The NC General Assembly is in the final stages of passing Senate Bill 595 (Various Revenue Laws Changes). The 58-page bill largely aligns state tax law with the federal “One, Big, Beautiful Bill Act” (H.R. 1) passed last year. For banks, the most significant provisions appear in Part XIII (pages 44–52), focused on protecting older and disabled adults and updating savings bank laws. These provisions are modeled on H 754, drafted by the bankers association last year and filed at our request.

The provisions:

• Modernize NC savings bank laws to better align with those governing commercial banks
• Allow financial institutions to delay or refuse transactions when financial exploitation of a disabled or older adult (65+) is suspected
• Apply to accounts owned by, or benefiting, such individuals

Institutions may pause transactions for 30 business days, with a possible 30-business-day extension. The bill also permits notifying a trusted contact if financial exploitation is suspected.

The Senate has approved the bill, and the House has one remaining vote before sending it to Governor Josh Stein. If signed, these provisions will take immediate effect.

Author: sdbrownlow

Student of Design