(a) This chapter applies only to the holder of property if:
(1) the holder is a:
(A) school district;
(B) municipality;
(C) county; or
(D) junior college that has, in the manner described by Subsection (b), opted to handle property described by Subdivision (2) in accordance with this chapter; and
(2) the property is:
(A) presumed abandoned under Chapter 72 or 75; and
(B) valued at $100 or less.
(b) This chapter applies to a junior college only if the governing board of the junior college takes formal action to opt to handle property described by Subsection (a)(2) in accordance with this chapter.