2017 Texas Legislative Session - Uniform Account Form (SB 714)

This is for Part 1 only. For series pricing, CLICK HERE.

Uniform Account Form (SB 714) amends Estates Code sections 113.052 and 113.053. Since September 1, 2015, Texas Banks have been required to provide account ownership options to consumers when opening a new account or modifying an existing account. Banks could opt to use the statutory “Uniform Single-Party or Multiple-Party Account Selection Form” or a form which includes the ownership descriptions, but with a “varied format”. The latter requires strict adherence to burdensome conditions. There has been a lot of confusion and misinformation regarding implementation. Changes made during the 2017 legislative session are designed to address many of the most challenging issues. So, this will be a help! Even so, there is new information to consider and training to be done on or before September 1, 2017. This webinar will ensure your efforts are targeted and necessary for your bank.

Covered Topics:

  • Definitive requirements for customer initials and signatures to indicate ownership selection and acknowledgement of the disclosure,
  • New allowances for varying the format of the statutory form,
  • Requirements for use of form when the format is modified from the statutory form,
  • When the disclosure is required,
  • Which ownership types are excluded from the requirement to disclose and
  • How to use the form when opening or modifying an account, including a detailed discussion of each ownership type using the language on the ownership disclosure/selection form.
Participants Will Receive:
  • A proposed action plan to assist in implementing required changes,
  • Well-documented materials with available resources to provide additional support, and
  • Suggestions for proper and best use of the ownership disclosure/selection form.

Who Should Attend?

The first part is intended for deposit-function decision makers. The remainder will train new accounts and others responsible for opening and maintaining consumer deposit accounts.