Michigan Compiled Laws
Chapter 487 - Financial Institutions

Section 487.702 - Trust Deposit; Death of Trustees; Payment of Deposit; Receipt or Acquittance as Release and Discharge. - Sec. 2. (1) If a deposit of money shall be...

Section 487.703 - Deposit in Name of Joint Beneficiaries; Payment; Receipt Sufficient; Deposits Made Payable to Survivor; Prima Facie Evidence. - Sec. 3. When a deposit shall be made, in any...

Act 53 of 1978 - Statutory Joint Account Act (487.711 - 487.719)

Section 487.711 - Short Title. - Sec. 1. This act shall be known and may be...

Section 487.712 - Meanings of Words and Phrases. - Sec. 2. For the purposes of this act, the words...

Section 487.713 - Definitions. - Sec. 3. (a) "Deposits" means funds on deposit in a...

Section 487.714 - Additional Definitions. - Sec. 4. (a) "Financial institution" means a state or nationally...

Section 487.715 - Statutory Joint Account; Creation; Signing Contract; Form of Contract; Acknowledging Receipt of Contract; Adding Additional Parties; Modifying Form of Contract. - Sec. 5. One or more persons may create a statutory...

Section 487.716 - Nature and Effect of Statutory Joint Accounts; Failure to Answer Question in Contract. - Sec. 6. The creation of a statutory joint account is...

Section 487.717 - Withdrawals of Funds; Liability of Financial Institution; Deposits Subject to Setoff. - Sec. 7. (1) Financial institutions shall honor withdrawals of funds...

Section 487.718 - Deposits Subject to Rights of Creditors; Laws Applicable to Transfers in Fraud of Creditors; Claims Against Insolvent Estate of Deceased Owner of Statutory Joint Account. - Sec. 8. Deposits in a statutory joint account shall be...

Section 487.719 - Payment of Widow's Allowance or Allowance for Dependent Children Upon Death of Person Owning Deposits in Statutory Joint Account. - Sec. 9. Upon the death of a person who in...

Act 330 of 1939 - Joint Safe Deposit Box (487.721 - 487.721)

Section 487.721 - Safe Deposit Box Rented to Joint Holders; Rights of Various Holders and Survivors; Exceptions. - Sec. 1. (1) Subject to subsection (3), if 2 or...

Act 146 of 1941 - u.s. Defense Savings Bonds (487.731 - 487.732)

Section 487.731 - u.s. Defense Savings Bonds; Banks and Trust Companies Authorized as Issuing Agent for Sale Of; Deposit or Pledge of Assets. - Sec. 1. Any bank, any industrial bank and any trust...

Section 487.732 - Pledging of Assets; Limitation of Financial Institutions Act Not Otherwise Affected. - Sec. 2. This act shall not affect the limitations and...

Act 2 of 1935 - Loans Under National Housing Act (487.751 - 487.753)

Section 487.751 - National Housing Act; State Financial Institutes' Authorized Transactions; Collateral. - Sec. 1. Subject to such regulations as may be prescribed...

Section 487.752 - Construction of Act as to Effect of State Laws. - Sec. 2. No law of this state prescribing the nature,...

Section 487.753 - Declaration of Necessity. - Sec. 3. This act is immediately necessary for the preservation...

Act 160 of 1859 - Brokers and Exchange Dealers (487.801 - 487.807)

Section 487.801 - Certificate of Brokers; Necessity; Filing With County Clerk; Contents; Public Inspection. - Sec. 1. That no person or persons shall be engaged...

Section 487.802 - Certificate of Brokers; New Certificate, Cause, Prior Liability. - Sec. 2. In case there shall be, at any time...

Section 487.803 - Certificate of Brokers; Evidence of Facts. - Sec. 3. A certified copy of the said certificate on...

Section 487.804 - Violation of Act; Penalty. - Sec. 4. If any person shall carry on, or be...

Section 487.806 - Advertisement or Representation of Nature of Business; Violation, Penalty; Exception. - Sec. 6. No person or firm doing business under this...

