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MI SB0779

Bill

Official Source

Status

Introduced

8/27/2009

Primary Sponsor

Alan Sanborn

Click for details

Origin

Senate

95th Legislature

AI Summary

  • Requires domestic credit unions to notify account holders within 48 hours if the credit union debits or withdraws money from an account to correct a dispensing error
  • Applies when a credit union has made an error in dispensing money from a customer's account and needs to correct it through a subsequent debit or withdrawal
  • Notification must be provided to each account holder affected by the corrective debit or withdrawal
  • Amends the Michigan Credit Union Act (2003 PA 215) by adding Section 413

Legislative Description

Financial institutions; credit unions; notice of withdrawal from account to correct error by credit union; require within 48 hours of withdrawal. Amends 2003 PA 215 (MCL 490.101 - 490.601) by adding sec. 413.

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