Michigan  |  Credit and Debt Law

Legal Question

Asked on: 11/20/11, 4:49 pm

In Michigan 500 dollars is immune to garnishment in a savings account. How do they define savings account? For instance you migh save some money in a checking account would that much be immune in that kind of account used for savings?

1 Answer

Answered on: 11/21/11, 8:44 am by Thomas R. Morris

Under the Michigan Savings and Loan Act of 1980, deposits of up to $500 in a state savings and loan (called and "association" under the act) are exempt from garnishment or other process. MCL 491.628.

Problem is that, last time I checked, there was no state S&L in existence in Michigan. Until someone forms a state S&L under the act, the exemption is not available.

This answer is for discussion purposes and does not constitute legal advice.

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