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New Laws in Texas Take Effect September 1
Tuesday, September 1, 2015 7:00 AM

Many of the laws passed during the most recent legislative session will become effective today. Use Cornerstone’s 2015 Legislative Summary for information on laws that may affect your credit union, including the ones listed below.

SB 1020 Changes to ‘Payable on Death’ Accounts: Payable on Death accounts allows a trustee of an express trust to be named as a beneficiary to a trust account as well as a P.O.D. payee on a payable on death account.

S 462 Transfer-on-Death Process Simplified: Creates a method to transfer real property upon death outside the probate process.  The TOD is revocable and also allows a person to retain a life estate as part of a transfer. 

HB 705 Account Information Access: Heirs or creditors will be able to acquire information on the balance of a decedent's accounts held at a financial institution when the member dies without a will.  Ninety days after the decedent's death, the interested party can apply to the court, or the court can issue an order on its own, for the balance information to be released.

HB 2063 Non-judicial Foreclosure Sales: Clarifies that certain paper documents related to non-judicial foreclosure sales shall be recorded and may serve as notice of the paper document for recording purposes.     

HB 2066 Rescission of Non-Judicial Foreclosure Sales: Provides a consistent method for rescission of a non-judicial foreclosure sale. This rescission process allows the involved parties to return to the state they occupied immediately before the sale, without reaching a private agreement or filing a lawsuit.

HB 2067 Rescission of Acceleration of Debt:  If a maturity date of debt is accelerated and the accelerated maturity date is later rescinded, the debt obligations will be treated as if no acceleration had occurred.

SB 1457 Patent Trolls: This bill makes it illegal to send a bad-faith claim of patent infringement and authorizes the attorney general to impose civil penalties for the offenses.

SB 641 Surcharges Outlawed on Debit and Stored Value Cards: Surcharges on the use of debit or stored value cards will be prohibited, with civil penalties up to $500 for each violation.

HB 2391 Refunding Balance of Stored Value Card: Requires a seller to refund the balance on a stored value card of less than $2.50 in cash at the customer’s request.

HB 1933 Clarification of Property Tax Payment Plans: Texas passed legislation in 2013 to require counties to offer installment plan options to residential homeowners for payment of property taxes. Since implementation of the law, additional recommendations and clarifications have been offered by counties, and this law clarifies several issues, including due dates of payments, flexible delinquency dates, and specifies penalty and interest for installments only, not the entire outstanding amount.

HB 2394 Payment for Compelled Records: A court may not order a financial institution to produce customer records, nor can the financial institution be held in contempt of court for failing to do so, if they have not been paid for them.

SB 1451 Collection of Disputed Payments for Vehicle Registration Fees: Establishes a procedure, similar to the one already in place for failed written payments, which authorizes county assessor-collectors to enlist the aid of law enforcement if they are unable to collect a disputed credit or debit card payments.

Contact Cornerstone’s Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop for more information.