Michigan Laws 552.625d – Obligation or liability of financial institution, insurer, or carrier; limitations
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 552.625d
- Account: means any of the following:
(i) A demand deposit account. See Michigan Laws 552.602Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Financial institution: means any of the following:
(i) A state or national bank. See Michigan Laws 552.602Insurer: means an insurer, health maintenance organization, health care corporation, or other group, plan, or entity that provides health care coverage in accordance with any of the following acts:
(i) The public health code, 1978 PA 368, MCL 333. See Michigan Laws 552.602Lien: A claim against real or personal property in satisfaction of a debt. Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 552.602
(1) A financial institution, insurer, or carrier incurs no obligation or liability to a depositor, account holder, or other person arising from the furnishing of information under section 25c to 25i or from the failure to disclose to a depositor, account holder, or other person that the person’s name as a person with an interest in the financial assets, money to be paid, or compensation was included in the information provided.
(2) A financial institution, insurer, or carrier incurs no obligation or liability to the title IV-D agency or another person for an error or omission made in good faith compliance with section 25c to 25i.
(3) A financial institution, insurer, or carrier incurs no obligation or liability for blocking, freezing, placing a hold upon, forwarding, or otherwise dealing with a person’s financial assets, money to be paid, or compensation in response to a lien or levy imposed or information provided under section 25c to 25i.
(4) A financial institution, insurer, or carrier is not obligated to block, freeze, place a hold upon, forward, or otherwise deal with a person’s financial assets, money to be paid, or compensation until served with the notice of levy in accordance with section 25c. A financial institution, insurer, or carrier that forwards financial assets, money to be paid, or compensation to the title IV-D agency in response to a levy under section 25c is discharged from any obligation or liability to the depositor, account holder, or other person with an interest in the financial assets, money to be paid, or compensation forwarded to the title IV-D agency.