SB-0456, As Passed Senate, November 3, 2011

SUBSTITUTE FOR

SENATE BILL NO. 456

     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

Senate Bill No. 456 as amended November 3, 2011

owners of the account continue as the owners of the account and

continue to have access to the money in the account.

     (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.>>