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MI SB0778

Bill

Official Source

Status

Introduced

8/27/2009

Primary Sponsor

Randy Richardville

Click for details

Origin

Senate

95th Legislature

AI Summary

  • Amends the Banking Code of 1999 to add Section 4103a regarding bank errors in dispensing money from customer accounts
  • Requires banks to notify account holders within 48 hours when the bank debits or withdraws money to correct a prior dispensing error
  • Applies to all account holders when a bank makes a corrective withdrawal from their account
  • Establishes a mandatory notification timeline to ensure customers are informed of bank-initiated corrections to their accounts

Legislative Description

Financial institutions; banks; notice of withdrawal from account to correct error by bank; require within 48 hours of withdrawal. Amends 1999 PA 276 (MCL 487.11101 - 487.15105) by adding sec. 4103a.

Consumer protection, other

Last Action

Referred To Committee On Banking And Financial Institutions

8/27/2009

Committee Referrals

Banking & Financial Institutions8/27/2009

Full Bill Text

No bill text available