| 1 | 1 | | 81R5544 ATP-D |
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| 2 | 2 | | By: Harper-Brown H.B. No. 2946 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to a financial institution's action regarding certain |
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| 8 | 8 | | withdrawals and deposits. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subchapter D, Chapter 34, Finance Code, is |
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| 11 | 11 | | amended by adding Section 34.308 to read as follows: |
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| 12 | 12 | | Sec. 34.308. DEPOSIT CONTRACT PROVISIONS REGARDING ACCOUNT |
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| 13 | 13 | | WITHDRAWALS. A deposit contract between a bank and an account |
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| 14 | 14 | | holder shall provide that: |
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| 15 | 15 | | (1) deposits shall be considered credited to an |
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| 16 | 16 | | account before withdrawals are considered made from the account if |
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| 17 | 17 | | the deposit and withdrawal are made on the same business day; and |
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| 18 | 18 | | (2) the bank may not charge a fee for an overdraft or |
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| 19 | 19 | | for insufficient funds if on the day the bank seeks to withdraw |
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| 20 | 20 | | funds from the account there are sufficient funds in the account to |
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| 21 | 21 | | pay a check drawn on the account, regardless of the date of the |
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| 22 | 22 | | check. |
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| 23 | 23 | | SECTION 2. Section 95.004, Finance Code, is amended by |
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| 24 | 24 | | adding Subsection (d) to read as follows: |
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| 25 | 25 | | (d) A deposit contract between a savings bank and an account |
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| 26 | 26 | | holder shall provide that: |
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| 27 | 27 | | (1) deposits shall be considered credited to an |
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| 28 | 28 | | account before withdrawals are considered made from the account if |
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| 29 | 29 | | the deposit and withdrawal are made on the same business day; and |
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| 30 | 30 | | (2) the bank may not charge a fee for an overdraft or |
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| 31 | 31 | | for insufficient funds if on the day the bank seeks to withdraw |
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| 32 | 32 | | funds from the account there are sufficient funds in the account to |
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| 33 | 33 | | pay a check drawn on the account, regardless of the date of the |
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| 34 | 34 | | check. |
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| 35 | 35 | | SECTION 3. Section 125.003, Finance Code, is amended to |
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| 36 | 36 | | read as follows: |
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| 37 | 37 | | Sec. 125.003. DEPOSIT ACCOUNTS. (a) A deposit account |
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| 38 | 38 | | consists of payments made under an agreement between the credit |
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| 39 | 39 | | union and a depositor, including a draft account, checking account, |
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| 40 | 40 | | savings account, certificate of deposit, individual development |
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| 41 | 41 | | account, or other similar account or arrangement. |
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| 42 | 42 | | (b) A credit union shall provide by written agreement with a |
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| 43 | 43 | | depositor that: |
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| 44 | 44 | | (1) deposits shall be considered credited to a deposit |
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| 45 | 45 | | account before withdrawals are considered made from the account, if |
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| 46 | 46 | | the deposit and withdrawal are made on the same business day; and |
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| 47 | 47 | | (2) the credit union may not charge a fee for an |
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| 48 | 48 | | overdraft or for insufficient funds if on the day the credit union |
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| 49 | 49 | | seeks to withdraw funds from the deposit account there are |
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| 50 | 50 | | sufficient funds in the account to pay a check drawn on the account, |
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| 51 | 51 | | regardless of the date of the check. |
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| 52 | 52 | | SECTION 4. The changes in law made by this Act apply only to |
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| 53 | 53 | | a deposit contract or written agreement entered into or renewed on |
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| 54 | 54 | | or after September 1, 2009. A deposit contract or written agreement |
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| 55 | 55 | | entered into or renewed before September 1, 2009, is governed by the |
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| 56 | 56 | | law as it existed on the date the contract or agreement was entered |
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| 57 | 57 | | into or renewed, and the former law is continued in effect for that |
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| 58 | 58 | | purpose. |
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| 59 | 59 | | SECTION 5. This Act takes effect September 1, 2009. |
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