MI SB0549

Amends MCL 440.4104 to define key banking terms including "account," "banking day," "clearing-house," "customer," "documentary draft," "item," and "midnight deadline" for uniform commercial code purposes.

Modifies MCL 440.4207 to establish warranties for customers and collecting banks that transfer items, including that the transferor is entitled to enforce the item, all signatures are authentic, and the item has not been altered.

Updates MCL 440.4208 to require warranties from those presenting unaccepted drafts to drawees, including that the presenter is entitled to enforce the draft and the signature of the purported drawer is not unauthorized.

Revises MCL 440.4212 to allow collecting banks to present items not payable by banks using a record providing notice, with presentation requirements and timeframes for acceptance or payment.

Amends MCL 440.4301 and 440.4403 to clarify payor bank settlement procedures, item return methods, stop-payment order procedures lasting 6 months, and requirements for closing accounts.