Chapter 234 of the Acts of 2010, signed by Governor Patrick on August 4, amends the Massachusetts “18-65 Law” which imposes requirements in connection with certain deposit accounts maintained by individuals who are 18 or younger or 65 or older. Among other requirements, the amendments add additional disclosure requirements.

Nutter Notes: The amendments require banks to disclose annually to all depositors the provisions of the law applicable to a person 18 years of age or younger or 65 years of age or older, in addition to the current notice posting requirement, and removes the authority of the Commissioner of Banks to establish by rule a procedure for demonstrating eligibility for an 18-65 account.