Bill Text: MI SB0567 | 2013-2014 | 97th Legislature | Introduced
Bill Title: Financial institutions; banks; written disclosure of rights of account holders; require for joint accounts. Amends 1999 PA 276 (MCL 487.11101 - 487.15105) by adding sec. 4103a.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Introduced - Dead) 2013-10-01 - Referred To Committee On Banking And Financial Institutions [SB0567 Detail]
Download: Michigan-2013-SB0567-Introduced.html
SENATE BILL No. 567
October 1, 2013, Introduced by Senators YOUNG, HOPGOOD and SCHUITMAKER and referred to the Committee on Banking and Financial Institutions.
A bill to amend 1999 PA 276, entitled
"Banking code of 1999,"
(MCL 487.11101 to 487.15105) by adding section 4103a.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 4103a. (1) If 1 or more persons apply to establish a
joint account at a bank, the bank 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
owners of the account continue as the owners of the account and
continue to have access to the money in the account.
(d) That money in a joint account may be subject to the claims
of creditors of any joint account holder.
(2) A bank may include the disclosure and acknowledgment
described in subsection (1) in a separate document, or as part of
another document the bank provides to or requires from the account
holders in connection with a joint account. If a minor is a joint
account holder, the bank may deliver the disclosure to an adult
acting on behalf of the minor.
Enacting section 1. This amendatory act takes effect 1 year
after the date it is enacted into law.
