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MI SB0670
Bill
Status
Introduced
10/30/2025
Primary Sponsor
Thomas Albert
Click for details
AI Summary
- Amends the Financial Exploitation Prevention Act to update the definition of "financial institution" by removing the reference to the Michigan Strategic Fund Act
- Defines "financial institution" as a state or nationally chartered bank, savings and loan association, savings bank, or credit union with federally insured deposits and a Michigan office
- Makes technical changes removing the phrase "any and" from examination and enforcement authority provisions for various federal and state regulators
- Updates the statutory citation for Office of the Comptroller of the Currency authority from 12 USC 1 to 5710 to 12 USC 1 to 5916
- Takes effect only if Senate Bill No. 631 (which eliminates the Michigan Strategic Fund) is enacted into law
Legislative Description
Economic development: other; financial exploitation prevention act; amend to reflect elimination of the Michigan strategic fund. Amends sec. 3 of 2020 PA 344 (MCL 487.2083). TIE BAR WITH: SB 0631'25
Economic development: other
Last Action
Referred To Committee On Government Operations
10/30/2025
Committee Referrals
Government Operations10/30/2025
Full Bill Text
No bill text available