March 31, 2009, Introduced by Rep. Clemente and referred to the Committee on Banking and Financial Services.
A bill to amend 1996 PA 354, entitled
"Savings bank act,"
by amending section 512 (MCL 487.3512).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 512. (1) An overdraft existing for 90 days shall be
charged off to the profit and loss account of the savings bank at
the expiration of that time.
(2) A director or executive officer of a savings bank shall
not knowingly overdraw his or her account.
(3) All debts due to a savings bank on which interest is past
due
and unpaid for a period of 6 12
months, unless the debts are
well secured and in process of collection or the debts constitute
claims against solvent estates in probate, shall be charged off to
the reserve for bad debts or the profit and loss account of the
savings bank at the expiration of that time.