SENATE BILL NO. 749


   September 28, 1999, Introduced by Senators STEIL, MILLER and 
        SHUGARS and referred to the Committee on Banking and 
        Financial Institutions.



        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:

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

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

 3    any of the following:

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

 5    trust companies, state or federal savings and loan associations,

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

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

 8    of the federal government.

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

10    United States.




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

 2    1202(B) of the banking code of  1969, Act No. 319 of the
             Public

 3     Acts of 1969, being section 487.305 of the Michigan Compiled

 4     Laws  1999, MCL 487.11202, located in this state.

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

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

 7    resentatives  which  THAT are not branches of the
             organization

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

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

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

11         Enacting section 1.  This amendatory act does not take

12    effect unless Senate Bill No. 745

13                           of the 90th Legislature is enacted into

14    law.





























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