MI SB1282

Adds a new subsection (3) limiting treble damages claims against qualified depository institutions when stolen, embezzled, or converted property is deposited in an account at the institution, unless the institution had actual knowledge of the theft or was grossly negligent in servicing the account.

Defines "qualified depository institution" as a bank, savings and loan association, savings bank, or credit union that is chartered or organized under state or federal law and whose deposits or share accounts are insured by a U.S. government agency.

Preserves the existing right to recover three times actual damages plus costs and reasonable attorney fees for theft, embezzlement, property conversion, or receiving stolen property with knowledge of its status.

Allows persons who suffer damages from stolen or embezzled property to still pursue triple damages claims against qualified depository institutions if the institution had actual knowledge of the theft or was grossly negligent in account servicing.

Maintains that treble damages remedies under the section remain in addition to any other legal remedies available to the person.