What is Unclaimed Property?
Since 1963, Texas has required institutions, businesses and governmental entities to report to the state any personal property that has been unclaimed for up to five years, depending on the property in question.
The majority of unclaimed property held by Kilgore College is checks that have not been cashed. Examples of unclaimed property held by the KC include, but are not limited to:
- Payroll Checks
- Vendor Payments
- Travel and Expense Reimbursements
- Student Refund Checks
What are the laws related to Unclaimed Property?
As a holder of unclaimed property, KC is required by law to report and remit any property that is considered abandoned pursuant to the unclaimed property laws and regulations. (1 year – payroll check, 3 years – Student Refund and Accounts Payable) Texas counties, municipalities, school districts and junior colleges should only remit amounts greater than $100 to the Comptroller’s Office. Individual amounts of $100 or less may be held by the college. Local governments must perform due diligence by mailing a written notice to the owner on property valued at more than $250. Texas requires all unclaimed property to be reported by July 1 of each year.
What if my property has been remitted to the state?
Once property has been remitted by the college, the owner of the unclaimed property must work directly with the Texas Unclaimed Property Division. Please click here to claim property that has been sent to the state.
How long will it take to process a check reissuance?
From the date of receipt of the signed form, check reissuance may take up to three weeks depending on the volume of claims.