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Texas House to Consider Elder Financial Abuse and Prize-Linked Savings Account Bills
Tuesday, May 2, 2017 7:00 AM

HB 3921 by Chairman Tan Parker (R-Flower Mound)/SB 2067 by Chairman Kelly Hancock (R-North Richland Hills) are set on the House calendar for consideration on Wednesday. The bills give 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 bills also give a legal definition of financial exploitation and establish a tiered reporting mechanism for the state agency charged with investigating the cases.

Bills that would permit credit unions to offer prize-linked savings accounts, HJR 37 and HB 471 by Rep. Eric Johnson (D-Dallas), are also scheduled to be heard by the Texas House on Wednesday. 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.

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