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 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. If a 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 bank shall within 48
hours inform each account holder of that debit or withdrawal.