Gov. Mills signs Sen. Curry bill to expand access to banking services for young adults

AUGUSTA — This week, Gov. Janet Mills hosted a bill signing ceremony for LD 752, “An Act to Expand Access to Banking Services for Minors,” which was sponsored by Sen. Chip Curry, D-Belfast. The signing ceremony was attended by a group of students from the Belfast Community Outreach Program in Education (BCOPE), who were instrumental in initiating this critical legislation that passed the Senate and House with robust bipartisan support.

“This legislation reflects the power of young voices making a significant difference in their communities,” Sen. Curry said. “Their effort not only leads to their own empowerment but paves the way for a secure financial future for all young Mainers. I want to give a huge thanks to the dedicated students and staff at BCOPE who not only identified a problem but worked with their elected leaders to create and implement a solution.”

LD 752 will ensure access to banking services for minors who do not have a trusted adult by making it an enforceable contract when the minor opens a deposit account with a bank or credit union. This provision removes liability issues for financial institutions and allows them to set their own standards for opening accounts for minors. The bill does not require financial institutions to open accounts for minors or make any changes to their current business practices.

During the public hearing, Sen. Curry highlighted the potential benefits of LD 752, including preventing the financial exploitation of minors and fostering financial responsibility at a young age. The BCOPE students showed initiative and impressed the committee at the public hearing, sharing their personal stories, perspective, and research, as well as answering questions from lawmakers.