Huuki bill streamlines banking regulatory system
State Rep. Matt Huuki, R-Atlantic Mine, has introduced legislation to remove government regulations concerning state-chartered savings-and-loan institutions, while preserving assets obtained under S&Ls.
Huuki’s legislation, House Bill 5838, is part of a four-bill package implementing recommendations made by the governor’s Advisory Rules Committee.
As a result of the evolution of the banking industry, S&Ls are no longer in existence in Michigan and none have been chartered since the 1980s.
“State government is exploring ways to cut back on outdated or unneeded regulation for the past two years,” Huuki said. “This is one of a number of bills modernizing the state’s regulatory structure, and providing for greater efficiency and effectiveness in the future.”
HB 5838 modifies sections of the law dealing with bankruptcies and judgment debtors, assuring that assets obtained through a relationship with a former S&L continue to be protected.
Huuki can be reached toll free at 1-888-663-4031; by fax, 517-373-9303; by email, matthuuki@house.mi.gov; by mail at P.O. Box 30014, Lansing, MI 48933; or through his website, www.repmatthuuki.com.