Bill gives 20 days to review annuities
May 8, 2011 by Patrick Danner
By Patrick Danner
Published 05:01 p.m., Friday, May 6, 2011
Consumers will have 20 days to opt out of annuity purchases under a bill that passed the state Senate on Friday.
The state House already passed a similar version of the bill, so the legislation is now headed to Gov. Rick Perry for his signature. The 20-day “free-look” period is designed to give consumers time to review the product and can back out of the purchase without penalty.
Consumer protection groups, including AARP, supported the legislation because of concerns that retired and elderly people are vulnerable to bad annuity products.