Bill Text: TX HB3752 | 2011-2012 | 82nd Legislature | Introduced
Bill Title: Relating to a financial institution's action regarding certain withdrawals and deposits.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-03-23 - Referred to Pensions, Investments & Financial Services [HB3752 Detail]
Download: Texas-2011-HB3752-Introduced.html
82R8122 ATP-D | ||
By: Harper-Brown | H.B. No. 3752 |
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relating to a financial institution's action regarding certain | ||
withdrawals and deposits. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter D, Chapter 34, Finance Code, is | ||
amended by adding Section 34.308 to read as follows: | ||
Sec. 34.308. DEPOSIT CONTRACT PROVISIONS REGARDING ACCOUNT | ||
WITHDRAWALS. A deposit contract between a bank and an account | ||
holder must provide that: | ||
(1) deposits shall be considered credited to an | ||
account before withdrawals are considered made from the account if | ||
the deposit and withdrawal are made on the same business day; and | ||
(2) the bank may not charge a fee for an overdraft or | ||
for insufficient funds if on the day the bank seeks to withdraw | ||
funds from the account there are sufficient funds in the account to | ||
pay a check drawn on the account, regardless of the date of the | ||
check. | ||
SECTION 2. Section 95.004, Finance Code, is amended by | ||
adding Subsection (d) to read as follows: | ||
(d) A deposit contract between a savings bank and an account | ||
holder must provide that: | ||
(1) deposits shall be considered credited to an | ||
account before withdrawals are considered made from the account if | ||
the deposit and withdrawal are made on the same business day; and | ||
(2) the bank may not charge a fee for an overdraft or | ||
for insufficient funds if on the day the bank seeks to withdraw | ||
funds from the account there are sufficient funds in the account to | ||
pay a check drawn on the account, regardless of the date of the | ||
check. | ||
SECTION 3. Section 125.003, Finance Code, is amended to | ||
read as follows: | ||
Sec. 125.003. DEPOSIT ACCOUNTS. (a) A deposit account | ||
consists of payments made under an agreement between the credit | ||
union and a depositor, including a draft account, checking account, | ||
savings account, certificate of deposit, individual development | ||
account, or other similar account or arrangement. | ||
(b) A credit union shall provide by written agreement with a | ||
depositor that: | ||
(1) deposits shall be considered credited to a deposit | ||
account before withdrawals are considered made from the account, if | ||
the deposit and withdrawal are made on the same business day; and | ||
(2) the credit union may not charge a fee for an | ||
overdraft or for insufficient funds if on the day the credit union | ||
seeks to withdraw funds from the deposit account there are | ||
sufficient funds in the account to pay a check drawn on the account, | ||
regardless of the date of the check. | ||
SECTION 4. The changes in law made by this Act apply only to | ||
a deposit contract or written agreement entered into or renewed on | ||
or after September 1, 2011. A deposit contract or written agreement | ||
entered into or renewed before September 1, 2011, is governed by the | ||
law as it existed on the date the contract or agreement was entered | ||
into or renewed, and the former law is continued in effect for that | ||
purpose. | ||
SECTION 5. This Act takes effect September 1, 2011. |