March 18, 2009, Introduced by Reps. Valentine, Liss, Bledsoe, Geiss, Robert Jones, Scripps, Switalski, Tlaib, Roberts, Slavens, Lisa Brown, Barnett, Bauer and Neumann 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) If 1 or more customers apply to establish a
joint account at a bank, the bank shall do all of the following
before opening the account:
(a) Provide each joint account holder with the following
disclosure in writing:
"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, there are other types of
accounts available.".
(b) Require that each joint account holder sign and deliver to
the bank a written acknowledgment that the account holder has read
and understands the disclosure described in subdivision (a).
(2) A bank may include the disclosure and acknowledgment
described in subsection (1) on or with any signature card required
by the bank from the joint account holders in connection with an
account.