Bill Text: MI HB4749 | 2009-2010 | 95th Legislature | Engrossed
Bill Title: Financial institutions; savings banks; time period for writing off certain bad debt; modify. Amends sec. 512 of 1996 PA 354 (MCL 487.3512).
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2009-07-14 - Assigned Pa 58'09 With Immediate Effect [HB4749 Detail]
Download: Michigan-2009-HB4749-Engrossed.html
HB-4749, As Passed House, April 21, 2009
SUBSTITUTE FOR
HOUSE BILL NO. 4749
A bill to amend 1996 PA 354, entitled
"Savings bank act,"
by amending section 512 (MCL 487.3512).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 512. (1) An overdraft existing for 90 days shall be
charged off to the profit and loss account of the savings bank at
the expiration of that time.
(2) A director or executive officer of a savings bank shall
not knowingly overdraw his or her account.
(3)
All debts due to a savings bank on which interest Unless a
debt constitutes a claim against a solvent estate in probate, if
the interest on a debt held by a savings bank is past due and
unpaid
for a period of 6 12 months, unless the debts are well
secured
and in process of collection or the debts constitute claims
against
solvent estates in probate, shall be charged off to the
reserve
for bad debts or the profit and loss account of the savings
bank
at the expiration of that time the
savings bank shall charge
off to its allowance for loan and lease losses the portion of the
debt that is not well secured.
