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1999 SESSION
HB 2074 Banking and finance; joint accounts, required disclosures.
Introduced by: V. Earl Dickinson | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Banking and finance; joint accounts; required disclosures. Requires financial institutions to provide disclosure forms informing persons opening joint accounts of the disposition of such accounts upon a party’s death. Disclosures concerning a “Joint Account With Survivorship” must inform such persons that on the death of a party to the account, the deceased party’s ownership in the account passes to the surviving party or parties to the account. Disclosures concerning a “Joint Account--No Survivorship” must inform such persons that on the death of a party to the account, the deceased party’s ownership in the account passes as a part of the party’s estate under the party’s will or trust, or by intestacy. This bill will become effective on July 1, 2000.
SUMMARY AS PASSED HOUSE:
Banking and finance; joint accounts; required disclosures. Requires financial institutions to provide disclosure forms informing persons opening joint accounts of the disposition of such accounts upon a party’s death. Disclosures concerning a “Joint Account With Survivorship” must inform such persons that on the death of a party to the account, the deceased party’s ownership in the account passes to the surviving party or parties to the account. Disclosures concerning a “Joint Account--No Survivorship” must inform such persons that on the death of a party to the account, the deceased party’s ownership in the account passes as a part of the party’s estate under the party’s will or trust, or by intestacy. This bill will become effective on July 1, 2000.
SUMMARY AS INTRODUCED:
Banking and finance; joint accounts; required disclosures. Requires financial institutions to provide disclosure forms informing persons opening joint accounts of the disposition of such accounts upon a party’s death. Disclosures concerning a “Joint Account With Survivorship” must inform such persons that on the death of a party to the account, the deceased party’s ownership in the account passes to the surviving party or parties to the account. Disclosures concerning a “Joint Account--No Survivorship” must inform such persons that on the death of a party to the account, the deceased party’s ownership in the account passes as a part of the party’s estate under the party’s will or by intestacy. If enacted, this bill will become effective on July 1, 2000.