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. Read the Bill »
Outcome
Bill Has Passed
History
Date | Action |
---|---|
01/13/2009 | Committee |
01/13/2009 | Prefiled and ordered printed; offered 01/14/09 096679448 |
01/13/2009 | Referred to Committee on Commerce and Labor |
01/20/2009 | Impact statement from SCC (HB2127) |
01/27/2009 | Reported from Commerce and Labor with amendment (22-Y 0-N) (see vote tally) |
01/29/2009 | Read first time |
01/30/2009 | Read second time |
01/30/2009 | Committee amendment agreed to |
01/30/2009 | Engrossed by House as amended HB2127E |
01/30/2009 | Printed as engrossed 096679448-E |
02/02/2009 | Impact statement from SCC (HB2127E) |
02/02/2009 | Read third time and passed House (98-Y 0-N) |
02/02/2009 | VOTE: --- PASSAGE (98-Y 0-N) (see vote tally) |
02/03/2009 | Constitutional reading dispensed |
02/03/2009 | Referred to Committee on Commerce and Labor |
02/23/2009 | Reported from Commerce and Labor (14-Y 0-N 1-A) (see vote tally) |
02/24/2009 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
02/25/2009 | Read third time |
02/25/2009 | Passed Senate (39-Y 0-N) (see vote tally) |
03/04/2009 | Enrolled |
03/04/2009 | Bill text as passed House and Senate (HB2127ER) |
03/05/2009 | Impact statement from SCC (HB2127ER) |
03/05/2009 | Signed by President |
03/06/2009 | Signed by Speaker |
03/27/2009 | G Approved by Governor-Chapter 197 (effective 7/1/09) |
03/27/2009 | G Acts of Assembly Chapter text (CHAP0197) |
Comments
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.