Texas Governor Rick Perry signed HB 257 into law today. HB 257 has several important changes for unclaimed property compliance programs, including dormancy periods, due diligence deadlines and reporting and remittance deadlines.
Unredeemed money orders are now reportable 3 years after issuance, while dormant bank accounts are reportable 3 years of inactivity. These changes are effective immediately.
Beginning with the 2013 report year, Texas will require that all dormant properties through March 1 to be reported on July 1. This will move Texas to the same reporting and remittance date as Michigan. Meanwhile, the deadline for sending due diligence letters moves to May 1, 2013.