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MI HB4743

Bill

Official Source

Status

Passed

7/14/2009

Primary Sponsor

Brian Calley

Click for details

Origin

House of Representatives

95th Legislature

AI Summary

  • Amends section 4205 of the Michigan Banking Code (1999 PA 276) regarding bad debt write-off requirements for banks
  • Requires banks to charge off unsecured portions of debt to their allowance for loan and lease losses if interest remains past due and unpaid for 12 months
  • Excludes debts that constitute claims against solvent estates in probate from this charge-off requirement
  • Effective date: July 2, 2009

Legislative Description

Financial institutions; banks; time period for writing off certain bad debt; modify. Amends sec. 4205 of 1999 PA 276 (MCL 487.14205).

Financial institutions, banks

Last Action

Assigned Pa 59'09 With Immediate Effect

7/14/2009

Committee Referrals

Banking & Financial Institutions4/22/2009
Banking And Financial Services3/31/2009

Full Bill Text

No bill text available