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MI SB1536
Bill
Status
9/29/2010
Primary Sponsor
Gretchen Whitmer
Click for details
AI Summary
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Limits savings banks to charging no more than one overdraft fee per account holder in any 24-hour period
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Requires savings banks to publish overdraft fee amounts and the criteria used to determine those fees on a publicly available website
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Mandates that when multiple items are charged to an account on the same banking day, the bank must process them smallest to largest amount 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 banks; overdraft fees; regulate. Amends 1996 PA 354 (MCL 487.3101 - 487.3804) by adding sec. 401a.
Consumer credit, other
Last Action
Referred To Committee On Banking And Financial Institutions
9/29/2010