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MI SB0780

Bill

Official Source

Status

Introduced

8/27/2009

Primary Sponsor

Randy Richardville

Click for details

Origin

Senate

95th Legislature

AI Summary

  • Adds section 629 to the Savings and Loan Act of 1980 (MCL 491.102 to 491.1202)
  • Requires savings and loan associations to notify account holders within 48 hours when the association debits or withdraws money from an account to correct a dispensing error
  • Applies when an association has made an error in dispensing money from a customer's account and must reverse the transaction

Legislative Description

Financial institutions; savings and loan associations; notice of withdrawal from account to correct error by association; require within 48 hours of withdrawal. Amends 1980 PA 307 (MCL 491.102 - 491.1202) by adding sec. 629.

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