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

Introduced By

Del. Kathy Byron (R-Lynchburg)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


Bill Has Passed


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


This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 45 seconds.


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.