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A BILL TO BE ENTITLED
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AN ACT
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relating to prohibiting the disclosure of certain customer account |
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information by a financial institution. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle Z, Title 3, Finance Code, is amended by |
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adding Chapter 282 to read as follows: |
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CHAPTER 282. DISCLOSURE OF CUSTOMER ACCOUNT INFORMATION |
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Sec. 282.0001. DEFINITIONS. In this chapter: |
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(1) "Customer account" means a checking account, |
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savings account, or other financial account that is: |
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(A) created by the deposit of money; |
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(B) subject to the withdrawal of money; and |
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(C) maintained by a financial institution on |
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behalf of a business or individual. |
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(2) "Financial institution" has the meaning assigned |
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by Section 201.101. |
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Sec. 282.0002. DISCLOSURE OF CERTAIN CUSTOMER ACCOUNT |
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INFORMATION PROHIBITED. A financial institution may not comply |
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with a requirement under federal law to disclose to the United |
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States Department of the Treasury the gross annual inflow or gross |
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annual outflow of money in a customer account, including a customer |
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account that: |
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(1) has a balance of more than $600 at the end of the |
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year; or |
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(2) is used for a transaction of more than $600 during |
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the year. |
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SECTION 2. This Act takes effect on the 91st day after the |
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last day of the legislative session. |