SENATE BILL No. 567

 

 

October 1, 2013, Introduced by Senators YOUNG, HOPGOOD and SCHUITMAKER and referred to the Committee on Banking and Financial Institutions.

 

 

 

     A bill to amend 1999 PA 276, entitled

 

"Banking code of 1999,"

 

(MCL 487.11101 to 487.15105) by adding section 4103a.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 4103a. (1) If 1 or more persons apply to establish a

 

joint account at a bank, the 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 bank may include the disclosure and acknowledgment

 

described in subsection (1) in a separate document, or as part of

 

another document the bank provides to or requires from the account

 

holders in connection with a joint account. If a minor is a joint

 

account holder, the 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.