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

SB 670 updates definitions in Michigan's Financial Exploitation Prevention Act to remove references to the Michigan Strategic Fund. It clarifies that "financial institution" no longer includes entities under the Michigan Strategic Fund, aligning with related legislative changes. This affects vulnerable adults (those with mental/physical impairments or advanced age) and financial institutions operating in Michigan, as it defines the scope of enforcement authorities. The bill specifically revises Section 3 of 2020 PA 344 to ensure enforcement mechanisms target applicable financial institutions without referencing the eliminated fund.