TX HB4279

Requires local exchange companies (telephone providers) to deliver reported unclaimed property money to scholarship funds for urban students, changing from a voluntary option to a mandatory obligation

Scholarship funds must be established by one or more local exchange companies in Texas to help needy students from urban areas attend college, technical school, or other postsecondary educational institutions

Imposes a penalty of 10% of the property value per day on local exchange companies that fail to deliver unclaimed property to the scholarship fund by the required deadline

Exempts local governmental entities and their officers/employees acting in official capacity from the penalty provisions

Takes effect immediately with two-thirds legislative vote, otherwise September 1, 2025