Bill Text: MI HB5031 | 2013-2014 | 97th Legislature | Introduced

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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 28-0)

Status: (Introduced - Dead) 2013-10-02 - Printed Bill Filed 10/02/2013 [HB5031 Detail]

Download: Michigan-2013-HB5031-Introduced.html

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HOUSE BILL No. 5031

 

October 1, 2013, Introduced by Reps. Cochran, Lane, Roberts, Schor, Singh, Dillon, Lamonte, Slavens, Faris, Smiley, Stallworth, Knezek, Driskell, Geiss, LaVoy, Brunner, Stanley, Brown, Segal, Kandrevas, McCann, Zemke, Banks, Irwin, Brinks, Kivela, Abed and Oakes and referred to the Committee on Financial Services.

 

     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 persons apply to establish a joint

 

account at a savings bank, the savings 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 savings bank may include the disclosure and

 

acknowledgment described in subsection (1) in a separate document,

 

or as part of another document the savings bank provides to or

 

requires from the account holders in connection with a joint

 

account. If a minor is a joint account holder, the savings 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.