August 27, 2009, Introduced by Senators OLSHOVE, HUNTER, CHERRY, ANDERSON, SCOTT, BASHAM, PRUSI, RICHARDVILLE and WHITMER and referred to the Committee on Banking and Financial Institutions.
A bill to amend 1996 PA 354, entitled
"Savings bank act,"
(MCL 487.3101 to 487.3804) by adding section 435.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 435. If a savings bank 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 savings bank shall
within 48 hours inform each account holder of that debit or
withdrawal.