Section 85.422 - Unclaimed FundsAn 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, § RSA 72.101 and § RSA 74.301.7 Tex. Admin. Code § 85.422
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 by Texas Register, Volume 47, Number 35, September 2, 2022, TexReg 5334, eff. 10/1/2022