Louisiana House Bill HB17

Louisiana 2017 Regular Session

• Introduced: 2/15/17
• Refer: 2/15/17
• Refer: 4/10/17
• Report Pass: 4/25/17
• Engrossed: 5/3/17
• Refer: 5/8/17
• Report Pass: 5/17/17
• Enrolled: 6/2/17
• Chaptered: 6/12/17
• Passed: 6/12/17

Caption

Provides relative to the release of certain account information for the estate of a decedent

Impact

The introduction of HB 17 is expected to enhance the estate administration process by reducing bureaucratic barriers between financial institutions and estate representatives. By allowing necessary account information to be released upon clear proof of authority, the bill aims to facilitate quicker access to funds and assets, thereby potentially speeding up the resolution of the financial affairs of deceased individuals. This change could positively impact beneficiaries who may rely on the timely distribution of assets from an estate.

Summary

House Bill 17 is a legislative act aimed at facilitating the release of account information related to a decedent by financial dealers. Specifically, the bill enacts a new provision under R.S. 51:703(K), which permits a dealer or its affiliates to disclose such information to any representative or attorney for the estate of the deceased upon receipt of written notice of the decedent's death. The purpose of this provision is to streamline the process for estate administrators, allowing them to access necessary information that can aid in the efficient management of the decedent's estate.

Sentiment

The general sentiment surrounding HB 17 appears to be favorable among legislators and stakeholders involved in estate management and legal assistance. Supporters argue that the bill reflects a necessary modernization of the law to accommodate the practical realities of estate administration, particularly in a time-sensitive situation following a death. There was, however, a consideration of safeguards to ensure that account information is only disclosed to authorized individuals.

Contention

While the bill has been largely supported, concerns may arise regarding the potential for misuse of the provision that allows for the release of account information. Some critics might argue for the need for strict compliance measures to prevent unauthorized access to sensitive financial information. Balancing the ease of access for legitimate estate representatives while protecting the privacy and assets of the decedent could be a point of contention as the bill is implemented.