HB-4582,As Passed House,May 22, 2003

HOUSE BILL No. 4582

April 29, 2003, Introduced by Reps. Wenke, Palsrok, Richardville, O'Neil, Lipsey and Bisbee and referred to the Committee on Commerce.

                                                                             A bill to amend 1925 PA 285, entitled                                             

"An act to provide for the organization, operation, and                     

supervision of credit unions; to provide for the conversion of a            

state credit union into a federal credit union or a credit union            

organized and supervised under the laws of any other state or               

territory of the United States or any other federally insured               

depository institution and for the conversion of a federal credit           

union or a credit union organized and supervised under the laws             

of any other state or territory of the United States or any other           

federally insured depository institution into a state credit                

union; and to provide for the merger of credit unions organized             

and supervised under the laws of this state, credit unions                  

organized and supervised under the laws of any other state or               

territory of the United States, and federal credit unions,"                 

by amending section 16c (MCL 490.16c), as added by 2002 PA 184.             

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1       Sec. 16c.  (1) If a credit union  is required to file a                     

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

3   United States Code, 31 U.S.C. 5313 to 5318 files a suspicious              

4   activity report with an agency of the federal government, the               

5   credit union shall also within 24 hours file a copy of the                  

1   transaction suspicious activity report with the department of             

2   state police.                                                               

3   (2) A credit union may file the suspicious activity report                  

4   with the department of state police under subsection (1) in any             

5   manner allowed by federal law or regulation or in any other                 

6   manner acceptable to the department of state police.

7   (3)  (2)  Except for a violation of  sections 5313 to 5318

8   section 5318(g) of title 31 of the United States Code, 31 U.S.C.            

9   5313 to  5318, a credit union or a director, officer, employee,            

10  or agent of the credit union is not liable in any civil or                  

11  governmental action for  the  filing  of  a copy of  the                    

12  transaction a suspicious activity report  as required under                

13  subsection (1) or for the failure under this section or failing

14  to notify  the an account holder or any other person of the                

15  filing.