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Current as of January 01, 2025 | Updated by Findlaw Staff
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.
Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 487. Financial Institutions § 487.2105 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-487-financial-institutions/mi-comp-laws-487-2105/
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