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MI HB4749

Bill

Official Source

Status

Passed

7/14/2009

Primary Sponsor

Ed Clemente

Click for details

Origin

House of Representatives

95th Legislature

AI Summary

  • Overdrafts existing for 90 days must be charged off to the savings bank's profit and loss account at the expiration of that period
  • Directors and executive officers of savings banks are prohibited from knowingly overdrawing their own accounts
  • Interest on debts held by a savings bank that is past due and unpaid for 12 months must be charged off to the allowance for loan and lease losses, except for portions that are well secured or constitute claims against solvent estates in probate
  • Effective date: July 2, 2009

Legislative Description

Financial institutions; savings banks; time period for writing off certain bad debt; modify. Amends sec. 512 of 1996 PA 354 (MCL 487.3512).

Financial institutions, savings banks

Last Action

Assigned Pa 58'09 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