An amount due a pledgor unclaimed for one year must be transferred
to an escheat suspense account. Reference to the transfer must be
made on the printed copy in the numerical pawn ticket file.
(1) Proof of attempt to pay refund. Evidence of a bona
fide attempt to pay a refund to a pledgor must be maintained in a
file readily available for examination. The minimum acceptable evidence
is a registered or certified letter addressed to the last known address
of the pledgor. The file must include any information that indicates
the pledgor's whereabouts are unknown, the pledgor has left the community,
or has died leaving no wills or heirs.
(2) Use of unclaimed funds. Use of unclaimed funds
within the business until such time as paid to the pledgor, the estate
of the pledgor, or to the State of Texas is not prohibited; however,
funds transferred to the escheat account must not be commingled with
the funds of the business.
(3) Payment of unclaimed funds. At the end of three
years, the unclaimed funds must be paid to the State of Texas Comptroller
of Public Accounts, Unclaimed Property Division, as required by Texas
Property Code, §72.101 and §74.301.
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| Source Note: The provisions of this §85.422 adopted to be effective October 1, 2000, 25 TexReg 9435; amended to be effective June 7, 2010, 35 TexReg 3471; amended to be effective October 1, 2022, 47 TexReg 5333 |
