Bill: SB 1791, 84(R) - 2015
Committee
Senate State Affairs
Vote Recommendation
| Vote Recommendation |
Economic Freedom |
Property Rights |
Personal Responsibility |
Limited Government |
Individual Liberty |
| Neutral |
Neutral |
Neutral |
Neutral |
Neutral |
Neutral |
Author(s)
Rodney Ellis
Bill Caption
Relating to disclosures on selection or modification of an account by a customer of a financial institution.
Fiscal Notes
No significant fiscal implication to State or local government.
Bill Analysis
SB 1791 would amend code to require banks to explicitly provide information about Payable on Death (POD) accounts to people opening or modifying an account. Account holders would be required to initial each paragraph of the suggested statutory form. If the suggested form is not used, the bank must disclose the information separately from other account information, before account selection, and in 14 point bold-faced type.
Vote Recommendation Notes
Requiring a disclosure of POD account availability by banks can help lower income individuals avoid costly processes later on in event of death, which promotes the principle of personal responsibility. This bill, however, does add a new financial regulation. Because of these reasons, SB 1719 affirms the principle of personal responsibility while abridging the principle of limited government. We are neutral on this legislation.
