Subsection 1: Opening and closing the Livret jeune.

The Livret Jeune may be opened in credit institutions approved for this purpose under the conditions set out in article R. 221-98.

When applying to open a Livret Jeune, the applicant declares on his or her honour that he or she does not already hold a Livret Jeune and that he or she meets the residence requirement set out in article L. 221-24. They must provide proof of the age requirement set out in the same article by producing any official French or foreign document or record establishing their date of birth….

When applying to open a Livret Jeune account, the applicant is informed by the institution or organisation that holds the account of the account’s operating procedures, in particular the consequences of failing to comply with the regulations. A written document containing this information is given to the applicant at the same time as the passbook.

Holders of youth passbooks must request closure of their accounts by 31 December of the year in which they turn 25 at the latest. Deposit-taking institutions are required to automatically close the accounts of holders who reach the age of twenty-five on 31 December. Amounts credited to a closed account are transferred to another account designated by the holder of the Livret Jeune or, failing that, to a suspense account,…

Failure by the holder to comply with the conditions set for opening the Livret Jeune will result in the closure of the account. In this case, the custodian institution or organisation will apply the provisions of the second paragraph of article R. 221-79.

When, pursuant to the second paragraph of article L. 221-26, the competent administrative authority intends to penalise an infringement of the rules laid down by this article by forfeiting the interest on the passbook, it shall notify this intention, stating the reasons, by registered letter with acknowledgement of receipt to the holder of the youth passbook concerned and, where applicable, to his legal representative, in such a way as to…

The competent administrative authority referred to in article R. 221-81 is the Minister for the Economy.