Bill Text: MI HB4743 | 2009-2010 | 95th Legislature | Chaptered
Bill Title: Financial institutions; banks; time period for writing off certain bad debt; modify. Amends sec. 4205 of 1999 PA 276 (MCL 487.14205).
Spectrum: Moderate Partisan Bill (Republican 8-2)
Status: (Passed) 2009-07-14 - Assigned Pa 59'09 With Immediate Effect [HB4743 Detail]
Download: Michigan-2009-HB4743-Chaptered.html
Act No. 59
Public Acts of 2009
Approved by the Governor
July 1, 2009
Filed with the Secretary of State
July 2, 2009
EFFECTIVE DATE: July 2, 2009
STATE OF MICHIGAN
95TH LEGISLATURE
REGULAR SESSION OF 2009
Introduced by Reps. Booher, Horn, Caul, Wayne Schmidt, Calley, Lahti, Hansen, Kowall, Rogers and Coulouris
ENROLLED HOUSE BILL No. 4743
AN ACT to amend 1999 PA 276, entitled “An act to revise and codify the laws relating to banks, out-of-state banks, and foreign banks; to provide for their regulation and supervision; to prescribe the powers and duties of banks; to prescribe the powers and duties of certain state agencies and officials; to prescribe penalties; and to repeal acts and parts of acts,” by amending section 4205 (MCL 487.14205).
The People of the State of Michigan enact:
Sec. 4205. Unless a debt constitutes a claim against a solvent estate in probate, if the interest on a debt held by a bank is past due and unpaid for a period of 12 months, the bank shall charge off to its allowance for loan and lease losses the portion of the debt that is not well secured.
This act is ordered to take immediate effect.
Clerk of the House of Representatives
Secretary of the Senate
Approved
Governor
