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MI SB0781

Bill

Official Source

Status

Introduced

8/27/2009

Primary Sponsor

Randy Richardville

Click for details

Origin

Senate

95th Legislature

AI Summary

  • Requires savings banks to notify account holders within 48 hours when the bank debits or withdraws money from an account to correct a dispensing error
  • Applies to any situation where a savings bank made an error in dispensing money from a customer's account
  • Mandates that each account holder must be informed of the debit or withdrawal correction
  • Amends the 1996 Savings Bank Act (MCL 487.3101 to 487.3804) by adding Section 435

Legislative Description

Financial institutions; savings banks; notice of withdrawal to correct error by savings bank; require within 48 hours of withdrawal. Amends 1996 PA 354 (MCL 487.3101 - 487.3804) by adding sec. 435.

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