MI SB0567

Requires banks to provide written disclosure to all proposed joint account holders before establishing the account covering four key points: ownership rights, withdrawal authority, survivorship rights upon death, and creditor claim exposure.

Specifies that each joint account holder owns the money in the account and has authority to deposit or withdraw any or all funds without restriction.

Clarifies that upon death of one owner, remaining owners continue as account owners with full access to funds.

Permits banks to include required disclosures in a separate document or combined with other account-related documents, with flexibility to deliver to an adult representative if a minor is a joint account holder.

Takes effect one year after enactment into law.