Tex. Prop. Code Section 74.706
Penalty


(a)

A penalty equal to five percent of the value of the property due shall be imposed on a holder who fails to pay or deliver property within the time prescribed by this chapter. If a holder fails to pay or deliver property before the 31st day after the date the property is due, an additional penalty equal to five percent of the value of the property due shall be imposed.

(b)

For purposes of Subsection (a), “holder” does not include a local governmental entity or an officer or employee of a local governmental entity who is performing the officer’s or employee’s official duties for the local governmental entity.
Added by Acts 1997, 75th Leg., ch. 1037, Sec. 36, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 748, Sec. 1, eff. Sept. 1, 1999.

Source: Section 74.706 — Penalty, https://statutes.­capitol.­texas.­gov/Docs/PR/htm/PR.­74.­htm#74.­706 (accessed Mar. 23, 2024).

74.001
Applicability
74.101
Property Report
74.102
Signed Statement
74.103
Retention of Records
74.104
Confidentiality of Property Report
74.105
Combined Reporting
74.106
Continuing Reporting Requirement
74.201
Required Notice
74.203
Authorized Notice
74.205
Charge for Notice
74.206
Advertising and Promotion
74.301
Delivery of Property to Comptroller
74.302
Statement of Delivered Property
74.304
Responsibility After Delivery
74.306
Unclaimed Property Held by Federal Government
74.307
List of Owners
74.308
Period of Limitation Not a Bar
74.309
Private Escheat Agreements Prohibited
74.401
Sale of Property
74.402
Notice of Sale
74.403
Purchaser’s Title
74.404
Sale of Military Awards and Decorations Prohibited
74.405
Disposition of Securities
74.501
Claim Filed with Comptroller
74.502
Claim Filed with Holder
74.503
Waiver of Claim Requirement
74.504
Hearing
74.506
Appeal
74.507
Assistance of Claimant
74.508
Claim of Another State to Recover Property
74.509
Handling Fee for Processing Unclaimed Property
74.601
Unclaimed Money
74.602
Use of Money
74.603
Audit
74.604
Disposition of Money Delivered to Comptroller from Certain Attorney Accounts
74.701
Rules
74.702
Examination of Records
74.703
Additional Personnel
74.704
Assistance in Enforcement
74.705
Interest
74.706
Penalty
74.707
Waiver or Abatement of Penalty or Interest
74.708
Property Held in Trust
74.709
Suit to Compel Delivery of Property and Civil Penalties
74.710
Criminal Offense
74.711
Authority to Take Testimony and Issue Administrative Subpoenas
74.712
Enforcement of Subpoenas
74.1011
Notice by Property Holder Required
74.3011
Delivery of Money to Rural Scholarship Fund
74.3012
Delivery of Money to Urban Scholarship Fund
74.3013
Delivery of Money for Rural Scholarship, Economic Development, and Energy Efficiency Assistance
74.3061
Escheat of Funds in the Possession of the United States
74.7021
Limitation Period for Examination

Accessed:
Mar. 23, 2024

§ 74.706’s source at texas​.gov