Relating to certain account disclosures provided by a financial institution to a customer.
Impact
By implementing this bill, Texas law will require clearer communication from financial institutions regarding the types of accounts customers can open, including details about 'payable on death' (P.O.D) designations and the roles of convenience signers. This enhances consumer understanding and protection by ensuring that customers are fully informed of how their account selections affect their estate planning. The changes will particularly benefit individuals who utilize multiple-party accounts or engage with financial institutions frequently, reinforcing the importance of informed consent in financial transactions.
Summary
House Bill 1752 aims to amend the Texas Estates Code, specifically regarding the disclosures that financial institutions must provide to customers when selecting or modifying accounts. The bill outlines the format and requirements for the account selection disclosure form that institutions may use to inform customers about their rights and the implications of their account choices, particularly concerning the transfer of ownership upon death. Notably, the bill allows for variations in the format of disclosures, provided they maintain the necessary information presented in a clear manner.
Contention
During discussions surrounding HB 1752, some stakeholders expressed concerns that the bill might create complexity or ambiguity in compliance for financial institutions. Others supported the bill as necessary for empowering consumers with the knowledge about their accounts and aiding them in making better-informed decisions regarding their finances and estate planning. The focus on user-friendly disclosures is seen as a step in favor of consumer rights, though the bill's practical implications on smaller financial institutions and the potential adjustment challenges they may face remain subjects of ongoing debate.
Relating to the disclosure of certain gifts, grants, contracts, and financial interests received from a foreign source by certain state agencies, public institutions of higher education, and state contractors, and to the approval and monitoring of employment-related foreign travel and activities by certain public institution of higher education employees; providing civil and administrative penalties.
Relating to the disclosure of certain gifts, grants, contracts, and financial interests received from a foreign source by certain state agencies, public institutions of higher education, and state contractors, and to the approval and monitoring of employment-related foreign travel and activities by certain public institution of higher education employees; providing civil and administrative penalties.
Relating to decedents' estates and the delivery of certain notices or other communications in connection with those estates or multiple-party accounts.
Relating to decedents' estates and the delivery of certain notices or other communications in connection with those estates or multiple-party accounts.
Relating to amendments to the Uniform Commercial Code, including amendments concerning certain intangible assets and the perfection of security interests in those assets.
Relating to amendments to the Uniform Commercial Code, including amendments concerning certain intangible assets and the perfection of security interests in those assets.
Relating to accountability of institutions of higher education, including educator preparation programs, and online institution resumes for public institutions of higher education.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.