Section 487.807 - Violation of Act; Procedure for Collection of Penalties. - Sec. 7. The state treasurer shall, when his attention is...

Act 232 of 1978 - Suspension of Business of Banks and Savings and Loan Associations (487.941 - 487.946)

Section 487.941 - Definitions. - Sec. 1. As used in this act: (a) "Commissioner" means...

Section 487.942 - Authorizing or Ordering Financial Institutions to Close Offices Because of Existing or Impending Emergency; Duration; Advising Governor; Authorization to Close Financial Institution on Day of National Mourning, Rejoicing, or Other S... - Sec. 2. (1) The commissioner may authorize or order a...

Section 487.943 - Determination Not to Open or to Close Office of Financial Institution During Emergency. - Sec. 3. If the commissioner has not made a determination...

Section 487.944 - Notice of Closing. - Sec. 4. (1) A financial institution closing or not opening...

Section 487.945 - Period Financial Institution Closed as Legal Holiday. - Sec. 5. The period during which a financial institution is...

Section 487.946 - Obligations to Employees Not Altered. - Sec. 6. This act does not alter any of the...

Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)

Section 487.1001 - Short Title. - Sec. 1. This act shall be known and may be...

Section 487.1002 - Definitions; a to L. - Sec. 2. As used in this act: (a) "Agency" or...

Section 487.1003 - Definitions; M to T. - Sec. 3. As used in this act: (a) "Material litigation"...

Section 487.1004 - Applicability of Act. - Sec. 4. This act does not apply to any of...

Section 487.1011 - Money Transmission Services; License Required; Exception. - Sec. 11. (1) Except as otherwise provided in this section...

Section 487.1012 - License Application; Form; Information Required. - Sec. 12. (1) A person applying for a license under...

Section 487.1013 - Financial Statements; Net Worth; Qualification to Do Business; Application Fee; Surety Bond; Aggregate Liability of Surety; Limitation. - Sec. 13. (1) At the time of filing an application...

Section 487.1014 - Investigation; Completed Application; Time Period; Issuance of License; Fee; Extension of Time Period; Denial; Request for Hearing. - Sec. 14. (1) When the commissioner receives a completed application...

Section 487.1015 - Fee Schedule; Expiration and Renewal of License. - Sec. 15. (1) By December 31 of each year, the...

Section 487.1016 - Travel Expenses; Recovery of Fees and Fines; Collection; Disposition. - Sec. 16. (1) In addition to any fees established by...

Section 487.1021 - Information Obtained in Examination or Investigation; Disclosure Prohibited. - Sec. 21. The commissioner may conduct an examination or investigation...

Section 487.1022 - Joint Examination or Investigation. - Sec. 22. (1) The commissioner may conduct an on-site examination...

Section 487.1023 - Changed Information; Filing; Events Requiring Filing of Report. - Sec. 23. (1) If there is a change in any...

Section 487.1024 - Proposed Change of Control of Licensee; Request for Approval; Additional Information; Approval by Commissioner; Determination. - Sec. 24. (1) If there is a proposed change of...

Section 487.1025 - Records. - Sec. 25. (1) A licensee or any person subject to...

Section 487.1026 - Disclosure of Information. - Sec. 26. (1) The commissioner, each former commissioner, and each...

Section 487.1031 - Permissible Investments. - Sec. 31. (1) A licensee shall maintain at all times...

Section 487.1032 - Investments Permitted Under MCL 487.1031; Limitation. - Sec. 32. (1) Except to the extent otherwise limited by...

Section 487.1033 - Agreement Between Licensee and Authorized Delegate. - Sec. 33. (1) An agreement between a licensee and an...

Section 487.1034 - Authorized Delegate; Prohibited Conduct; Duties. - Sec. 34. (1) An authorized delegate shall not make any...

Section 487.1041 - Denying, Suspending, Not Renewing, or Revoking License; Placing License in Receivership; Revoking Designation of Authorized Delegate; Conditions. - Sec. 41. (1) The commissioner may deny, suspend, not renew,...

