Loading chat...
MI HB5031
Bill
Status
10/1/2013
Primary Sponsor
Tom Cochran
Click for details
AI Summary
-
Requires savings banks to provide written disclosure to all applicants establishing a joint account regarding ownership rights and account access.
-
Mandates disclosure that each joint account holder owns the money in the account and has authority to deposit or withdraw any or all funds.
-
Requires disclosure that upon death of one owner, remaining owners continue as account owners with access to all funds.
-
Requires disclosure that joint account funds may be subject to claims from creditors of any joint account holder.
-
Allows savings banks to include disclosures in a separate document or as part of other account documents, with delivery to adult representatives for minor account holders; takes effect 1 year after enactment.
Legislative Description
Financial institutions; savings banks; written disclosure of rights of account holders; require for joint accounts. Amends 1996 PA 354 (MCL 487.3101 - 487.3804) by adding sec. 435.
Consumer credit, other
Last Action
Printed Bill Filed 10/02/2013
10/2/2013