HOUSE BILL No. 6375


     September 24, 2002, Introduced by Rep. O'Neil and referred to the Committee on Insurance and Financial Services.


        A bill to amend 1996 PA 354, entitled

   "Savings bank act,"

   by amending section 514 (MCL 487.3514), as added by 2002 PA 247.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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             Sec. 514.  (1) If a savings bank  is required to file a

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        transaction report under sections 5313 to 5318 of title 31 of the

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        United States Code, 31 U.S.C. 5313 to 5318  FILES A SUSPICIOUS

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        ACTIVITY REPORT WITH AN AGENCY OF THE FEDERAL GOVERNMENT, the

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        savings bank shall also within 24 hours file a copy of the

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         transaction  SUSPICIOUS ACTIVITY report with the department of

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        state police.

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             (2) THE SAVINGS BANK MAY FILE THE SUSPICIOUS ACTIVITY REPORT

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        AS REQUIRED UNDER SUBSECTION (1) IN ANY MANNER THAT IS ALLOWED BY

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        FEDERAL LAW OR REGULATION.




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             (3)  (2)  Except for a violation of sections 5313 to 5318 of

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        title 31 of the United States Code, 31 U.S.C. 5313 to 5318, a

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        savings bank or a director, officer, employee, or agent of the

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        savings bank is not liable in any civil or governmental action

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        for the filing of a copy of the  transaction  SUSPICIOUS ACTIVITY

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        report as required under subsection (1) or for the failure to

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        notify the account holder or any other person of the filing.










































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