March 31, 2009, Introduced by Reps. Booher, Horn, Caul, Wayne Schmidt, Calley, Lahti, Hansen, Kowall, Rogers and Coulouris and referred to the Committee on Banking and Financial Services.
A bill to amend 1999 PA 276, entitled
"Banking code of 1999,"
by amending section 4205 (MCL 487.14205).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 4205. Unless a debt is well secured and in process of
collection or the debt constitutes a claim against a solvent estate
in probate, a debt due to a bank on which interest is past due and
unpaid
for a period of 6 12 months shall be charged off to the
allowance for loan and lease losses of the bank.