August 27, 2009, Introduced by Senators RICHARDVILLE, OLSHOVE, ANDERSON, WHITMER and PRUSI and referred to the Committee on Banking and Financial Institutions.
A bill to amend 1980 PA 307, entitled
"Savings and loan act of 1980,"
(MCL 491.102 to 491.1202) by adding section 629.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 629. If an association that made an error in dispensing
money from a customer's account subsequently debits or withdraws
money from the account to correct the error, the association shall
within 48 hours inform each account holder of that debit or
withdrawal.