Loading chat...
MI SB0565
Bill
AI Summary
-
Requires credit unions to provide written disclosure to all proposed account holders when establishing a joint account, detailing the rights and responsibilities associated with such accounts
-
Mandates disclosure that each joint account holder owns the money in the account and has authority to deposit or withdraw any or all funds without restriction
-
Requires notification that upon death of one joint account holder, surviving owners retain full ownership and access to all account funds
-
Requires disclosure that joint account funds may be subject to claims from creditors of any joint account holder
-
Allows credit unions to include the required disclosure in a separate document or as part of other account-related documents, with disclosure delivered to an adult representative if a minor is involved
-
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
Referred To Committee On Banking And Financial Institutions
10/1/2013