Texas Family Code

§ 264.1215 — PILOT PROGRAM FOR FINANCIAL TRANSITIONAL LIVING SERVICES

FA § 264.1215Title 5. THE PARENT-CHILD RELATIONSHIP AND THE SUIT AFFECTING THE PARENT-CHILD RELATIONSHIP · Part E. PROTECTION OF THE CHILD · Ch. 264. CHILD WELFARE SERVICES · Art. B. FOSTER CARE

Statute text

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(a)The department shall establish a pilot program to assist foster youth to achieve financial security and independence as the youth transition to independent living.

(b)The department shall enter into an agreement with one or more banks, credit unions, or other financial institutions to establish savings and checking accounts for foster youth who are at least 14 but not more than 21 years of age and participate in the pilot program. The agreement must include the following terms:

(1)notwithstanding Section 34.305(c), Finance Code, a requirement that foster youth participating in the program are the sole owner of the savings and checking accounts and may establish savings and checking accounts without a co-signor;

(2)a requirement that the department and the bank, credit union, or other financial institution together encourage the foster youth participating in the program to open or continue private savings and checking accounts once the participants are no longer eligible for the program;

(3)procedures to ensure the participants maintain ownership and control of the account at the time the participants exit the program;

(4)a requirement that the bank, credit union, or other financial institution provide to participants in the program a checking and savings account that does not require maintenance fees and cannot incur overdraft fees, nonsufficient funds fees, inactivity fees, or any other penalty fees; and

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Legislative history

Added by Acts 2023, 88th Leg., R.S., Ch. 1101 (S.B. 1379), Sec. 1, eff. September 1, 2023.