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News & Press: UPPO Advocacy Activity

UPPO Comments for Ignites Article Discussing New Texas Rules

Thursday, August 31, 2017   (0 Comments)
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Ignites, a Financial Times company, published an article on Aug. 30, 2017, discussing Texas unclaimed property rules that go into effect on Sept. 1, 2017.


Commenting on behalf of UPPO, Kendall Houghton addressed the Texas Designation of Representative form made available last week: “While there appears to be a maintenance requirement, there doesn’t appear to be a record retention period established through the form or, to my knowledge, by the comptroller’s office.”


Houghton was also quoted regarding the Texas law’s failure to address “auto pilot” investing, in which automatic deposits to investment accounts aren’t considered contact with the firm:


“Is it the only way to do it? Clearly not. Is it the best way to do it? Maybe not. But if it gets companies and state administrators talking more about our business practices and how we ensure contact is maintained with owners and assets are protected, we will be one step closer to the possibility of coming up with alternative or better methods.”


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