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MI SB0086
Bill
Status
1/27/2011
Primary Sponsor
Gretchen Whitmer
Click for details
AI Summary
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Limits savings banks to charging no more than 1 overdraft fee per account holder in any 24-hour period.
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Requires savings banks to publicly post on their internet websites the amount of overdraft fees and the criteria used to determine those fees.
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Mandates that when multiple items are charged to an account on the same banking day, the bank must process them from smallest to largest amount.
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Defines "banking day," "item," and "overdraft fee" by reference to the Uniform Commercial Code and related state law.
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
1/27/2011