An Act To Amend the Laws Governing Multiple-party Accounts with Financial Institutions
Maine Legislature, Session 129, LD 0242
Committee: Health Coverage, Insurance and Financial Services
Amends: 9-B MRSA §427, 18-A MRSA §6

Legislative Document
No. 242
S.P. 54
In Senate, January 22, 2019
An Act To Amend the Laws Governing Multiple-party Accounts 
with Financial Institutions
(EMERGENCY)
Reference to the Committee on Health Coverage, Insurance and Financial Services 
suggested and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator SANBORN, H. of Cumberland.
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,
Be it enacted by the People of the State of Maine as follows:
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 F, §1, is repealed and the following enacted in its 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:
13.  Notice on opening certain accounts.  A signature card or other document 
establishing a multiple-party account, as defined in Title 18-A, section 6-101, must 
contain a clear and conspicuous printed notice to the depositor that on the depositor's 
death the balance in the account will belong to the surviving party.
This subsection is repealed July 1, 2019.
Sec. 2.  9-B MRSA §427, sub-§13-A is enacted to read:
13-A.  Notice on opening certain accounts.  A signature card or other document 
establishing a multiple-party account, as defined in Title 18-C, section 6-201, must 
contain a clear and conspicuous printed notice to the depositor that on the depositor's 
death the balance in the account will belong to the surviving party.  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 must include for each party to the account the question, 
"Do you intend for the sum remaining upon your death to belong to the surviving party or 
parties? Yes or No." The question required by this subsection must be answered in 
writing on the form by each party to the account prior to opening the account. The answer 
provided on the form required by this subsection does not have any effect on any legal 
presumption or inference available in any civil or criminal matter.
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.