| (a) Escheat suspense account. The licensee must transfer
any amounts due a retail buyer not paid within one year (i.e., unclaimed
funds) to an escheat suspense account. The transfer must be noted
on the account record of the retail buyer.
(b) Required information. Evidence of a bona fide attempt
to pay a refund to a retail buyer must be kept in the licensee's records
of the retail buyer's account. The licensee must place with the records
of the retail buyer's account any information received by the licensee
that indicates the retail buyer has died leaving no will or heirs
or has left the community and the retail buyer's whereabouts are unknown.
If deemed necessary with respect to a specific retail buyer, a licensee
may be required to send the unclaimed funds by registered or certified
mail to the last known address of the retail buyer.
(c) Use of unclaimed funds. Use of unclaimed funds
within the business is not prohibited until such time as paid to the
retail buyer, to the estate of the retail buyer, to the State of Texas
if the last known address of the retail buyer as shown on the records
of the holder is in this state, or other appropriate state or governmental
entity if the address is not in this state; however, funds transferred
to an escheat suspense account must not be commingled with the funds
of the business.
(d) Escheat to state. At the end of three years, the
unclaimed funds must be paid to the Texas Comptroller of Public Accounts,
Treasury Division, as required by Texas Property Code, §72.101,
or must be paid to the appropriate state or other governmental entity
under the time period provided by the other state's or entity's applicable
law.
(e) Record retention. The records of the escheat suspense
account must be retained for a period of 10 years.
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