2009 House Bill 4749 / Public Act 58

Revise bank loan write-off timetables

Introduced in the House

March 31, 2009

Introduced by Rep. Ed Clemente (D-14)

To increase from 6 months to 12 months the period between when a savings bank loan on which interest is past due and unpaid must be written off in the bank’s accounting, with certain exceptions.

Referred to the Committee on Banking and Financial Services

April 2, 2009

Reported without amendment

With the recommendation that the substitute (H-2) be adopted and that the bill then pass.

April 21, 2009

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

Passed in the House 105 to 2 (details)

Received in the Senate

April 22, 2009

Referred to the Committee on Banking and Financial Institutions

June 18, 2009

Reported without amendment

With the recommendation that the bill pass.

June 24, 2009

Passed in the Senate 36 to 0 (details)

Signed by Gov. Jennifer Granholm

July 1, 2009