2005 House Bill 4976 / 2006 Public Act 134

Revise bank emergency law

Introduced in the House

June 21, 2005

Introduced by Rep. Jeff Mayes (D-96)

To update the law that allows savings & loan associations to suspend business in the event of an existing or impending emergency so that this would also apply to other financial institutions. Also, to expand the definition of "emergency" to include terrorist attacks.

Referred to the Committee on Banking and Financial Services

Jan. 18, 2006

Reported without amendment

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

Jan. 24, 2006

Substitute offered

To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.

The substitute passed by voice vote

Amendment offered by Rep. Kevin Green (R-77)

The amendment passed by voice vote

Jan. 26, 2006

Passed in the House 106 to 0 (details)

To update the law that allows savings & loan associations to suspend business in the event of an existing or impending emergency so that this would also apply to other financial institutions. Also, to expand the definition of "emergency" to include terrorist attacks.

Received in the Senate

Jan. 31, 2006

Referred to the Committee on Banking and Financial Institutions

April 25, 2006

Reported without amendment

With the recommendation that the bill pass.

April 27, 2006

Passed in the Senate 36 to 0 (details)

To update the law that allows savings & loan associations to suspend business in the event of an existing or impending emergency so that this would also apply to other financial institutions. Also, to expand the definition of "emergency" to include terrorist attacks.

Signed by Gov. Jennifer Granholm

May 10, 2006