governing special bank and credit union deposits.

HB 1502 establishes a new "Uniform Special Deposits Act" to regulate funds held by banks and credit unions for specific, contingent purposes. The law requires written agreements (account agreements) specifying the purpose, beneficiaries, and triggering events (contingencies), such as escrow for property sales or security deposits. Banks must pay beneficiaries only after a defined event occurs and the bank has actual or implied knowledge of it, preventing premature access to funds. This directly affects banks, credit unions, and their customers using specialized accounts like escrow, security deposits, or future benefit distributions.