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A BILL TO BE ENTITLED
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AN ACT
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relating to a financial institution's action regarding certain |
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withdrawals and deposits. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter D, Chapter 34, Finance Code, is |
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amended by adding Section 34.308 to read as follows: |
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Sec. 34.308. DEPOSIT CONTRACT PROVISIONS REGARDING ACCOUNT |
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WITHDRAWALS. A deposit contract between a bank and an account |
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holder shall provide that: |
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(1) deposits shall be considered credited to an |
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account before withdrawals are considered made from the account if |
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the deposit and withdrawal are made on the same business day; and |
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(2) the bank may not charge a fee for an overdraft or |
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for insufficient funds if on the day the bank seeks to withdraw |
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funds from the account there are sufficient funds in the account to |
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pay a check drawn on the account, regardless of the date of the |
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check. |
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SECTION 2. Section 95.004, Finance Code, is amended by |
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adding Subsection (d) to read as follows: |
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(d) A deposit contract between a savings bank and an account |
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holder shall provide that: |
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(1) deposits shall be considered credited to an |
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account before withdrawals are considered made from the account if |
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the deposit and withdrawal are made on the same business day; and |
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(2) the bank may not charge a fee for an overdraft or |
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for insufficient funds if on the day the bank seeks to withdraw |
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funds from the account there are sufficient funds in the account to |
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pay a check drawn on the account, regardless of the date of the |
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check. |
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SECTION 3. Section 125.003, Finance Code, is amended to |
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read as follows: |
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Sec. 125.003. DEPOSIT ACCOUNTS. (a) A deposit account |
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consists of payments made under an agreement between the credit |
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union and a depositor, including a draft account, checking account, |
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savings account, certificate of deposit, individual development |
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account, or other similar account or arrangement. |
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(b) A credit union shall provide by written agreement with a |
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depositor that: |
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(1) deposits shall be considered credited to a deposit |
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account before withdrawals are considered made from the account, if |
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the deposit and withdrawal are made on the same business day; and |
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(2) the credit union may not charge a fee for an |
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overdraft or for insufficient funds if on the day the credit union |
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seeks to withdraw funds from the deposit account there are |
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sufficient funds in the account to pay a check drawn on the account, |
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regardless of the date of the check. |
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SECTION 4. The changes in law made by this Act apply only to |
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a deposit contract or written agreement entered into or renewed on |
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or after September 1, 2009. A deposit contract or written agreement |
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entered into or renewed before September 1, 2009, is governed by the |
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law as it existed on the date the contract or agreement was entered |
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into or renewed, and the former law is continued in effect for that |
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purpose. |
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SECTION 5. This Act takes effect September 1, 2009. |