HOUSE BILL 2800 |
HOUSE AUTHOR: Driver et al. |
EFFECTIVE: 09-01-99 |
SENATE SPONSOR: Carona |
House Bill 2800 adds a chapter to the Finance Code relating to business checking accounts. The act requires a financial institution to collect certain information from the account holder regarding the business and the business owner and to request that the business inform the institution of changes in the information at least annually. The act prohibits an institution from unreasonably withholding the information from a person to whom the financial institution has returned a dishonored check or draft drawn on the business checking account and exempts the institution from liability to the account holder for disclosing the information.