Section 487.1042 - Violations; Penalties; Restitution. - Sec. 42. (1) A person that intentionally makes a false...

Section 487.1043 - Summary Suspension Order. - Sec. 43. (1) After conducting an investigation or examination, the...

Section 487.1044 - Cease and Desist Order. - Sec. 44. (1) If in the opinion of the commissioner...

Section 487.1045 - Rules. - Sec. 45. The commissioner may promulgate rules under the administrative...

Section 487.1046 - Civil Fine. - Sec. 46. The commissioner may assess a civil fine against...

Section 487.1047 - Order Suspending or Prohibiting Person From Being Licensee and From Being Employed By, Agent Of, or Control Person of Licensee. - Sec. 47. (1) If in the opinion of the commissioner...

Act 89 of 1986 - Michigan Bidco Act (487.1101 - 487.2001)

Article 1 - Short Title, Purposes, and Definitions (487.1101...487.1106)

Section 487.1101 - Short Title. - Sec. 101. This act shall be known and may be...

Section 487.1102 - Purposes of Act. - Sec. 102. The purposes of this act are all of...

Section 487.1103 - Meanings of Words and Phrases. - Sec. 103. For the purposes of this act, unless the...

Section 487.1104 - Definitions; a to C. - Sec. 104. (1) "Affiliate" means, if used with respect to...

Section 487.1105 - Definitions; I to M. - Sec. 105. (1) "Incorporating statute" means the business corporation act,...

Section 487.1106 - Definitions; O to T. - Sec. 106. (1) "Officer" means either of the following: (a)...

Article 2 - Regulation, Reporting, and Examination (487.1201...487.1217)

Section 487.1201 - Administration of Act; Orders; Rules; Imposition of Conditions; Applications for Declaratory Rulings; Judicial Review. - Sec. 201. (1) The commissioner shall administer this act. The...

Section 487.1203 - Application; Form; Information; Business Plan. - Sec. 203. (1) An applicant for a license under this...

Section 487.1205 - Investigations; Purposes; Oaths and Affirmations; Witnesses; Evidence; Documents or Records; Failure to Comply With Subpoena. - Sec. 205. (1) The commissioner may make public or private...

Section 487.1207 - Service of Process. - Sec. 207. Service of process authorized to be made by...

Section 487.1209 - Establishment of Annual Schedule of Fees; Payment; Action for Recovery of Fees or Penalties; Failure to Submit Report; Disposition. - Sec. 209. (1) The commissioner shall establish annually a schedule...

Section 487.1211 - Books, Accounts, and Other Records of Licensee; Location and Preservation; Valuation of Assets; Audit Report. - Sec. 211. (1) A licensee shall make and keep books,...

Section 487.1213 - Making or Keeping of Books, Accounts, or Other Records by Person Other Than Licensee; Applicability of Act; Approval of Commissioner. - Sec. 213. (1) If a person other than a licensee...

Section 487.1215 - Filing Reports With Commissioner; Form; Contents. - Sec. 215. Each licensee, each affiliate of a licensee, and...

Section 487.1216 - Publication and Distribution of Information on Impact of Act. - Sec. 216. (1) The commissioner shall publish annually and provide...

Section 487.1217 - Examination of Licensee or Subsidiary of Licensee; Exhibiting Books, Accounts, and Other Records; Facilitating Examination; Retention of Person to Assist Commissioner. - Sec. 217. (1) The commissioner shall examine each licensee not...

Article 3 - Licensing (487.1301...487.1317)

Section 487.1301 - Licensure; Eligibility. - Sec. 301. A Michigan corporation or Michigan limited liability company...

Section 487.1303 - Review of Information; Approval of Application for License; Determinations; Net Worth; Findings; Grounds. - Sec. 303. (1) After a review of information regarding the...

Section 487.1304 - Business Development Enterprise; Designation; Application; Criteria; Notification by Board of Michigan Strategic Fund. - Sec. 304. (1) Beginning January 1, 2012, the board of...

Section 487.1304a - Reports. - Sec. 304a. (1) A business development enterprise shall report to...

