SRC-TNM H.B. 3569 75(R) BILL ANALYSIS Senate Research Center H.B. 3569 By: Madden (Shapiro) State Affairs 5-13-97 Engrossed DIGEST During the 1996 election cycle, a candidate for state-wide office found that fervent supporters around the state had opened campaign bank accounts without his knowledge. The candidate's financial reports were inaccurate to the extent that the transactions taking place in these accounts were not included because their existence was unknown. H.B. 3569 would make it impossible for a campaign account to be opened for a candidate without that candidate's knowledge. The candidate would have access to information regarding all financial transactions so that the reporting which is required by law is accurate. PURPOSE As proposed, H.B. 3569 outlines provisions regarding bank accounts in the name of candidates for public office. RULEMAKING AUTHORITY This bill does not grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Title 16, V.T.C.S., by adding Article 360, as follows: Art. 360. BANK ACCOUNTS FOR CANDIDATES FOR PUBLIC OFFICE Sec. 1. DEFINITIONS. Defines "candidate" and "financial institution." Sec. 2. CONSENT OF CANDIDATE REQUIRED. Prohibits a financial institution from opening an account in the name of a candidate without obtaining that candidate's consent and signature. Sec. 3. CANDIDATE NEED NOT BE SIGNATORY. Provides that Section 2 of this article does not require that the candidate be a signatory to the account. SECTION 2. Effective date: September 1, 1997. SECTION 3. Emergency clause.