October 1, 2013, Introduced by Senators YOUNG, HOPGOOD and SCHUITMAKER 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. (1) If 1 or more persons apply to establish a joint
account at a savings bank, the savings bank shall disclose all of
the following information to each of the proposed account holders
in writing:
(a) That each account holder is the owner of the money in a
joint account.
(b) That each joint account holder has the authority to
deposit or withdraw any or all of the money in a joint account.
(c) That if 1 of the owners of a joint account dies, the other
owners of the account continue as the owners of the account and
continue to have access to the money in the account.
(d) That money in a joint account may be subject to the claims
of creditors of any joint account holder.
(2) A savings bank may include the disclosure and
acknowledgment described in subsection (1) in a separate document,
or as part of another document the savings bank provides to or
requires from the account holders in connection with a joint
account. If a minor is a joint account holder, the savings bank may
deliver the disclosure to an adult acting on behalf of the minor.
Enacting section 1. This amendatory act takes effect 1 year
after the date it is enacted into law.