2010 Michigan Compiled Laws
Chapter 487 - FINANCIAL INSTITUTIONS
Act 190 of 1991 - STATE EMPLOYEE PAYROLL DEDUCTION PROGRAM (487.2101 - 487.2105)
Section 487.2105 - Fee; limitation; prohibition.
STATE EMPLOYEE PAYROLL DEDUCTION PROGRAM (EXCERPT)Act 190 of 1991
487.2105 Fee; limitation; prohibition.
Sec. 5.
(1) Beginning January 1, 1994, the department may charge a participating financial institution a reasonable fee not greater than the actual costs of administering the direct deposit program or a fee of 25 cents, whichever is less, for each transaction and prenotification. The department shall not charge or impose any fee on a participating state employee, state college or university, or state retirement recipient.
(2) A financial institution that electronically pays to the state its sales, use, and withholding taxes shall not be charged a fee to participate in a program under this act.
History: Add. 1993, Act 100, Imd. Eff. July 13, 1993
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Am. 2000, Act 495, Imd. Eff. Jan. 11, 2001
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