Bill Text: MI SB0605 | 2011-2012 | 96th Legislature | Engrossed

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Bill Title: Financial institutions; savings and loan associations; written disclosure of rights of account holders; require for joint accounts. Amends 1980 PA 307 (MCL 491.102 - 491.1202) by adding sec. 629.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed - Dead) 2011-11-03 - Referred To Committee On Banking And Financial Services [SB0605 Detail]

Download: Michigan-2011-SB0605-Engrossed.html

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SB-0605, As Passed Senate, November 3, 2011

 

 

 

 

 

 

 

 

 

 

 

 

SUBSTITUTE FOR

 

SENATE BILL NO. 605

 

 

 

 

 

 

 

 

 

 

 

 

     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. (1) If 1 or more persons apply to establish a joint

 

account at an association, the association 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

 

Senate Bill No. 605 as amended November 3, 2011

 

owners of the account continue as the owners of the account and

 

continue to have access to the money in the account.

 

     (2) An association may include the disclosure and

 

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

 

or as part of another document the association provides to or

 

requires from the account holders in connection with a joint

 

account. <<If a minor is a joint account holder, the association may

deliver the disclosure to an adult acting on behalf of the minor.>>