MI SB0605

Requires savings and loan associations to provide written disclosure to all proposed joint account holders explaining ownership rights and account access.

Mandates associations disclose that each joint account holder owns the money in the account and has authority to deposit or withdraw any or all funds.

Mandates associations disclose that if one joint account owner dies, the remaining owner(s) continue as owners of the account with continued access to the money.

Allows associations to include the required disclosure and acknowledgment in a separate document or as part of another account-related document provided to account holders.

Permits associations to deliver disclosure to an adult acting on behalf of a minor joint account holder.