SB-0456, As Passed Senate, November 3, 2011
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
(a) That each account holder is the owner of the money in a
(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.>>