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MI HB5836
Bill
Status
12/31/2012
Primary Sponsor
Nancy Jenkins-Arno
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AI Summary
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Amends the 1978 electronic funds transfer terminal act to revise definitions of "branch" for federal savings and loan associations to reference the federal home loan bank act regulations (12 USC 1421 to 1449) instead of outdated citations
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Clarifies that "branch" for federal savings and loan associations excludes mobile facilities, satellite offices, and agencies established after January 1, 1979
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Updates cross-references to the banking code of 1999 and the credit union act of 2003 for definitions of "bank" and "branch" across state banks, credit unions, and federal credit unions
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Defines "consumer finance company" as a licensee under the regulatory loan act (1939 PA 21, MCL 493.1 to 493.24)
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Takes effect December 31, 2012, and is contingent on the enactment of House Bill No. 5835
Legislative Description
Financial institutions; savings and loan associations; electronic funds transfer terminal statute; revise citations to savings and loan act. Amends sec. 2 of 1978 PA 322 (MCL 488.2). TIE BAR WITH: HB 5835'12
Financial institutions, generally
Last Action
Assigned Pa 449'12 With Immediate Effect 2012 Addenda
12/31/2012