Bill: HB 704, 84(R) - 2015
Committee
House Judiciary & Civil Jurisprudence
Companion Bill
SB 1791
Vote Recommendation
Vote Recommendation |
Economic Freedom |
Property Rights |
Personal Responsibility |
Limited Government |
Individual Liberty |
Neutral |
Neutral |
Neutral |
Neutral |
Neutral |
Neutral |
Author(s)
Jessica Farrar
Bill Caption
Relating to disclosures on selection or modification of an account by a customer of a financial institution.
Fiscal Notes
No fiscal implication to the State is anticipated.
Bill Analysis
HB 704 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.