MI HB4623

Requires credit unions to provide written disclosure to each account holder before opening a multiple-party (joint) account explaining that each holder owns the money and can deposit or withdraw funds at any time.

Disclosure must inform account holders that if they intend beneficiaries to receive funds only upon death, other account types are available that restrict access during their lifetime.

Requires each account holder to sign a written acknowledgment confirming they have read and understand the joint account disclosure before the account opens.

Allows credit unions to include the required disclosure and acknowledgment on or with any signature card already required from account holders for multiple-party accounts.