The COVID Project
Context, not an orderThis 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
- Issued
- 2020-05-14 May 14, 2020
- Effective
- 2020-05-14
- End
- Superseded for the second round by Bulletin 2021-01-BT/CU (Ex. 081) (read as 2020-12-31)
- In force
- May 14, 2020 to Dec. 31, 2020
- Quarters
- 2020 Q22020 Q32020 Q4
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- Michigan-chartered banks and credit unions
- Functions reached
- SV collections, setoff and garnishment
- BR deposit operations
- CB
- Character
- context
- Collection
- State insurance and banking regulators AGY-ST-INSURANCE-BANKING
Operative words
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' customer accounts [; institutions are directed to protect them from garnishment and setoff].
Enforcement
Retrieval noteCite 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.)).