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Senate committee raises cap for minor settlements to $25,000, allows guardian settlements without court approval
Summary
Senate Judiciary Committee passed SB342 to raise the court-approval threshold for settlements involving minors from $5,000 to $25,000 and require settlement funds retained for a minor to be held in interest-bearing accounts until majority; the measure passed by voice vote.
Senate Bill 342, presented to the Judiciary Committee by attorney Kevin Crafts, would raise the threshold for required court approval of a minor’s settlement from $5,000 to $25,000. Crafts told the committee the change is intended to reduce cost and delay for modest settlements and explained protections for minors: funds intended for the minor must be placed…
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