Bill Text: TX SB50 | 2021 | 87th Legislature 3rd Special Session | Introduced
Bill Title: Relating to prohibiting the disclosure of certain customer account information by a financial institution.
Spectrum: Partisan Bill (Republican 5-0)
Status: (Introduced - Dead) 2021-10-08 - Filed [SB50 Detail]
Download: Texas-2021-SB50-Introduced.html
| 87S30568 JES-D | ||
| By: Springer, et al. | S.B. No. 50 | |
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| 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. | ||
