Texas Education Code
§ 51.011 — DISPOSITION OF SMALL CREDIT BALANCES
ED § 51.011Title 3. HIGHER EDUCATION · Part A. HIGHER EDUCATION IN GENERAL · Ch. 51. PROVISIONS GENERALLY APPLICABLE TO HIGHER EDUCATION · Art. A. CONTROL OF FUNDS
Statute text
View on source(a)This section applies to a credit balance of less than $25 held by an institution of higher education that is presumed abandoned under Chapter 72, Property Code.
(b)An institution of higher education may maintain an unclaimed money fund and transfer to that fund a credit balance to which this section applies. A deposit to the unclaimed money fund does not affect the ownership of the amount deposited. The institution shall:
(1)adopt procedures for owners to make and receive payments of claims against the fund; and
(2)maintain a database that permits members of the public to search for ownership of unclaimed funds.
(c)The institution of higher education shall use the fund to pay the claims of persons establishing ownership of amounts transferred to the fund and shall hold and account for the unclaimed money fund as educational and general funds of the institution. If the fund balance is insufficient to pay a valid claim, the institution shall pay the claim from the institution's other educational and general funds.
(d)Each fiscal year, after deducting funds sufficient to pay anticipated expenses of and claims against the unclaimed money fund, the institution shall use the balance of the fund as other educational and general funds of the institution.
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Legislative history
Added by Acts 2011, 82nd Leg., R.S., Ch. 1049 (S.B. 5), Sec. 1.02, eff. June 17, 2011.