Foster/emancipated youth is legally competent to enter into a contract with depository financial institution to open a savings or checking account in the youth's name.
Provided youth has the consent of a juvenile court with jurisdiction over the youth.
Emancipated youth defined as an individual who is less than eighteen (18) years of age and has been granted emancipation; or emancipated by operation of law.
Foster youth means an individual who is at least sixteen (16) years of age; and certified or acknowledged as a foster youth by the Department of Child Services.
Legislative History
On Jan. 21, 2025, bill introduced in House; on Feb. 10, 2025, bill was passed in House.
On Feb. 20, 2025, bill delivered to Senate; on Mar. 27, 2025, bill passed in Senate.
On Apr. 7, 2025, House concurred; on Apr. 9, 2025, bill signed by Senate president.
Effectiveness
Upon governor approval, bill will become effective Jul. 1, 2025.
Apr. 2025 IDNA LEG Bill Approval
On Apr. 16, 2025, IDNA LEG reported bill approval by governor, effective Jul. 1, 2025.
Regulators
IDNA LEG
Entity Types
Bank; CNSM; CU; Depo
Reference
Act, 4/16/2025; Bill HB1441, 4/9/2025; Citation: *IDNA FIN* 28-1-1, 28-1-23;
