The bill introduces provisions to allow minors who are 16 years of age or older and in legal custody of the Department of Health and Human Services to open a checking or savings account with a bank or credit union. This can be done with the written consent of the department or by a court order. The consent may include conditions such as a maximum dollar amount to protect the minor's public benefits. Minors will be responsible for all banking-related costs and any penalties incurred from violating banking agreements. The department, foster parents, guardians, or entities managing the minor's case on behalf of the department are not responsible for any banking fees or penalties incurred by the minor. Additionally, the commissioner may adopt necessary rules to implement this section.

The bill also amends the requirements for the board of directors of mutual banks and mutual holding companies, stipulating that a majority of the board must be residents of New Hampshire or a state that borders New Hampshire. This is a change from the previous requirement, which did not include residents of bordering states. The bill specifies that the section regarding minors' access to financial services will take effect 60 days after its passage, while the remainder of the act, including the amendment to the board of directors' residency requirements, will take effect immediately upon passage. The approved dates are July 3, 2024, with the effective dates being September 1, 2024, for Section 1, and July 3, 2024, for the remainder of the act.

Statutes affected:
Introduced: 383-B:3-302
Version adopted by both bodies: 383-B:3-302
CHAPTERED FINAL VERSION: 383-B:3-302