Legislation
State: Texas
Signed: June 15, 2017
Effective: September 01, 2017
Chapter: 915
SummarySenate Bill 1400 modifies the procedures for using a Notary in relation to the opening of safe deposit boxes.
AffectsAmends Sections 33.002, 59.109, and 202.001 and repeals Section 202.203 of the Texas Finance Code.
Changes - Clarifies that if the delinquent rent for a safe deposit box is not paid, the rental agreement is terminated, or the contents are not retrieved, the safe deposit company may open and inventory the contents of the safe deposit box in the presence of two employees, one of whom must be a Notary.
AnalysisMany states require a Notary to be present when a financial institution opens a safe deposit box containing personal articles and effects. The Notary is there to ensure that all contents are present and documented. SB 1400 clarifies that if the delinquent rent on a safe deposit box is not paid or, if the rental agreement is terminated and the contents are not retrieved before the date specified in the notice to the lessee, then a Notary must be enlisted to assist in the opening and inventorying of the safe deposit box.
Read Senate Bill 1400.