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MI SB0604
Bill
AI Summary
- Requires banks to provide written disclosure to all proposed account holders when establishing a joint account
- Disclosure must inform each account holder that they own the money in the joint account and have authority to deposit or withdraw any or all funds
- Disclosure must explain that upon death of one owner, surviving owners continue as owners with continued access to account funds
- Banks may include the required disclosure in a separate document or as part of other account documentation provided to holders
- If a minor is a joint account holder, banks may deliver the disclosure to an adult acting on the minor's behalf
Legislative Description
Financial institutions; banks; written disclosure of rights of account holders; require for joint accounts. Amends 1999 PA 276 (MCL 487.11101 - 487.15105) by adding sec. 4103a.
Consumer credit, other
Last Action
Referred To Committee On Banking And Financial Services
11/3/2011
Committee Referrals
Banking And Financial Services11/3/2011
Families, Seniors And Human Services10/11/2011
Banking & Financial Institutions9/7/2011
Full Bill Text
No bill text available