MI SB0085

Limits associations to charging no more than 1 overdraft fee per account holder in any 24-hour period.

Requires associations to publish overdraft fee amounts and criteria for determining fees on a publicly available internet website.

Mandates that when multiple items are charged to an account on the same banking day, they be processed from smallest to largest amount to minimize overdraft fees.

Defines "banking day," "item," and "overdraft fee" by reference to the Uniform Commercial Code and specifies that overdraft fees apply when checks or debits are paid despite insufficient account funds.