§ 28-1-23-17 — Savings or checking accounts for qualified youth

Indiana § 28-1-23-17

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 23: Additional Provisions Pertaining to Financial

Text

(a) A qualified youth may enter into a
contract with a depository financial institution to open a savings or
checking account in the qualified youth's name with the consent of a
juvenile court with jurisdiction over the qualified youth.
(b) A qualified youth who opens a savings or checking account
under subsection (a) is:
(1) solely responsible for paying all banking-related costs
associated with the account; and
(2) solely liable for any and all penalties assessed to the qualified
youth as the account holder due to the qualified youth's violation
of the terms of the account.
(c) A qualified youth may not avoid a contract entered into with a
depository financial institution under subsection (a) by alleging that the
qualified youth was under a legal disability by reason of the qualified
youth's age.

Legislative History

As added by P.L.90-2025, SEC.4.