Section 58.304 - Unclaimed Funds(a) Escheat Suspense Account; Escheat Log. Funds owed to or held for the benefit of a borrower or other customer of the mortgage servicer for more than one year (i.e., unclaimed funds) must be transferred to an escheat suspense account. The mortgage servicer must maintain a log of all transfers made to the escheat suspense account, including, at a minimum: (1) date of transfer to the escheat suspense account;(2) date the obligation to pay the funds arose;(3) full name and last known contact information of the borrower other customer to whom funds are owed; and(4) amount of unclaimed funds.(b) Required Records. The mortgage servicer must maintain records reflecting bona fide attempts to pay the funds to the borrower or customer.(c) Escheat to State. At the end of three years, the unclaimed funds must be paid to the Texas Comptroller of Public Accounts as provided by Property Code §72.101, or as provided by such other state law governing the unclaimed funds.(d) Records Retention. Records required by this section must be retained for 10 years beginning on the date the obligation to pay the unclaimed funds arose.7 Tex. Admin. Code § 58.304
Adopted by Texas Register, Volume 49, Number 46, November 15, 2024, TexReg 9217, eff. 11/23/2024