The bill amends the Louisiana Uniform Transfer to Minors Act by changing the definitions of "Adult" and "Minor" and adjusting the age at which custodianship terminates. Specifically, the age of majority is raised from eighteen to twenty-two years, meaning that individuals are now considered adults only after reaching twenty-two. Consequently, minors are defined as individuals who have not yet attained this age.

Additionally, the bill stipulates that custodians must transfer custodial property to the minor or the minor's estate upon reaching the age of twenty-two, rather than eighteen. The provisions of this Act will apply prospectively to all Uniform Transfer to Minor Accounts, ensuring that any custodial property held for a minor will adhere to the updated age requirements.

Statutes affected:
HB142 Original: 9:751(1), 9:770(1)
HB142 Engrossed: 9:751(1), 9:770(1)
HB142 Reengrossed: 9:751(1), 9:770(1)
HB142 Enrolled: 9:751(1), 9:770(1)
HB142 Act 60: 9:751(1), 9:770(1)