Michigan Laws > Chapter 487 > Act 344 of 2020 – Financial Exploitation Prevention Act
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Terms Used In Michigan Laws > Chapter 487 > Act 344 of 2020 - Financial Exploitation Prevention Act
- Adult protective services: means the office, division, or unit under the department of health and human services that is charged with investigation of abuse, neglect, or exploitation of vulnerable persons under the social welfare act, 1939 PA 280, MCL 400. See Michigan Laws 487.2083
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Caregiver: means a parent or other relative responsible for the health and safety of an individual, or a guardian, conservator, or any other person with legal or fiduciary obligations to an individual. See Michigan Laws 487.2083
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Covered financial exploitation: means financial exploitation of an individual through deception, manipulation, coercion, intimidation, or improper leveraging of a caregiver relationship. See Michigan Laws 487.2083
- Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
- Examination and enforcement authority: means 1 of the following:
(i) For the department of insurance and financial services, any and all applicable authority provided under the credit union act, 2003 PA 215, MCL 490. See Michigan Laws 487.2083Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC Fiduciary: A trustee, executor, or administrator. Financial exploitation: means either of the following:
(i) A fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual who uses or attempts to use the financial resources of another individual for monetary or personal benefit, profit, or gain. See Michigan Laws 487.2083Financial institution: means a financial institution as defined in section 4 of the Michigan strategic fund act, 1984 PA 270, MCL 125. See Michigan Laws 487.2083 Fraud: Intentional deception resulting in injury to another. Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. Law enforcement agency: means a police agency of a city, village, township, or county or the Michigan state police. See Michigan Laws 487.2083 National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals). 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 Unauthorized: means without permission, or utilizing permission obtained from a person through deception, manipulation, coercion, intimidation, or improper leveraging of a caregiver relationship. See Michigan Laws 487.2083 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Written: means inscribed in a tangible or electronic medium. See Michigan Laws 487.2083