Has anyone heard if the law (May, 2002) that passed requiring state banks, savings banks and S&L's to send CTR's and SAR's to the Michigan State Police in Lansing has been changed? I had heard about six months ago that the CTR requirement was going to be removed. I has also head that the State Police only wanted SAR's to begin with and are doing nothing with all the CTR's they are getting. Is anyone still doing this?

I believe I saw a recent MBA announcement (within the last 3 days) it would be voted on shortly only SARs would now be sent to the State Police.

I still send the state police a copy of every CTR that I file with the IRS. Like everybody else, I am still waiting for the law to pass to begin sending copies of SAR's instead of CTR's.

The June 3, 2003 MBA Advocacy Report states, "SAR Bill Clears House". A package of 4 bills desgned to allow the submission of Suspicious Activity Reports instead of Currency Transaction Reports to the Michigan State police has passed the House. The bills, which allow filing of SAR's in the same manner as allowed by federal law now move to the Senate.

True. At today's compliance committee meeting, Matt Hanley gave further information. The package is in the hands of the senate banking committee at present, and will see action this year. However, priority is given to the credit union issue. I'd encourage you to write your state congressperson regarding proposed expansion of credit union fields of eligibility. They have some legitimate beefs (i.e. their parallel to the MI Banking Code hasn't been fully updated since the 1920s), but opening membership across the board makes the c/u's look too much like banks. And if you're going to act like a bank, you should pay taxes like a bank. And comply with CRA like a bank. Just my two cents - I'll get off the soapbox now.