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F I S C A L I M P A C T R E P O R T
SPONSOR
Robinson
ORIGINAL DATE
LAST UPDATED
2/8/07
HB
SHORT TITLE
Transfer on Death Securities
SB
756
ANALYST
C.Sanchez
APPROPRIATION (dollars in thousands)
Appropriation
Recurring
or Non-Rec
Fund
Affected
FY07
FY08
NFI
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
Responses Received From
Regulation and Licensing Department (RLD)
Securities Industries Division (SID)
Aging and Long Term Care Department (ALTCD)
SUMMARY
Synopsis of Bill
Senate Bill 756 would extend the provisions of the Transfer on Death Security Registration
provision of the Uniform Probate Code ( Secs. 45-6-301 to 45-6-311 NMSA 1978) to trust
companies and the trust departments of banks. It would have no effect on the Securities Division
or any of its licensees.
The Senate Bill amends a section in the uniform probate code to read, “a natural person’s
investment, management, or custody account with a trust company or bank with trust powers,
including securities in the account, a cash balance in the account and cash, cash equivalents,
interest, earnings or dividends earned or declared on a security in the account, whether or not
credited to the account before the owner’s death." Nothing in the amendment affects interest in
real property.