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AR HB1584

Bill

Official Source

Status

Passed

3/20/2015

Primary Sponsor

Bill Gossage

Click for details

Origin

House of Representatives

90th General Assembly (2015 Regular)

AI Summary

  • Changes the statutory reference from "multiple-party deposits" to "deposit accounts" in Arkansas Code § 23-47-204
  • Allows deposit accounts to be established as either single-party accounts (one person) or multiple-party accounts (two or more persons)
  • Permits account holders to designate beneficiaries who are not limited to natural persons, including trusts and entities, to receive payable-on-death deposit accounts
  • Specifies that upon the account holder's death, designated beneficiaries become owners of the account as joint tenants with right of survivorship if multiple beneficiaries are named
  • Becomes effective June 1, 2015, and applies only to deposit accounts established on or after the effective date

Legislative Description

To Revise The Requirements For Payable On Death Deposit Accounts; And To Declare An Emergency.

Last Action

Notification that HB1584 is now Act 586

3/20/2015

Committee Referrals

Insurance & Commerce3/9/2015
Insurance and Commerce3/3/2015

Full Bill Text

No bill text available