Bill Text: MI SB0085 | 2011-2012 | 96th Legislature | Introduced
Bill Title: Financial institutions; savings and loan associations; overdraft fees; regulate. Amends 1980 PA 307 (MCL 491.102 - 491.1202) by adding sec. 601.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2011-01-27 - Referred To Committee On Banking And Financial Institutions [SB0085 Detail]
Download: Michigan-2011-SB0085-Introduced.html
SENATE BILL No. 85
January 27, 2011, Introduced by Senators WHITMER, HUNTER, GLEASON, HOPGOOD and ANDERSON 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 601.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 601. (1) An association shall not charge an account
holder more than 1 overdraft fee in any 24-hour period.
(2) An association shall publish on an internet website
available to the public the amount of its overdraft fees and the
criteria it uses to determine the amount of its overdraft fees.
(3) If an association receives more than 1 item to charge to
an account of a customer on the same banking day, the association
shall charge the smallest item to the account first and charge each
additional item to the account in order by amount, from smallest to
largest.
(4) As used in this section:
(a) "Banking day" means that term as defined in section 4104
of the uniform commercial code, 1962 PA 174, MCL 440.4104.
(b) "Item" means that term as defined in section 4104 of the
uniform commercial code, 1962 PA 174, MCL 440.4104.
(c) "Overdraft fee" means any fee or charge imposed in
connection with an account on which a check or other debit is paid
by the association in which that account is held even though there
are insufficient funds in the account to cover that check or other
debit.