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MI SB1056

Bill

Official Source

Status

Introduced

5/26/2022

Primary Sponsor

Adam Hollier

Click for details

Origin

Senate

101st Legislature

AI Summary

  • Allows domestic credit union members to designate an account as inactive, with account holders retaining membership but losing membership privileges.

  • Requires all individuals whose membership is based on a multi-member account to agree to the inactive designation.

  • Prohibits credit unions from charging fees on inactive accounts.

  • Changes the timeframe for removing inactive status from 3 years to the time period prescribed in the Uniform Unclaimed Property Act (MCL 567.221 to 567.265).

  • Requires credit unions to deliver unclaimed funds to the Department of Treasury under the Uniform Unclaimed Property Act and terminate membership if the inactive designation is not removed within the prescribed timeframe.

Legislative Description

Financial institutions: credit unions; designation of inactive account; allow under certain conditions. Amends sec. 355 of 2003 PA 215 (MCL 490.355).

State agencies (existing): insurance and financial services

Last Action

Referred To Committee On Insurance And Banking

5/26/2022

Committee Referrals

Insurance And Banking5/26/2022

Full Bill Text

No bill text available