Missouri § 191.1607 - Financial institutions, requirements — no responsibility or liability, when.
Full text of Missouri Revised Statutes of Missouri § 191.1607 — Financial institutions, requirements — no responsibility or liability, when., with citation guidance and answers to common questions.
§ 191.1607. Financial institutions, requirements — no responsibility or liability, when.
1. No financial institution shall be required to:
(1) Designate an account as a long-term dignity savings account or designate the beneficiaries of an account in the financial institution's account contracts or systems or in any other way;
(2) Track the use of moneys withdrawn from a long-term dignity savings account; or
(3) Report any information to the department or any other governmental agency that is not otherwise required by law.
2. No financial institution shall be responsible or liable for:
(1) Determining or ensuring that an account holder is eligible for a tax deduction under section 143.1160;
(2) Determining or ensuring that moneys in the account are used for eligible expenses; or
(3) Reporting or remitting taxes or penalties related to use of moneys in a long-term dignity savings account.
3. In implementing sections 143.1160 and 191.1601 to 191.1607, the department shall not establish any administrative, reporting, or other requirements on financial institutions that are outside the scope of normal account procedures.
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(L. 2020 H.B. 1682)
---- end of effective 28 Aug 2020 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 191.1607
What does Revised Statutes of Missouri § 191.1607 cover?
Section 191.1607 ("Financial institutions, requirements — no responsibility or liability, when.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 191.1607?
A common citation format is "Revised Statutes of Missouri § 191.1607" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 191.1607 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.