Texas House Bill HB3366

Texas 2013 - 83rd Regular

Caption

Relating to a nonsubstantive correction in the Penal Code.

Impact

The implications of HB3366 resonate primarily within the legal and financial sectors, particularly affecting how fiduciaries are recognized and held accountable under Texas law. This clarity in definitions may help streamline legal proceedings and provide better guidance to individuals in fiduciary roles, ensuring they understand their responsibilities and the scope of their authority. Moreover, it could potentially reduce litigation related to fiduciary disputes by providing clearer legal standards.

Summary

House Bill 3366 is a legislative proposal that aims to modify the Texas Penal Code by making nonsubstantive corrections concerning the definition of 'fiduciary'. The amendment clarifies the types of individuals and entities classified as fiduciaries, which includes roles such as trustees, guardians, and attorneys appointed under a durable power of attorney. By detailing these definitions, the bill seeks to eliminate ambiguity in the law as it pertains to fiduciary responsibilities.

Contention

While the bill in its nature appears straightforward and largely administrative, some legislators may raise concerns regarding the implications of tightening definitions that could affect various parties involved in fiduciary relationships. Questions about the potential limitations on the interpretation of who qualifies as a fiduciary might arise, particularly for those in less traditional roles, such as certain agents in commercial settings. However, these concerns have not yet manifested into widespread debate or opposition during the legislative discussions surrounding HB3366.