SB-0604, As Passed Senate, November 3, 2011

SUBSTITUTE FOR

SENATE BILL NO. 604

     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. (1) If 1 or more persons apply to establish a

joint account at a bank, the 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. 604 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 bank may include the disclosure and acknowledgment

described in subsection (1) in a separate document, or as part of

another document the bank provides to or requires from the account

holders in connection with a joint account. <<If a minor is a joint

account holder, the bank may deliver the disclosure to an adult acting on behalf of the minor.>>