NOTICE BY PROPERTY HOLDER REQUIRED

(a) Except as provided by Subsection (b), a holder who on March 1 holds property to which this chapter applies that is valued at more than $250 shall, not later than the 60th day before the date the property is delivered to the comptroller, provide to the owner by mail to the last known address of the owner or by e-mail written notice stating that: (1) the holder is holding the property; and (2) the holder may be required to deliver the property to the comptroller on or before July 1 if the property is not claimed. (b) The notice required under Subsection (a) does not apply to a holder who: (1) has already provided such notice to the owner of the property or a person entitled to the property under existing federal law, rules, and regulations or state law within the time specified under Subsection (a); or (2) does not have a record of a physical or e-mail address for the property owner or any other person entitled to the property. (b-1) If an owner has designated a representative for notice under Section 72.1021 or 73.103, the holder shall mail or e-mail the written notice required under Subsection (a) to the representative in addition to providing written notice to the owner. (c) A holder that provides notice under this section may charge the cost of the postage as a service charge against the property.