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#2019204 - 06/09/15 02:45 PM New Texas Account Disclosures
LizzyP Offline
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Joined: Jul 2006
Posts: 48
TX
For the New Texas Account Disclosures can the disclosure be changed? We do not offer a Convenience Account and would like to delete this from the form. Has anyone seen where you could change the form to meet your Bank's needs?
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#2019794 - 06/11/15 02:34 PM Re: New Texas Account Disclosures LizzyP
Sunshine Lady Offline
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Sunshine Lady
Joined: Apr 2014
Posts: 630
My understanding is that you have to use the form provided in Section 113.052. It does not say that we can tailor it to our specific needs. Section 113.053 will have a new heading that says REQUIRED DISCLOSUE;USE OF FORM and it makes reference the above information about the form.
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#2019812 - 06/11/15 03:01 PM Re: New Texas Account Disclosures LizzyP
The OG Zaibatsu Offline
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The OG Zaibatsu
Joined: Dec 2007
Posts: 1,701
Texas
You can alter it.
http://www.capitol.state.tx.us/tlodocs/84R/billtext/pdf/SB01791F.pdf#navpanes=0

Here is part of the subsection on varying the format of the form:

(b)If a financial institution varies the format of the form
provided by Section 113.052, the financial institution may make
disclosures in the account agreement or in any other form that discloses the information provided by this
subchapter. Disclosures under this subsection must:

IBAT has a free webinar on June 30th regarding the most recent legislative session. It will be recorded for those you can't attend on the 30th. http://www.ibat.org/events/2015-06-30-190000-to-2015-06-30-203000/84th-legislature-recap-webinar
Last edited by -Z-; 06/11/15 03:01 PM.
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#2019840 - 06/11/15 03:41 PM Re: New Texas Account Disclosures LizzyP
Sunshine Lady Offline
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Sunshine Lady
Joined: Apr 2014
Posts: 630
Thank you for that clarification Z. I love it when we all help each other.
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#2020005 - 06/11/15 09:42 PM Re: New Texas Account Disclosures LizzyP
ahanna Offline
Gold Star
Joined: Aug 2008
Posts: 380
Texas
I was concerned about the requirement to offer the convenience signer option on Trust accounts, which we typically don't do unless specifically authorized in the trust documents. We have the same prohibition on Estate accounts.

I wouldn't mind utilizing the separate, custom form... but then we would have to also create a version for each language we use per item 5 (which is only a couple but still a pain and additional compliance cost).

Are we being too strict regarding convenience signers on Trust accounts?
Last edited by ahanna; 06/11/15 09:43 PM.
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#2020222 - 06/12/15 08:17 PM Re: New Texas Account Disclosures LizzyP
ahanna Offline
Gold Star
Joined: Aug 2008
Posts: 380
Texas
Nevermind... I see now the form description doesn't refer to actual Trusts, just trust accounts (via account designation only, not a separate governing document).
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