1. (a) A qualified youth may enter into a contract with a depository financial institution to open a savings or checking account in the qualified youth's name with the consent of a juvenile court with jurisdiction over the qualified youth.

2. (b) A qualified youth who opens a savings or checking account under subsection (a) is:

   1. (1) solely responsible for paying all banking-related costs associated with the account; and
   2. (2) solely liable for any and all penalties assessed to the qualified youth as the account holder due to the qualified youth's violation of the terms of the account.
3. (c) A qualified youth may not avoid a contract entered into with a depository financial institution under subsection (a) by alleging that the qualified youth was under a legal disability by reason of the qualified youth's age.

As added by P.L.90-2025, SEC.4.