The comptroller holds the property in trust while attempting to locate the rightful owners. Prior to the 77th Legislature, some entities did not disclose the existence of abandoned property because state law required them to pay interest and penalties on the property. Legislation waiving interest and penalties could increase the number of entities that voluntarily disclose unreported, unclaimed property. House Bill 1840 waives interest and penalties on certain unclaimed property. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. ANALYSIS House Bill 1840 amends the Property Code to authorize the comptroller of public accounts (comptroller) to waive penalty and interest imposed on a delinquent property if the holder delivering the property was required to deliver the property on or before November 1, 1997. EFFECTIVE DATE May 16, 2001.