(a) Escheat suspense account. The licensee must transfer any amounts due a retail buyer not paid within one year (i.e., unclaimed funds) to an escheat suspense account. The transfer must be noted on the account record of the retail buyer.
(b) Required information. Evidence of a bona fide attempt to pay a refund to a retail buyer must be kept in the licensee's records of the retail buyer's account. The licensee must place with the records of the retail buyer's account any information received by the licensee that indicates the retail buyer has died leaving no will or heirs or has left the community and the retail buyer's whereabouts are unknown. If deemed necessary with respect to a specific retail buyer, a licensee may be required to send the unclaimed funds by registered or certified mail to the last known address of the retail buyer.
(c) Use of unclaimed funds. Use of unclaimed funds within the business is not prohibited until such time as paid to the retail buyer, to the estate of the retail buyer, to the State of Texas if the last known address of the retail buyer as shown on the records of the holder is in this state, or other appropriate state or governmental entity if the address is not in this state; however, funds transferred to an escheat suspense account must not be commingled with the funds of the business.
(d) Escheat to state. At the end of three years, the unclaimed funds must be paid to the Texas Comptroller of Public Accounts, Treasury Division, as required by Texas Property Code, §72.101, or must be paid to the appropriate state or other governmental entity under the time period provided by the other state's or entity's applicable law.
(e) Record retention. The records of the escheat suspense account must be retained for a period of 10 years.

Source Note: The provisions of this §84.705 adopted to be effective July 10, 2008, 33 TexReg 5285; amended to be effective November 8, 2012, 37 TexReg 8780