Texas HB4279 mandates local exchange companies to deliver unclaimed property to urban scholarship funds and authorizes penalties for non-compliance.

Texas HB4279 amends the Property Code to require local exchange companies to deliver unclaimed property to scholarship funds established by these companies for needy urban students. These funds aim to help students attend college, technical school, or other postsecondary institutions. The bill also imposes penalties on holders who fail to deliver property within the prescribed time, including a five percent penalty for late delivery and an additional five percent penalty if not delivered within 31 days.

Texas HB4279 mandates local exchange companies to deliver unclaimed property to urban scholarship funds and authorizes penalties for non-compliance.

Texas HB4279 amends the Property Code to require local exchange companies to deliver unclaimed property to scholarship funds established by these companies for needy urban students. These funds aim to help students attend college, technical school, or other postsecondary institutions. The bill also imposes penalties on holders who fail to deliver property within the prescribed time, including a five percent penalty for late delivery and an additional five percent penalty if not delivered within 31 days.