Bill Text: MI HB4622 | 2009-2010 | 95th Legislature | Introduced

---

Bill Title: Financial institutions; savings banks; written disclosure of rights of account holders; require for joint accounts. Amends 1996 PA 354 (MCL 487.3101 - 487.3804) by adding sec. 435.

Spectrum: Partisan Bill (Democrat 14-0)

Status: (Introduced - Dead) 2010-06-17 - Postponed Temporarily [HB4622 Detail]

Download: Michigan-2009-HB4622-Introduced.html

---

 

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE BILL No. 4622

 

March 18, 2009, Introduced by Reps. Polidori, Liss, Constan, Bledsoe, Geiss, Robert Jones, Scripps, Switalski, Tlaib, Roberts, Slavens, Barnett, Bauer and Neumann and referred to the Committee on Senior Health, Security, and Retirement.

 

     A bill to amend 1996 PA 354, entitled

 

"Savings bank act,"

 

(MCL 487.3101 to 487.3804) by adding section 435.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 435. (1) If 1 or more customers apply to establish a

 

joint account at a savings bank, the savings bank shall do all of

 

the following before opening the account:

 

     (a) Provide each joint account holder with the following

 

disclosure in writing:

 

     "A joint account means that each account holder is the owner

 

of the money in this account. This means that you and each of the

 

other account holders have the authority to deposit or withdraw

 

money from this account at any time.

 

     If that is not your intention, you should not open this

 

account.

 

     If it is your intention that the other account holder or

 

account holders receive the money in the account only when you die,

 

there are other types of accounts available that designate other

 

individuals as beneficiaries of the account and do not allow them

 

access to the money in the account during your lifetime.

 

     If it is your intention to open an account that designates 1

 

or more individuals as beneficiaries of your account when you die,

 

and not to create a joint account, there are other types of

 

accounts available.".

 

     (b) Require that each joint account holder sign and deliver to

 

the savings bank a written acknowledgment that the account holder

 

has read and understands the disclosure described in subdivision

 

(a).

 

     (2) A savings bank may include the disclosure and

 

acknowledgment described in subsection (1) on or with any signature

 

card required by the savings bank from the joint account holders in

 

connection with an account.