Texas is currently holding about $7 billion in cash and other valuables waiting for their
rightful owners to claim. The Texas Comptroller estimates that one in four residents of the State
of Texas has unclaimed property. Examples of unclaimed property include dividend, payroll, or
cashier’s checks; stocks, bonds, and mutual fund accounts; utility deposits and other refunds;
insurance proceeds; mineral interest or royalty payments; dormant bank accounts; and
abandoned safe deposit box contents.
The Texas Comptroller’s office receives unclaimed property as required by law from
financial institutions, businesses, and government entities that are holding personal property
which is considered abandoned or unclaimed. The unclaimed or abandoned property is turned
over to the Comptroller’s office when the property owners’ whereabouts are unknown, and the
property has been inactive on the books of the reporting company after the necessary
abandonment period has expired. It is important to know that the Comptroller’s office acts only
as a custodian of the unclaimed property and holds the property in trust until such time as it can
be claimed. Texas does not take legal ownership of unclaimed property, so there is no time
limit for filing a claim.
Over the past several years, the Texas Comptroller has traveled around the state to bring
public attention to the billions in unclaimed property being held by the State of Texas. In fiscal
year 2022, the agency paid a record $309 million in claims. This is important because since the
unclaimed property program began, the Comptroller’s office returned more than $4 billion worth
of unclaimed property.
In order to make the process of claiming your property easier, the Comptroller’s office
has outlined a number of recent features on their website to help enable the process. The website
is regularly updated with new property that has been received by their office. To find out if you
are one of these Texas residents with unclaimed property, I strongly recommend that you check
the unclaimed property list by visiting Texas Unclaimed Property at https://claimittexas.org/ or
by calling 800-321-2274 (CASH).
If you have questions regarding any of the information mentioned in this week’s article,
please do not hesitate to call my Capitol or District Office. Please always feel free to contact my
office if you have any questions or issues regarding a Texas state agency, or if you would like to
contact my office regarding constituent services. As always, my offices are available at any time
to assist with questions, concerns, or comments (Capitol Office, 512-463-0672; District Office,
361-949-4603).
– State Representative Todd Hunter, District 32
Rep. Hunter represents Aransas County and Nueces (Part) County. He can be contacted at
todd.hunter@house.state.tx.us or at 512-463-0672.
