SB106 Summary

• Amends Alabama Code Section 26-1-5 to deem members of any branch of the U.S. Armed Forces to have attained the age of majority for purposes of contracting with banks, credit unions, or similar savings and loan institutions.

• Allows Armed Forces members to obtain loans, open checking accounts, and open savings accounts regardless of their actual age.

• Permits Armed Forces members to retain majority status for banking purposes even after they are no longer actively serving.

• Prohibits Armed Forces members from rescinding, avoiding, or repudiating banking contracts based solely on age, even after leaving military service.

• Requires Armed Forces members to verify their military membership by presenting a valid U.S. Uniformed Services Privileges and Identification Card when contracting with financial institutions.

• Takes effect on the first day of the third month following passage and approval by the Governor.