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Texas Bills Would Add Disclosures for State and Federal FIs Regarding Account Opening
Wednesday, April 15, 2015 6:55 AM

SB 1791 by Sen. Rodney Ellis (D-Houston) was voted favorably from the Senate State Affairs Committee on Monday, April 13. The bill is a companion to HB 704 by Rep. Jessica Farrar (D-Houston), which was voted favorably from committee on April 6.  These identical bills seek to add requirements to account opening forms disclosures. The Texas Credit Union Association has met with the authors regarding concerns with the bill and the impact on credit unions. Both Sen. Ellis and Rep. Farrar have agreed to changes proposed by TXCUA addressing issues for CUs with the bills. 

Account Information Access for Heirs

Sen. Ellis and Rep. Farrar also worked together on HB 705 and SB 1792, identical bills that allow an interested person to acquire information on the balance of the decedent's accounts held at a financial institution when the member dies without heirs or a will. The Texas Credit Union Association worked with the authors to address concerns with the original bill as filed, which provided two methods to obtain balance information, a court order, and an affidavit. The resulting committee substitute removed the ability to acquire information solely by affidavit without court intervention. Both bills have been voted favorably from committee.

Payable on Death Beneficiary Changes

SB 1020 by Sen. Brandon Creighton (R-Conroe) was heard by the Senate State Affairs Committee. The bill amends the definitions provided for interpreting multi-party accounts. The bill expands the definitions of “beneficiary” and “P.O.D payee” to include a trustee of an express trust (a trust created by a settlor and not merely by operation of law). It was voted favorably from the committee. HB 1847 by Rep. Andrew Murr (R-Junction) is the House companion bill. It was heard on Tuesday, April 14, in the House Judiciary and Civil Jurisprudence Committee and was left pending.

For more information, contact Jeff Huffman, president, Texas Credit Union Association, at 469-385-6488 or jhuffman@txcua.coop.