Section 487.2081 – Short Title.

487.2081 Short title. Sec. 1. This act shall be known and may be cited as the “financial exploitation prevention act”. History: 2020, Act 344, Eff. Sept. 26, 2021

Section 487.2083 – Definitions.

487.2083 Definitions. Sec. 3. As used in this act: (a) “Adult protective services” means the office, division, or unit under the department of health and human services that is charged with investigation of abuse, neglect, or exploitation of vulnerable persons under the social welfare act, 1939 PA 280, MCL 400.1 to 400.119b. (b) “Caregiver” means […]

Section 487.2085 – Training for Signs of Covered Financial Exploitation of Members or Customers; Requirements; Reporting; Notification; Disclosure and Identification of Reporting Individual.

487.2085 Training for signs of covered financial exploitation of members or customers; requirements; reporting; notification; disclosure and identification of reporting individual. Sec. 5. (1) A financial institution shall develop and implement a policy for training relevant employees to recognize signs of covered financial exploitation of members or customers of the financial institution, and for reporting […]

Section 487.2087 – Investigations; Delay or Freeze on Transactions; Exception.

487.2087 Investigations; delay or freeze on transactions; exception. Sec. 7. (1) Except as otherwise provided in this subsection, and subject to subsection (3), if a financial institution suspects or detects covered financial exploitation of a member or customer, the financial institution may delay the related transaction for further investigation or examination of available facts. Upon […]

Section 487.2089 – Examination and Enforcement Authority.

487.2089 Examination and enforcement authority. Sec. 9. (1) Except as provided in subsections (2) and (3), only the state or federal regulatory agency that authorized the financial institution to organize and commence business in its current form and that has examination and enforcement authority over that financial institution may enforce this act. (2) If a […]

Section 487.2091 – Construction of Act.

487.2091 Construction of act. Sec. 11. (1) This act shall not be construed as limiting the responsibilities of a law enforcement agency to enforce the laws of this state or as precluding a law enforcement agency from reporting and investigating, as appropriate, alleged criminal conduct. (2) This act shall not be construed as limiting the […]