On Friday, June 17, 2011, the Texas Governor signed H.B. 257 into law. It lowers the dormancy period for utility deposits to 18 months; money orders to 3 years, checking/savings deposit accounts and CD’s to 3 years. The new law also allows the Texas Comptroller to sell securities on receipt at his/her discretion. These changes have an effective date of September 1, 2011.
In addition, the new law changes the reporting cutoff date to March 1, the due diligence deadline to May 1 and the reporting deadline to July 1 effective after January 20, 2013.