Bill Text: MI SB0388 | 2023-2024 | 102nd Legislature | Engrossed
Bill Title: Financial institutions: credit unions; designation of inactive account; allow under certain conditions. Amends sec. 355 of 2003 PA 215 (MCL 490.355).
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Passed) 2024-07-30 - Assigned Pa 0100'24 With Immediate Effect [SB0388 Detail]
Download: Michigan-2023-SB0388-Engrossed.html
SENATE BILL NO. 388
A bill to amend 2003 PA 215, entitled
"Credit union act,"
by amending section 355 (MCL 490.355), as amended by 2016 PA 152.
the people of the state of michigan enact:
Sec. 355. A domestic credit union may allow a member to designate an account on which his or her the member's membership is based as inactive. If the account is the basis for the membership of more than 1 individual, each individual must agree to the designation. While an account is inactive, the member involved shall retain his or her the member's membership but is not entitled to any of the privileges of membership. While an account is inactive, the domestic credit union shall not charge any fees to the account. The member who designated an account as inactive may remove the designation of inactive at any time. If the inactive designation is not removed within 3 years the time frame prescribed in the uniform unclaimed property act, 1995 PA 29, MCL 567.221 to 567.265, the domestic credit union shall deliver all money or other property in the account to the department of treasury as provided under the uniform unclaimed property act, 1995 PA 29, MCL 567.221 to 567.265, and terminate any membership based on the account.
