MI HB6529

Establishes the "Joint Account Responsibility Act" requiring regulated financial institutions to provide written disclosures to all joint account holders before opening a joint account.

Mandates institutions inform account holders that each joint account holder owns the money and has authority to deposit or withdraw funds at any time, and inform them of alternative account types with beneficiary designations.

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

Allows institutions to include the required disclosure and acknowledgment on signature cards used for account opening.

Authorizes the Commissioner of Financial and Insurance Regulation to impose civil fines of up to $100 per violation and recover investigation costs from violating institutions.