Michigan Senate Bill SB0670

Michigan 2025-2026 Regular Session

• Introduced: 10/30/25
• Refer: 10/30/25

Caption

Economic development: other; financial exploitation prevention act; amend to reflect elimination of the Michigan strategic fund. Amends sec. 3 of 2020 PA 344 (MCL 487.2083). TIE BAR WITH: SB 0631'25

Summary

Senate Bill 670 amends the Michigan Financial Exploitation Prevention Act by revising the act’s definitions section. The bill updates the definition of “financial institution” to reflect the elimination of the Michigan Strategic Fund reference and otherwise restates the categories of covered banks, savings and loan associations, savings banks, and credit unions operating in Michigan. It also retains and clarifies related terms used in the act, including “adult protective services,” “caregiver,” “covered financial exploitation,” “financial exploitation,” “law enforcement agency,” “unauthorized,” “vulnerable adult,” and “written.” The bill is primarily a technical and conforming change rather than a substantive policy overhaul. It keeps the act’s framework for identifying financial exploitation of vulnerable adults and the institutions and agencies involved in reporting, investigation, and enforcement. The measure is tied to Senate Bill 631, meaning it would not take effect unless that companion bill is enacted into law.

Impact

SB 670 would amend section 3 of 2020 PA 344, the Financial Exploitation Prevention Act, by updating statutory definitions to align with the removal of the Michigan Strategic Fund reference and to preserve consistency in the act’s coverage of financial institutions and enforcement authorities. The bill affects how the act is interpreted and applied by banks, credit unions, regulators, adult protective services, and law enforcement, but it does not create a new enforcement scheme or materially change the underlying protections against exploitation of vulnerable adults.

Sentiment

The available context suggests the bill is largely noncontroversial and technical in nature. Because it is a conforming amendment tied to another bill, the discussion appears focused on statutory cleanup and maintaining the operation of the Financial Exploitation Prevention Act rather than on a broader policy debate. No votes or committee transcripts were provided indicating significant opposition or support beyond the routine handling of a technical amendment.

Contention

The main point of contention, to the extent one exists, is the bill’s tie-bar to Senate Bill 631, which makes SB 670 contingent on enactment of that companion measure. Any concern would likely center on whether the definitions should be updated now or only in conjunction with the related structural changes referenced in the caption. Otherwise, the bill appears to be a straightforward conforming amendment with no evident disagreement over the substance of protecting vulnerable adults from financial abuse.