Texas § PR.72.1016 - STORED VALUE CARD
Full text of Texas The Texas Constitution § PR.72.1016 — STORED VALUE CARD, with citation guidance and answers to common questions.
§ PR.72.1016. STORED VALUE CARD
STORED VALUE CARD. (a) This section applies to a stored value card, as defined by Section 604.001 , Business & Commerce Code, other than a card: (1) to which Chapter 604 , Business & Commerce Code, does not apply by operation of Sections 604.002(1)(A) and (C) and 604.002(2)-(5) of that code; or (2) that is linked to and draws its value solely from a deposit account subject to Chapter 73 . (b) If the existence and location of the owner of a stored value card is unknown to the holder of the property, the stored value card is presumed abandoned to the extent of its unredeemed and uncharged value on the earlier of: (1) the card's expiration date; (2) the third anniversary of the date the card was issued, if the card is not used after it is issued, or the date the card was last used or value was last added to the card; or (3) the first anniversary of the date the card was issued, if the card is not used after it is issued, or the date the card was last used or value was last added to the card, if the card's value represents wages, as defined by Section 61.001 , Labor Code. (c) If the person who sells or issues a stored value card in this state does not obtain the name and address of the apparent owner of the card and maintain a record of the owner's name and address and the identification number of the card, the address of the apparent owner is considered to be the Austin, Texas, address of the comptroller. (d) A person may charge a fee against a stored value card as provided by Chapter 604 , Business & Commerce Code. A fee may not be charged against a stored value card after the card is presumed abandoned under this section. (e) The comptroller shall transfer five percent of the money collected from cards presumed to be abandoned for use as grants under Subchapter M , Chapter 56 , Education Code. (f) This section does not create a cause of action against a person who issues or sells a stored value card. Added by Acts 2005, 79th Leg., Ch. 81 (S.B. 446 ), Sec. 3, eff. September 1, 2005. Amended by: Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278 ), Sec. 2.33, eff. April 1, 2009.
Frequently Asked Questions About Texas § PR.72.1016
What does The Texas Constitution § PR.72.1016 cover?
Section PR.72.1016 ("STORED VALUE CARD") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § PR.72.1016?
A common citation format is "The Texas Constitution § PR.72.1016" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § PR.72.1016 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.