The fiscal year 2022 saw over 160,000 claims, amounting to a payout of $309 million.
Texas Comptroller Glenn Hegar revealed in September that his office has set a new record in returning unclaimed property to its rightful owners
This was the third time the office had paid out more than $300 million in a fiscal year. The previous two times were in 2019 and 2020, where the office returned $308 million and $300 million, respectively. The Texas House Bill 1514 of 2021 allowed the Comptroller’s office to send checks to owners of unclaimed property worth less than $5,000, without requiring them to file a claim. This new method helped in returning unclaimed property quickly to owners.
Texas has been running an unclaimed property program since 1962, and the office has returned over $4 billion to owners since then. There is no statute of limitations for unclaimed property, and owners can file a claim anytime. The Texas Comptroller of Public Accounts states that the state is currently holding over $7 billion in unclaimed property.
Businesses are required to turn over property that has been dormant for one to five years to the unclaimed property program
The program accepts several types of unclaimed properties, including forgotten utility deposits, insurance proceeds, payroll checks, cashier’s checks, dividends, mineral royalties, dormant bank accounts, and abandoned safe deposit box contents.
According to the Comptroller’s office, the program has been successful in reuniting owners with their unclaimed property. The $309 million payout in the fiscal year 2022 has brought financial relief to many Texans, and the new method of returning unclaimed property has made the process quicker and more efficient. The Comptroller’s office has urged Texans to check if they have unclaimed property and file a claim to reclaim it.
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