Bill: SB 714, 85(R) - 2017
Committee
Senate Business & Commerce
Vote Recommendation
| Vote Recommendation |
Economic Freedom |
Property Rights |
Personal Responsibility |
Limited Government |
Individual Liberty |
| No |
Neutral |
Neutral |
Negative |
Negative |
Neutral |
Author(s)
Kel Seliger
Bill Caption
Relating to certain account disclosures provided by a financial institution to a customer.
Fiscal Notes
From the Legislative Budget Board: no fiscal implication to the state is anticipated.
Bill Analysis
Current law requires financial institutions to disclose single and multiple party information for the transferring of property upon death before the client selects or modifies an account. SB 714 would amend the Estates Code to add an additional paragraph that would also be required in agreements for the client to sign and acknowledge that the appropriate information for each type of account has been disclosed.
Vote Recommendation Notes
This bill violates our limited government and personal responsibility principles by requiring certain information to be disclosed in private estate agreements between a financial institution and a client. It is the duty of the client to obtain all the information necessary before agreeing to a particular account. Therefore, we oppose SB 714.
Organizations Supporting
Independent Bankers Association of Texas
Texas Bankers Association
Organizations Opposed
Credit Union Coalition of Texas
