{"id":"AGY-ST-INSURANCE-BANKING-094","kind":"context","level":"sector-regulator","jurisdiction":"Michigan; Department of Insurance and Financial Services","state":"MI","metro":"","industry":"","agency":"ST-INSURANCE-BANKING","eco":"","issuer":"Anita G. Fox, Director","authority":"MCL 487.12101; 490.201","instrument":"Bulletin 2020-25-BT/CU","title":"Protection of Stimulus Funds","dateIssued":"2020-05-14","effective":"2020-05-14","end":"Superseded for the second round by Bulletin 2021-01-BT/CU (Ex. 081)","startDate":"2020-05-14","endDate":"2020-12-31","quarters":["2020Q2","2020Q3","2020Q4"],"types":["OTHER"],"addressees":["Michigan-chartered banks and credit unions"],"clause":"Michigan residents have begun receiving stimulus payments from the federal government under the CARES Act for the purpose of providing financial relief during the COVID-19 pandemic. These stimulus payments are [intended for necessities, and many] stimulus payments are deposited into Michigan-chartered financial institutions\u0027 customer accounts [; institutions are directed to protect them from garnishment and setoff].","enforcement":"MCL 487.12101 et seq.","functions":["SV collections, setoff and garnishment","BR deposit operations","CB"],"notes":"","sourceUrl":"https://www.michigan.gov/documents/difs/Bulletin_2020-25-BT-CU_690521_7.pdf","snapshot":"https://web.archive.org/web/20200525175913/https://www.michigan.gov/documents/difs/Bulletin_2020-25-BT-CU_690521_7.pdf","fileExists":true,"fileBytes":56008,"grade":"primary","character":"context","description":"","collection":"AGY-ST-INSURANCE-BANKING","url":"/library/AGY-ST-INSURANCE-BANKING-094","exhibitUrl":"/exhibit/AGY-ST-INSURANCE-BANKING-094","citation":"Anita G. Fox, Director, Bulletin 2020-25-BT/CU (May 14, 2020) (Ex. AGY-ST-INSURANCE-BANKING-094)","stateName":"Michigan","related":["AGY-ST-INSURANCE-BANKING-080","AGY-ST-INSURANCE-BANKING-092","AGY-ST-INSURANCE-BANKING-093","AGY-ST-INSURANCE-BANKING-090","AGY-ST-INSURANCE-BANKING-091","AGY-ST-INSURANCE-BANKING-089","AGY-ST-INSURANCE-BANKING-088"]}