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MI SB1535
Bill
Status
9/29/2010
Primary Sponsor
Gretchen Whitmer
Click for details
AI Summary
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Limits savings and loan associations to charging a maximum of one overdraft fee per account holder in any 24-hour period.
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Requires associations to publish their overdraft fee amounts and the criteria used to determine those fees on a publicly available internet website.
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Mandates associations process multiple items charged to an account on the same banking day by amount, from smallest to largest, to minimize overdraft fees.
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Defines key terms including "banking day," "item," and "overdraft fee" by reference to the Uniform Commercial Code (MCL 440.4104).
Legislative Description
Financial institutions; savings and loan associations; overdraft fees; regulate. Amends 1980 PA 307 (MCL 491.102 - 491.1202) by adding sec. 601.
Consumer credit, other
Last Action
Referred To Committee On Banking And Financial Institutions
9/29/2010