Bill Text: MI SB0460 | 2011-2012 | 96th Legislature | Engrossed
Bill Title: Financial institutions; credit unions; written disclosure of rights of account holders; require for joint accounts. Amends 1968 PA 41 (MCL 490.51 - 490.65) by adding sec. 14b.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2011-11-03 - Referred To Committee On Banking And Financial Services [SB0460 Detail]
Download: Michigan-2011-SB0460-Engrossed.html
SB-0460, As Passed Senate, November 3, 2011
SUBSTITUTE FOR
SENATE BILL NO. 460
A bill to amend 1968 PA 41, entitled
"An act to regulate credit union multiple-party accounts; and to
repeal certain acts and parts of acts,"
(MCL 490.51 to 490.65) by adding section 14b.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 14b. (1) If 1 or more persons apply to establish a joint
account at a credit union, the credit union shall disclose all of
the following information to each of the proposed account holders
in writing:
(a) That each account holder is the owner of the money in a
joint account.
(b) That each joint account holder has the authority to
deposit or withdraw any or all of the money in a joint account.
(c) That if 1 of the owners of a joint account dies, the other
Senate Bill No. 460 as amended November 3, 2011
owners of the account continue as the owners of the account and
continue to have access to the money in the account.
(2) A credit union may include the disclosure and
acknowledgment described in subsection (1) in a separate document,
or as part of another document the credit union provides to or
requires from the account holders in connection with a joint
account. <<If a minor is a joint account holder, the credit union
may deliver the disclosure to an adult acting on behalf of the
minor.>>
(3) As used in this section, "joint account" means a multiple-
party account in the name of 2 or more individuals, each of whom
has an undivided right to the entire balance.
