Bill Text: MI SB0084 | 2011-2012 | 96th Legislature | Introduced
Bill Title: Financial institutions; banks; overdraft fees; regulate. Amends 1999 PA 276 (MCL 487.11101 - 487.15105) by adding sec. 4101a.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2011-01-27 - Referred To Committee On Banking And Financial Institutions [SB0084 Detail]
Download: Michigan-2011-SB0084-Introduced.html
SENATE BILL No. 84
January 27, 2011, Introduced by Senators WHITMER, HUNTER, GLEASON, HOPGOOD and ANDERSON 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 4101a.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 4101a. (1) A bank shall not charge an account holder more
than 1 overdraft fee in any 24-hour period.
(2) A bank shall publish on an internet website available to
the public the amount of its overdraft fees and the criteria it
uses to determine the amount of its overdraft fees.
(3) If a bank receives more than 1 item to charge to an
account of a customer on the same banking day, the bank shall
charge the smallest item to the account first and charge each
additional item to the account in order by amount, from smallest to
largest.
(4) As used in this section:
(a) "Banking day" means that term as defined in section 4104
of the uniform commercial code, 1962 PA 174, MCL 440.4104.
(b) "Item" means that term as defined in section 4104 of the
uniform commercial code, 1962 PA 174, MCL 440.4104.
(c) "Overdraft fee" means any fee or charge imposed in
connection with an account on which a check or other debit is paid
by the bank in which that account is held even though there are
insufficient funds in the account to cover that check or other
debit.
