An Act To Amend the Laws Governing Multiple-party Accounts with Financial Institutions

Emergency preamble. Whereas,  acts and resolves of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and

Whereas,  financial institutions in this State are committed to preventing elder financial abuse; and

Whereas,  the change in procedure for opening a multiple-party account and converting a single-party account to a multiple-party account with a financial institution established by Public Law 2017, chapter 390 may result in issues with opening and converting such accounts before the effective date of the new probate code on July 1, 2019; and

Whereas,  delaying this change will allow financial institutions to offer agency designations allowed by the new probate code and help combat elder financial abuse; and

Whereas,  in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,

Sec. 1. 9-B MRSA §427, sub-§13,  as amended by PL 2017, c. 390, §1 and c. 402, Pt. C, §23 and affected by Pt. F, §1, is repealed and the following enacted in its place:

Sec. 2. 9-B MRSA §427, sub-§13-A  is enacted to read:

Sec. 3. 18-A MRSA §6-105, last ¶,  as enacted by PL 2017, c. 390, §2 and repealed by c. 402, Pt. A, §1 and affected by Pt. F, §1, is repealed.

Sec. 4. Application. That section of this Act that enacts the Maine Revised Statutes, Title 9-B, section 427, subsection 13-A applies to all multiple-party accounts established with a financial institution on or after July 1, 2019 and to all single-party accounts changed to multiple-party accounts with a financial institution on or after July 1, 2019.

Sec. 5. Effective date. That section of this Act that enacts the Maine Revised Statutes, Title 9-B, section 427, subsection 13-A takes effect July 1, 2019.

Emergency clause. In view of the emergency cited in the preamble, this legislation takes effect when approved.

SUMMARY

This bill suspends until July 1, 2019 the requirement that at the time a multiple-party account is established or at the time a single-party account is converted to a multiple-party account with a financial institution, the document establishing the account or adding another party include for each party to the account a question regarding whether that party intends for the sum remaining upon that party's death to belong to the surviving party or parties.