September 8, 2016, Introduced by Reps. Somerville, Lucido and Howrylak and referred to the Committee on Financial Services.
A bill to amend 1861 PA 111, entitled
"An act relating to deposit accounts, and to interest, exchange and
commissions received or paid by the state treasurer,"
by amending sections 1 and 2 (MCL 21.181 and 21.182).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
1. That it shall be the duty of the state treasurer to
keep
the accounts of the treasurer with all banks or depositories
where
any moneys of the state may be kept or deposited upon the
regular
books of his office so that each item of all such accounts
shall
appear therein.The state
treasurer shall include in the
regular books of his or her office an itemization of each account
at a bank or other depository in which state money is kept or
deposited. As used in this subsection, "bank or other depository"
includes the community bank of Michigan established in section 5 of
the bank of Michigan act.
Sec.
2. All The state treasurer
shall include in the regular
books of his or her office a description of all items of interest
which
may become due that are owed
to the state from banks or
otherwise
shall be entered on the books of the treasurer when those
items
are received, in such manner that it
shall appear upon what
including
a description of the account from which and for what the
time
such period in which that
item of interest accrued.
Enacting section 1. This amendatory act takes effect 90 days
after the date it is enacted into law.
Enacting section 2. This amendatory act does not take effect
unless Senate Bill No.____ or House Bill No.____ (request no.
03498'15) of the 98th Legislature is enacted into law.