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 in the Yellowhammer State.
“The young men and women who join the Armed Forces show maturity through their service to our country,” Jones said in a statement on Thursday. “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 state law, individuals are not allowed to apply for loans (besides higher educational loans) or possess their own bank accounts until they reach the age of nineteen, which is the age of majority in the state.
Jones’ SB 106 will make minors who serve in the military eligible to apply for any 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 explained. “This measure recognizes them as the independent adults they are and gives them the tools they need to plan for the future.”
SB 106 has been referred to the Senate Banking and Insurance Committee, chaired by State Sen. Shay Shelnutt (R-Trussville), and will be heard by the committee’s members next week.
Jones, a first-term legislator, is the founder of the Deep South Coffee Factory in Centre. He represents portions of Etowah, Cherokee and DeKalb Counties.
Sean Ross is a staff writer for Yellowhammer News. You can follow him on Twitter @sean_yhn
Don’t miss out! Subscribe today to have Alabama’s leading headlines delivered to your inbox.