MI HB5032

Banks must provide written disclosure to all proposed account holders when establishing a joint account, including information about ownership rights and account access.

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 surviving account holders retain ownership and access to account funds if another account holder dies.

Disclosure must notify account holders that joint account funds may be subject to creditors' claims against any joint account holder.

Banks may include the disclosure in a separate document or combine it with other account documentation; disclosures for minor account holders may be delivered to an adult acting on their behalf; the law takes effect 1 year after enactment.