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Texas Senate Passes HB 705 Allowing Access to Account Information for Heirs and Creditors
Tuesday, May 19, 2015 7:00 AM

HB 705 by Rep. Jessica Farrar (D-Houston) and Sen. Rodney Ellis (D-Houston) allows an interested person, such as an heir, spouse, or creditor, to acquire information on the balance of the decedent's accounts held at a financial institution when the member dies without a will. 

The bill, as originally filed, provided two methods to obtain balance information, a court order, and an affidavit. The Texas Credit Union Association worked with the authors to address concerns with the bill. The resulting committee substitute removed the ability to acquire information solely by affidavit without court intervention. 

The bill excludes trust accounts, POD accounts, accounts with a beneficiary or with rights of survivorship. Ninety days after the decedent's death if there are no letters testamentary or appointment of a representative is not pending, an interested party may apply to the court for, or the court can issue an order on its own, for the financial institution to release the balance information on an account to the interested party.

HB 705 passed the House 146 to 0. It passed the Senate by a vote of 31 to 0. It now goes to the governor.

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