HOUSE BILL No. 4587


     April 9, 1997, Introduced by Reps. Mans, Parks, Hanley, Agee, Hale, Wojno, Stallworth, Bogardus, Rison, Kilpatrick, Schermesser and Kaza and referred to the Committee on Commerce.


        A bill to amend 1978 PA 53, entitled

   "Statutory joint account act,"

   by amending section 4 (MCL 487.714).

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 1         Sec. 4.  (a) "Financial institution" means a  bank or trust

 2     company  STATE OR NATIONALLY CHARTERED BANK, SAVINGS AND LOAN

 3    ASSOCIATION, SAVINGS BANK, OR CREDIT UNION WHOSE DEPOSITS ARE

 4    INSURED BY AN AGENCY OF THE UNITED STATES GOVERNMENT AND WHICH

 5    MAINTAINS A PRINCIPAL OFFICE OR BRANCH OFFICE LOCATED IN MICHIGAN

 6    UNDER THE AUTHORITY OF THE LAWS OF MICHIGAN OR OF THE UNITED

 7    STATES.

 8         (b) "Person" means an individual, corporation, partnership,

 9     trust, fiduciary  ASSOCIATION, GOVERNMENTAL ENTITY, or any other

10    LEGAL entity.  capable of contracting. 




   01887'97 a *                                             SAT