Michigan Laws 552.625g – Forwarding money by financial institution, insurer, or carrier
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Terms Used In Michigan Laws 552.625g
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Cash: means money or the equivalent of money, such as a money order, cashier's check, or negotiable check or a payment by debit or credit card, which equivalent is accepted as cash by the agency accepting the payment. See Michigan Laws 552.602
- 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 552.602Payer: means an individual who is ordered by the circuit court to pay support. See Michigan Laws 552.602 Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 552.602 SDU: means the entity established in section 6 of the office of child support act, 1971 PA 174, MCL 400. See Michigan Laws 552.602 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o Support: means all of the following:
(i) The payment of money for a child or a spouse ordered by the circuit court, whether the order is embodied in an interim, temporary, permanent, or modified order or judgment. See Michigan Laws 552.602
(1) A financial institution, insurer, or carrier that receives a notice of levy under section 25c shall forward money in the amount of past due support as stated in the notice, or in the corrected amount if notified of a corrected amount, to the state disbursement unit, along with information necessary to identify the payer as required by the notice.
(2) A financial institution, insurer, or carrier shall forward money as required by subsection (1) no sooner than the next day and no later than the seventh day after 1 of the following takes place:
(a) The financial institution, insurer, or carrier notifies the payer and the title IV-D agency that the payer’s financial assets are, or money to be paid or compensation is, frozen as required by section 25e and has not received, within 28 days after the day on which the financial institution, insurer, or carrier sent the notices, a notice from the title IV-D agency that the payer, or another person with an interest in the payer’s financial assets, has submitted a challenge to the levy under section 25f.
(b) The financial institution, insurer, or carrier receives, within the time limit prescribed in subdivision (a), a notice from the title IV-D agency that the payer, or another person with an interest in the payer’s financial assets, submitted a challenge to the levy and receives the subsequent title IV-D agency notice required by section 25f, directing the financial institution, insurer, or carrier to act in accordance with either the title IV-D agency review determination or the circuit court decision.
(3) If, in order to forward sufficient money to the SDU, the financial institution must convert 1 or more financial assets to cash, the financial institution shall execute the conversion, assessing a resulting fee or other cost or penalty against the payer. If the payer’s financial assets are insufficient to pay the past due support amount plus resulting fees and other costs or penalties, the financial institution may deduct the fees, costs, and penalties before forwarding the balance of the money.