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Committee hears bill to let foster or emancipated youth open bank accounts without cosigner; industry seeks liability protections
Summary
Representative Campbell introduced House Bill 1441 to allow foster youth and emancipated minors to open checking or savings accounts without an adult cosigner with DCS or juvenile-court consent; supporters said it would protect youths’ earnings while creditors and deposit-takers asked for liability protections.
Representative Campbell presented House Bill 1441 to allow a minor who is a foster youth or an emancipated minor to open a savings or checking account without an adult cosigner if the Department of Child Services (DCS) or a juvenile court with jurisdiction consents. Campbell said the proposal responds to cases in which foster youth lack a stable adult and have had funds removed from accounts by adults with access.
Maggie Stevens, president and CEO of Foster Success, told the committee her organization supports the bill, saying foster-care caseworkers and courts already assess youth readiness for activities such as driver’s education and participation in court…
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