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Ex. AGY-ST-INSURANCE-BANKING-081 Context (guidance or announcement) Primary source read

Bulletin 2021-01-BT/CU

Protection of Stimulus Funds and Employee Assistance Payments

Anita G. Fox, Director · Michigan; Department of Insurance and Financial Services (Sector regulator)

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The COVID Project
Context, not an order

This record is guidance or an announcement kept for context. It is not counted among the orders in force.

The record

Jurisdiction
Michigan; Department of Insurance and Financial Services · Michigan
Level
Sector regulator
Authority
MCL 487.12101; 490.201
Effective
2021-01
End
Not rescinded within the period (read as 2021-09-30)
In force
No start date could be read from the record.
Quarters
2021 Q12021 Q22021 Q3
Limitation types
Other
Addressees
  • Michigan-chartered banks and credit unions
Functions reached
  • SV collections, setoff and garnishment processing
  • BR deposit operations
  • CB laid-off and furloughed workers receiving assistance payments
Character
context
Collection
State insurance and banking regulators AGY-ST-INSURANCE-BANKING

Operative words

On December 28, 2020, the federal government authorized a second round of direct stimulus payments to individuals, similar to the stimulus payments provided for in the CARES Act in May 2020. In addition, on December 29, 2020, [the Michigan Legislature appropriated employee assistance grants for workers laid off or furloughed due to the] ongoing COVID-19 pandemic. These stimulus payments are issued to help individuals provide for necessities... [DIFS expects] that many of these stimulus payments will be deposited into Michigan-chartered financial institutions' customer accounts [and directs institutions to protect them from garnishment and setoff].

Enforcement

MCL 487.12101 et seq. (supervisory)

Notes

Records the December 29, 2020 Michigan employee assistance grants 'for workers laid off or furloughed due to the ongoing COVID-19 pandemic.'

Retrieval note

Bracketed text paraphrases; issue day not printed in the extracted text. Cite it as context and cite the underlying order, statute or emergency rule it describes as the instrument. (Bulletins whose operative text imposes a mandatory duty on licensees under the regulator's own authority are excluded from this downgrade and listed separately for review.)).

A record of The COVID Project. The instrument's text is the source's; the summary fields are The COVID Project's reading of it. Not legal advice.