MI HB4625

Requires savings and loan associations to provide written disclosure to each joint account holder before opening the account explaining that each holder owns the money and has authority to deposit or withdraw funds at any time.

Mandates disclosure inform account holders that if they intend beneficiaries to receive money only upon death, other account types are available that do not allow beneficiary access during the account holder's lifetime.

Requires each joint account holder to sign and deliver a written acknowledgment to the association confirming they have read and understand the required disclosure.

Permits associations to include the required disclosure and acknowledgment on or with any signature card required from joint account holders in connection with the account.