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Texas House Passes Three Bills Impacting State and Federal CUs
Friday, May 5, 2017 6:50 AM

The Texas House of Representatives passed three major legislative items on May 4 that impact state and federal credit unions.

Transfer on Death for Motor Vehicles
HB 1753 by Rep. Jessica Farrar (D-Houston) would permit a vehicle owner to transfer title of a motor vehicle to a designated beneficiary, allowing the beneficiary to avoid the probate process. The vote was unanimous.

Elder Financial Abuse Bill
HB 3921 by Chairman Tan Parker (R-Flower Mound) also passed by the House. The bill gives financial institutions and securities firms the option to put temporary holds on suspicious transactions that could be considered financial abuse of elderly members and offers good faith immunity protections for them. The bill also gives a legal definition of financial exploitation and establishes a tiered reporting mechanism for the state agency charged with investigating the cases.

Prize-Linked Savings Accounts
The constitutional amendment and enabling statute that would permit credit unions to offer prize-linked savings accounts, HJR 37 and HB 471 by Rep. Eric Johnson (D-Dallas), were approved on unanimous votes. Both the bill and joint resolution are necessary to authorize the prized-linked savings accounts in Texas. HJR 37 will require approval by two-thirds of the House and Senate and approval of the voters during the November election.

These bills now move to the Senate for consideration.

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