487.2101 Definitions. Sec. 1. As used in this act: (a) “College or university” means a state-supported college or university. (b) “Department” means the department of treasury. (c) “Financial institution” means a state or nationally chartered bank, a state or federally chartered savings and loan association or savings bank, or a state or federally chartered credit […]
487.2102 Enrollment in distribution system for direct deposit of retirement benefit with financial institution; electronic fund transfer of state college and university payments. Sec. 2. (1) The bureau of retirement systems in the department of management and budget shall enroll recipients of a state retirement benefit who elect enrollment in a distribution system that directs […]
487.2103 Establishment of criteria and distribution system for participation by financial institution. Sec. 3. The department and the department of management and budget shall establish criteria and the distribution system by which a financial institution may participate in a state payroll deduction program. History: 1991, Act 190, Imd. Eff. Dec. 27, 1991 ;– Am. 2000, […]
487.2104 Rules; participation prohibited under certain conditions. Sec. 4. (1) The department shall promulgate rules to implement this act pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws. (2) The promulgated rules shall include the terms and […]
487.2105 Fee; limitation; prohibition. Sec. 5. (1) Beginning January 1, 1994, the department may charge a participating financial institution a reasonable fee not greater than the actual costs of administering the direct deposit program or a fee of 25 cents, whichever is less, for each transaction and prenotification. The department shall not charge or impose […]
