Bill > B26-0473

This bill allows minors aged 14 and older in the District of Columbia to open and operate deposit accounts (checking or savings accounts) independently, without requiring parental or guardian consent. The legislation prohibits banks and credit unions from providing overdraft credit or lines of credit on these accounts without written parental permission and prevents them from charging fees or overdraft charges. The bill also requires the Department of Insurance, Securities, and Banking to maintain a public website listing banks and credit unions offering minor deposit accounts, along with educational materials about financial fraud risks. Additionally, the bill repeals a previous section of the Credit Union Act of 2020 and will take effect after mayoral approval and a 30-day congressional review period. The goal appears to be increasing financial independence and access for teenagers while maintaining consumer protections by limiting credit features and mandating educational resources about potential financial risks.

Business and Industry, Health and Social Services

https://lims.dccouncil.gov/Legislation/B26-0473