Bill Text: MI HB6186 | 2021-2022 | 101st Legislature | Engrossed

Michigan House Bill 6186 (Prior Session Legislation)

Bill Title: Financial institutions: banks; authority to close certain banks and savings and loan association definitions; modify. Amends secs. 2 & 3 of 1978 PA 232 (MCL 487.942 & 487.943).

Spectrum: Partisan Bill (Republican 15-0)

Status: (Engrossed - Dead) 2022-09-27 - Referred To Committee On Oversight [HB6186 Detail]

Download: Michigan-2021-HB6186-Engrossed.html

Substitute For

HOUSE BILL NO. 6186

A bill to amend 1978 PA 232, entitled

"An act to permit financial institutions to suspend business in the event of an existing or impending emergency; to prescribe the powers and duties of financial institution officers and certain state agencies and officials; and to declare the legal effect of the suspensions of business authorized by this act,"

by amending sections 2 and 3 (MCL 487.942 and 487.943), as amended by 2006 PA 134.

the people of the state of michigan enact:

Sec. 2. (1) The Through December 31, 2022, the commissioner may authorize or order a financial institution to close an office or offices if the commissioner determines that the action is required because an emergency exists or may be impending. The office or offices closed shall remain closed until the commissioner determines that the emergency is ended and authorizes or orders the financial institution to open the office or offices. The commissioner shall promptly advise the governor of the issuance of a determination under this subsection.

(2) The commissioner may authorize a financial institution to close on a day designated by proclamation of the president of the United States or the governor of this state as a day of national mourning, rejoicing, or other special observance.

Sec. 3. If the commissioner has not made a determination under section 2(1) and the chief executive officer of a financial institution or another officer designated by the financial institution for purposes of this act determines that an emergency exists or is impending, the that officer may order that an office or offices of the financial institution be closed or not open.