MCUL Legislative Update

State Sen. Tom Barrett (R-Potterville) introduced SB 125 today, to eliminate the distinction between active duty military that are overseas vs. domestically deployed, for purposes of account escheatment periods. Several credit unions have reported examination issues related to holding accounts for the longer, overseas period, yet the information needed to make the distinction is not generally available. The bill has been referred to the Senate Families, Seniors, and Veterans Committee.