HOUSE BILL No. 5334


     February 9, 2000, Introduced by Rep. Patterson and referred to the Committee on Insurance and Financial Services.


        A bill to amend 1960 PA 136, entitled

   "Sale of checks act,"

   by amending section 4 (MCL 487.904), as amended by 1990 PA 81.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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           Sec. 4.  (1) Except as otherwise provided in this act, this

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      act  shall  DOES not apply to the sale or issuance of checks by

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      any of the following:

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           (a) State or national banks, state or federal credit unions,

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      trust companies, state or federal savings and loan associations,

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      and state or federal stock or mutual savings banks whose princi-

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      pal office is located in this state and is insured by an agency

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      of the federal government.

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           (b) The United States or any department or agency of the

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      United States.




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           (c) A foreign bank agency, as defined by section  5(l) 

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      1202(B) of the banking code of  1969, Act No. 319 of the Public

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      Acts of 1969, being section 487.305 of the Michigan Compiled

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      Laws  1999, MCL 487.11202, located in this state.

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           (2) An organization described in subsection (1)(a)  which 

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      THAT sells or issues checks through or by means of agents or rep-

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      resentatives  which  THAT are not branches of the organization

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      shall comply with section 10(2) and section 10a(6) for checks

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      sold through the agents or representatives.  The agents or repre-

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      sentatives shall comply with section 10a(1), (2), (3), and (5).

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           Enacting section 1.  This amendatory act does not take

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      effect unless Senate Bill No. _____ or House Bill No. _____

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      (request no. 02983'99) of the 90th Legislature is enacted into

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      law.





























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