The bill, S.B. No. 1244, amends the Texas Property Code to address unclaimed securities and virtual currency that are presumed abandoned. It introduces a new section, 72.002, which provides definitions for "security" and "virtual currency," clarifying their meanings in relation to existing laws. The bill specifies that the three-year period leading to the presumption of abandonment for these assets begins when a written or electronic communication to the owner is returned undelivered. Additionally, it outlines the actions that constitute an exercise of ownership interest, which can halt the running of the abandonment period.

Furthermore, the bill modifies existing provisions regarding the delivery of unclaimed property to the comptroller, particularly for digital assets and virtual currencies. It mandates that holders of such assets report and deliver them in their native form, while also requiring proof of delivery. The comptroller is prohibited from selling securities or virtual currencies for less than their prevailing market price. The bill is set to take effect on September 1, 2025.

Statutes affected:
Introduced: Property Code 72.101, Property Code 74.301, Property Code 74.405 (Property Code 74, Property Code 72)