Bank accounts, minors'; authorizes bank to establish deposit account in which minors are sole owner. (HB2127)

Introduced By

Del. Kathy Byron (R-Lynchburg)

Progress

√
 Introduced
√
 Passed Committee
√
 Passed House
√
 Passed Senate
√
 Signed by Governor
√
 Became Law

Description

Minors' bank accounts. Authorizes banks to establish deposit accounts for minors, in which accounts minors will be the sole owner and may make deposits and withdrawals. A bank may act with respect to such an account on the minor's order. The measure modernizes archaic provisions and adopts the language in a similar provision applicable to such accounts at savings institutions. View Full Text »

Outcome

Bill Has Passed
View Bill's History

Comments

Waldo Jaquith writes:

Minors can't assent to contracts. Changing that would be a really significant modification to the law; I can't understand how that would be accomplished with this bill. Lacking such a change, I don't imagine that many banks would want to allow minors to establish bank accounts without having that account it co-owned by an adult.

I'd like to know how this bill came about. Are banks asking for this change in law? If so, why? There might be an interesting story behind this.

Posted 41 months ago.