Texas 2019 - 86th Regular

Texas House Bill HB3166 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	86R7423 TSR-D
2	2	By: Oliverson H.B. No. 3166
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to prohibiting a person from opening a line of credit in a
8	8	minor's name without parental approval.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Section 34.305, Finance Code, is amended by
11	11	adding Subsection (f) to read as follows:
12	12	(f) Subsection (a) does not authorize the bank to open a
13	13	line of credit in the name of the minor without the prior approval
14	14	of the minor's parent or legal guardian, unless the minor's
15	15	disabilities of minority have been removed for this purpose.
16	16	SECTION 2. Section 65.101, Finance Code, is amended by
17	17	adding Subsection (g) to read as follows:
18	18	(g) This section does not authorize the association to open
19	19	a line of credit in the name of the minor without the prior approval
20	20	of the minor's parent or legal guardian, unless the minor's
21	21	disabilities of minority have been removed for this purpose.
22	22	SECTION 3. Section 95.101, Finance Code, is amended by
23	23	adding Subsection (g) to read as follows:
24	24	(g) This section does not authorize the savings bank to open
25	25	a line of credit in the name of the minor without the prior approval
26	26	of the minor's parent or legal guardian, unless the minor's
27	27	disabilities of minority have been removed for this purpose.
28	28	SECTION 4. Section 125.201, Finance Code, is amended to
29	29	read as follows:
30	30	Sec. 125.201. POWERS OF CREDIT UNION RELATING TO ACCOUNT.
31	31	(a) A credit union may:
32	32	(1) open a share or deposit account in the name of a
33	33	minor;
34	34	(2) receive a payment on the account by or for the
35	35	minor;
36	36	(3) pay withdrawals;
37	37	(4) accept pledges to the credit union by or for the
38	38	minor; and
39	39	(5) act in any other matter with respect to an account
40	40	on the order of a minor.
41	41	(b) This section does not authorize the credit union to open
42	42	a line of credit in the name of the minor without the prior approval
43	43	of the minor's parent or legal guardian, unless the minor's
44	44	disabilities of minority have been removed for this purpose.
45	45	SECTION 5. Subtitle Z, Title 3, Finance Code, is amended by
46	46	adding Chapter 282 to read as follows:
47	47	CHAPTER 282. LINES OF CREDIT
48	48	Sec. 282.001. RESTRICTION ON LINE OF CREDIT FOR MINOR. (a)
49	49	In this section, "financial institution" has the meaning assigned
50	50	by Section 277.001.
51	51	(b) Notwithstanding any other law, a financial institution
52	52	or other person may not open a line of credit in the name of a minor
53	53	without the prior approval of the minor's parent or legal guardian,
54	54	unless the minor's disabilities of minority have been removed for
55	55	this purpose.
56	56	SECTION 6. The changes in law made by this Act apply only to
57	57	a line of credit opened on or after the effective date of this Act.
58	58	A line of credit opened before the effective date of this Act is
59	59	governed by the law in effect on the date the line of credit was
60	60	opened, and the former law is continued in effect for that purpose.
61	61	SECTION 7. This Act takes effect September 1, 2019.