Montgomery, Ala. – State Senator Andrew Jones (R-Centre) has introduced a bill in the Alabama Legislature to allow servicemen and women under the age of majority to apply for loans and open their own checking and saving accounts.
“The young men and women who join the Armed Forces show maturity through their service to our country,” Jones said. “It’s important that Alabama recognizes that and gives them the tools for their own financial independence as they pursue their careers in the military.”
Under current Alabama law, individuals are not allowed to apply for loans or possess their own bank accounts until they reach the age of nineteen. Senate Bill 106 will make minors who serve in the United States Military eligible to apply for loans and open bank accounts.
“It takes bravery and courage for a young adult to leave his or her home and join the military — and those who serve our country out of high school are likely taking their first steps into the real world as adults,” Jones said. “This measure recognizes them as the independent adults they are and gives them the tools they need to plan for the future.”
Senate Bill106 has been referred to the Banking and Insurance Committee, chaired by Senator Shay Shelnutt of Trussville, and will be heard by the committee’s members next week.
Thursday marks the 7th of 30 possible legislative days.