Gov. Mike Braun signed House Enrolled Act 1441 to grant qualified foster youth and emancipated minors the ability to open a bank account without parental consent.
Before this law, anyone younger than 18 needed an adult to co-sign on bank accounts. Some financial institutions require parents or guardians, others are more flexible.
Rep. Chris Campbell (D-West Lafayette) is the bill’s author. Campbell said the issue was brought to her by a foster youth. She said told her about an experience where a foster parent or biological parent accessed funds from a youth’s bank account without their consent.
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Under this law, the foster youth must receive consent from a juvenile court judge to open an account. The qualified youth would also be responsible for all bank-related costs and accrued penalties associated with their account.
Timoria is our labor and employment reporter. Contact her at tcunningham@wfyi.org.