87S30568 JES-D
By: Springer, et al. S.B. No. 50
A BILL TO BE ENTITLED
AN ACT
relating to prohibiting the disclosure of certain customer account
information by a financial institution.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subtitle Z, Title 3, Finance Code, is amended by
adding Chapter 282 to read as follows:
CHAPTER 282. DISCLOSURE OF CUSTOMER ACCOUNT INFORMATION
Sec. 282.0001. DEFINITIONS. In this chapter:
(1) "Customer account" means a checking account,
savings account, or other financial account that is:
(A) created by the deposit of money;
(B) subject to the withdrawal of money; and
(C) maintained by a financial institution on
behalf of a business or individual.
(2) "Financial institution" has the meaning assigned
by Section 201.101.
Sec. 282.0002. DISCLOSURE OF CERTAIN CUSTOMER ACCOUNT
INFORMATION PROHIBITED. A financial institution may not comply
with a requirement under federal law to disclose to the United
States Department of the Treasury the gross annual inflow or gross
annual outflow of money in a customer account, including a customer
account that:
(1) has a balance of more than $600 at the end of the
year; or
(2) is used for a transaction of more than $600 during
the year.
SECTION 2. This Act takes effect on the 91st day after the
last day of the legislative session.