Bill Text: MI SB0778 | 2009-2010 | 95th Legislature | Introduced

---

Bill Title: Financial institutions; banks; notice of withdrawal from account to correct error by bank; require within 48 hours of withdrawal. Amends 1999 PA 276 (MCL 487.11101 - 487.15105) by adding sec. 4103a.

Spectrum: Moderate Partisan Bill (Democrat 8-1)

Status: (Introduced - Dead) 2009-08-27 - Referred To Committee On Banking And Financial Institutions [SB0778 Detail]

Download: Michigan-2009-SB0778-Introduced.html

---

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SENATE BILL No. 778

 

 

August 27, 2009, Introduced by Senators OLSHOVE, HUNTER, CHERRY, ANDERSON, SCOTT, BASHAM, PRUSI, RICHARDVILLE and WHITMER 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. If a bank that made an error in dispensing money

 

from a customer's account subsequently debits or withdraws money

 

from the account to correct the error, the bank shall within 48

 

hours inform each account holder of that debit or withdrawal.