Bill Text: MI SB0780 | 2009-2010 | 95th Legislature | Introduced

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Bill Title: Financial institutions; savings and loan associations; notice of withdrawal from account to correct error by association; require within 48 hours of withdrawal. Amends 1980 PA 307 (MCL 491.102 - 491.1202) by adding sec. 629.

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Introduced - Dead) 2009-08-27 - Referred To Committee On Banking And Financial Institutions [SB0780 Detail]

Download: Michigan-2009-SB0780-Introduced.html

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SENATE BILL No. 780

 

 

August 27, 2009, Introduced by Senators RICHARDVILLE, OLSHOVE, ANDERSON, WHITMER and PRUSI and referred to the Committee on Banking and Financial Institutions.

 

 

 

     A bill to amend 1980 PA 307, entitled

 

"Savings and loan act of 1980,"

 

(MCL 491.102 to 491.1202) by adding section 629.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 629. If an association 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 association shall

 

within 48 hours inform each account holder of that debit or

 

withdrawal.