Michigan HB4906 clarifies requirements for trust accounts maintained by collection agencies.

Michigan HB4906 amends the state's consumer credit collection practices by clarifying the requirements for trust accounts maintained by collection agencies. The bill specifies that a collection agency must deposit all money collected within three banking days into a separate trust account. This account must be established in a state or nationally chartered bank, a state or federally chartered savings and loan association or savings bank, or a state or federally chartered credit union.

Michigan HB4906 clarifies requirements for trust accounts maintained by collection agencies.

Michigan HB4906 amends the state's consumer credit collection practices by clarifying the requirements for trust accounts maintained by collection agencies. The bill specifies that a collection agency must deposit all money collected within three banking days into a separate trust account. This account must be established in a state or nationally chartered bank, a state or federally chartered savings and loan association or savings bank, or a state or federally chartered credit union.