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Michigan Compiled Laws Complete Through PA 227 of 2022
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Act 344 of 2020
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FINANCIAL EXPLOITATION PREVENTION ACT

Act 344 of 2020

AN ACT to require financial institutions to report financial exploitation of their customers or members; to allow financial institutions to freeze customer or member transactions or assets under certain circumstances; to provide immunity from criminal, civil, or administrative liability to financial institutions for actions taken in good faith under this act; and to provide for the powers and duties of certain governmental officers and entities.


History: 2020, Act 344, Eff. Sept. 26, 2021




The People of the State of Michigan enact:

DocumentTypeDescription
Section 487.2081SectionShort title.
Section 487.2083SectionDefinitions.
Section 487.2085SectionTraining for signs of covered financial exploitation of members or customers; requirements; reporting; notification; disclosure and identification of reporting individual.
Section 487.2087SectionInvestigations; delay or freeze on transactions; exception.
Section 487.2089SectionExamination and enforcement authority.
Section 487.2091SectionConstruction of act.
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