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MI HB5030
Bill
Status
10/1/2013
Primary Sponsor
Winnie Brinks
Click for details
AI Summary
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Requires credit unions to provide written disclosure to all proposed joint account holders describing their rights and responsibilities before establishing the account.
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Mandates disclosure that each account holder owns the money in the joint account and has authority to deposit or withdraw any or all funds.
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Requires notification that surviving account holders retain ownership and access to funds if a joint owner dies, and that joint account funds may be subject to creditors' claims against any account holder.
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Allows credit unions to include the required disclosure in a separate document or as part of other account-related documents, with delivery to an adult representative if a minor is an account holder.
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Takes effect 1 year after enactment.
Legislative Description
Financial institutions; credit unions; written disclosure of rights of account holders; require for joint accounts. Amends 1968 PA 41 (MCL 490.51 - 490.65) by adding sec. 14b.
Consumer credit, other
Last Action
Printed Bill Filed 10/02/2013
10/2/2013