| 1 | 1 | | 87S30568 JES-D |
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| 2 | 2 | | By: Springer, et al. S.B. No. 50 |
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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 prohibiting the disclosure of certain customer account |
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| 8 | 8 | | information by a financial institution. |
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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. Subtitle Z, Title 3, Finance Code, is amended by |
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| 11 | 11 | | adding Chapter 282 to read as follows: |
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| 12 | 12 | | CHAPTER 282. DISCLOSURE OF CUSTOMER ACCOUNT INFORMATION |
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| 13 | 13 | | Sec. 282.0001. DEFINITIONS. In this chapter: |
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| 14 | 14 | | (1) "Customer account" means a checking account, |
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| 15 | 15 | | savings account, or other financial account that is: |
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| 16 | 16 | | (A) created by the deposit of money; |
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| 17 | 17 | | (B) subject to the withdrawal of money; and |
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| 18 | 18 | | (C) maintained by a financial institution on |
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| 19 | 19 | | behalf of a business or individual. |
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| 20 | 20 | | (2) "Financial institution" has the meaning assigned |
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| 21 | 21 | | by Section 201.101. |
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| 22 | 22 | | Sec. 282.0002. DISCLOSURE OF CERTAIN CUSTOMER ACCOUNT |
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| 23 | 23 | | INFORMATION PROHIBITED. A financial institution may not comply |
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| 24 | 24 | | with a requirement under federal law to disclose to the United |
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| 25 | 25 | | States Department of the Treasury the gross annual inflow or gross |
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| 26 | 26 | | annual outflow of money in a customer account, including a customer |
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| 27 | 27 | | account that: |
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| 28 | 28 | | (1) has a balance of more than $600 at the end of the |
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| 29 | 29 | | year; or |
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| 30 | 30 | | (2) is used for a transaction of more than $600 during |
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| 31 | 31 | | the year. |
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| 32 | 32 | | SECTION 2. This Act takes effect on the 91st day after the |
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| 33 | 33 | | last day of the legislative session. |
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