February 13, 2008, Introduced by Reps. Valentine, Bieda, Miller, Robert Jones, Constan, LeBlanc, Moss, Vagnozzi, Alma Smith, Melton, Clemente, Hammel, Polidori, Brown, Young, Ebli, Cushingberry, Bauer, Leland, Jackson, Johnson, Sak, Hopgood, Corriveau, Angerer, Caul, Hammon, Tobocman, Warren, Espinoza, Mayes, Spade, Gonzales, Bennett, Griffin, Lemmons, Wojno, Dean, Byrnes, Byrum, McDowell, Lahti, Sheltrown, Condino, Kathleen Law, Donigan, Rick Jones, Brandenburg, Wenke, Emmons, Shaffer and Huizenga and referred to the Committee on Senior Health, Security, and Retirement.
A bill to amend 1999 PA 276, entitled
"Banking code of 1999,"
(MCL 487.11101 to 487.15105) by adding section 4103b.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 4103b. (1) When 1 or more customers establish a joint
account at a bank, the bank shall provide to each joint account
holder a written summary of that account holder's rights and
responsibilities concerning use of the joint account.
(2) If the terms of a joint account described in subsection
(1) will allow each account holder to withdraw all of the money in
the account without notice to or consent of any other account
holders, and provide that the surviving account holders will become
the owners of that account when an account holder dies, then, in
addition to the written summary described in subsection (1), the
bank shall do all of the following before opening the account:
(a) Provide each account holder in writing with the following
disclosure:
"A joint account means that each account holder is the owner
of the money in this account. This means that you and each of the
other account holders have the authority to deposit or withdraw
money from this account at any time.
If that is not your intention, you should not open this
account.
If it is your intention that the other account holder or
account holders receive the money in the account only when you die,
there are other types of accounts available that designate other
individuals as beneficiaries of the account and do not allow them
access to the money in the account during your lifetime.
If it is your intention to open an account that designates 1
or more individuals as beneficiaries of your account when you die,
and not to create a joint account, please let us know.".
(b) Read the disclosure described in subdivision (a) to each
account holder.
(c) Require each account holder to sign and deliver to the
bank an acknowledgment that the bank has complied with its
obligations under this subsection.