Bill Text: MI HB4743 | 2009-2010 | 95th Legislature | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Engrossed.html

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HB-4743, As Passed Senate, June 24, 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.