Section 32-1-115 - Student financial institution defined - obligations of minor - applicability of laws(1) The term "student financial institution" means a financial institution that: (a) is located at a school or a location where educational services are provided;(b) is operated as a financial literacy educational program;(c) is operated by one or more state-chartered or federally chartered financial institutions, limited to a state or national bank, a state or federal savings and loan association, a trust company, an investment company, or a state or federal credit union;(d) does not provide services to the general public; and(e) conducts each program in a manner consistent with safe and sound banking practices and compliant with state law.(2) To operate a student financial institution, a state-chartered bank, savings and loan association, trust company, investment company, or credit union shall provide written notice to the department.(3) Establishing a student financial institution does not require a branch application.(4) With regard to the operation of a student financial institution, the obligations of a minor pertaining to borrowing money, cashing checks, and making deposits have the same force and effect as though they were the obligations of a person over the age of majority.(5) The provisions of 32-1-102, 32-1-402, 32-3-106, and this section apply to a student financial institution established pursuant to this section, but other provisions of Title 32, chapters 1 through 3, or any other provision of state law that regulates banks, credit unions, other financial institutions, or currency exchanges do not apply.Amended by Laws 2019, Ch. 75,Sec. 8, eff. 10/1/2019.En. Sec. 1, Ch. 340, L. 2003.