NO CHECK CASHING FEE
House Bills 5195-5198
Sponsor: Rep. Ken Daniels
Committee: Commerce
Complete to 10-28-02
A SUMMARY OF HOUSE BILLS 5195-5198 AS INTRODUCED 10-11-01
The bills would prohibit a financial institution from assessing a fee or charge for cashing, negotiating, or otherwise processing a check drawn on an account of the financial institution. Each bill would amend a different act regulating financial institutions.
House Bill 5195 would amend the Credit Union Act (MCL 490.14a). House Bill 5196 would amend the Savings and Loan Act (MCL 491.1135). House Bill 5197 would amend the Savings Bank Act (MCL 487.3513). House Bill 5198 would amend the Banking Code of 1999 (MCL 487.14110).
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This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.