Bill > SB0670

This bill amends the Financial Exploitation Prevention Act by updating definitions related to financial institutions and regulatory authorities. Specifically, the bill removes references to the Michigan Strategic Fund and replaces the definition of "financial institution" with a more comprehensive description that includes state and nationally chartered banks, savings and loan associations, savings banks, and credit unions whose deposits are insured by a U.S. government agency and that maintain an office in Michigan. The bill also makes minor technical changes by removing the phrase "any and" from descriptions of examination and enforcement authorities for various federal financial regulatory bodies like the National Credit Union Administration, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Federal Reserve System. Additionally, the bill updates a citation reference in the Comptroller of the Currency's authority section from "12 USC 1 to 5710" to "12 USC 1 to 5916". The bill is contingent on the passage of Senate Bill No. 631, which means it will only take effect if that companion bill becomes law.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0670