HB-4743, As Passed House, April 21, 2009

 

 

 

 

 

 

 

 

 

 

SUBSTITUTE FOR

 

HOUSE BILL NO. 4743

 

 

 

 

 

 

 

 

 

     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 if the interest on a debt

 

held by a bank is past due and unpaid for a period of 6 12 months,

 

shall be charged the bank shall charge off to the its allowance for

 

loan and lease losses of the bank the portion of the debt that is

 

not well secured.