Section 487.1305 - Application for Preliminary Approval of Application for License; Order; Conditions to Final Approval; Fee. - Sec. 305. (1) A person may apply to the commissioner...

Section 487.1307 - Denial of Application; Written Statement of Explanation. - Sec. 307. If the commissioner denies an application under sections...

Section 487.1309 - License; Issuance; Posting; Nontransferable and Nonassignable. - Sec. 309. If an application for a license is approved...

Section 487.1311 - Prohibited Representations; Permissible Acts. - Sec. 311. (1) Except as otherwise provided in subsection (2),...

Section 487.1313 - Misrepresentation of License. - Sec. 313. A licensee shall not misrepresent the meaning or...

Section 487.1315 - Michigan Corporation or Limited Liability Company Licensed Under Another Law. - Sec. 315. (1) A Michigan corporation or Michigan limited liability...

Section 487.1317 - Application to Commissioner to Accept Surrender of License; Approval; Notice to Owners and Creditors; Filing Objection; Sending Copy of Objection to Commissioner. - Sec. 317. (1) Upon approval of a 2/3 vote of...

Article 4 - Corporate Matters (487.1401...487.1407)

Section 487.1401 - Name of Licensee; Inclusion of Word "bidco." - Sec. 401. (1) Except as provided in subsection (2), the...

Section 487.1403 - Board of Directors; Number of Directors; Membership; Meetings. - Sec. 403. (1) A licensee shall have a board of...

Section 487.1405 - Death, Resignation, or Removal of Director, Officer, or Manager; Election of Director; Appointment of Officer or Manager; Notice to Commissioner; Additional Information. - Sec. 405. Within 30 days after the death, resignation, or...

Section 487.1407 - Dividend and Distribution Policies; Buying Back Share of Stock or Membership Interest. - Sec. 407. (1) A licensee shall not pay, or obligate...

Article 5 - Transaction of Business (487.1501...487.1513)

Section 487.1501 - Offices of Licensee; Number; Location; Posting Sign Bearing Corporate Name; Personnel; Establishing, Relocating, or Closing Office. - Sec. 501. (1) A licensee shall maintain not less than...

Section 487.1503 - Business of Licensee; Powers and Privileges of Licensee. - Sec. 503. (1) The business of a licensee shall be...

Section 487.1505 - Forms, Terms, and Conditions of Financing Assistance; Participation in Program of Small Business Administration; Compliance; Scope of Management Assistance; Purpose of Financing Assistance or Management Assistance; Exercise of Inci... - Sec. 505. (1) A licensee may determine the form and...

Section 487.1507 - Holding Control of Business Firm; Order Approving or Denying Application; “Hold Control” Defined; Plan for Acquiring and Holding Control of Business Firm; Demonstrating Necessity to Hold Control of Business Firm. - Sec. 507. (1) Either by itself or in concert with...

Section 487.1509 - Transacting Business in Safe and Sound Manner; Considering Risks; Authority of Commissioner Not Limited. - Sec. 509. (1) A licensee shall transact its business in...

Section 487.1511 - Definitions; Transactions Involving Potential Conflict of Interest; Authority of Commissioner to Determine Conflict of Interest Not Limited. - Sec. 511. (1) For purposes of this section: (a) "Associate"...

Section 487.1513 - Lien on or Security Interest in Property of Licensee. - Sec. 513. Except with the approval of the commissioner, a...

Article 6 - Mergers and Acquisitions (487.1601...487.1603)

Section 487.1601 - Acquiring Control of Licensee; Application for Approval; Determinations by Commissioner. - Sec. 601. (1) Without the prior approval of the commissioner,...

Section 487.1603 - Merger of Licensee With Another Business Firm; Conditions; Purchase by Licensee of Business of Another Person; Sale of Business; Application for Approval of Merger, Purchase, or Sale; Determinations. - Sec. 603. (1) A licensee shall not merge with another...

Article 7 - Enforcement (487.1701...487.1719)

Section 487.1701 - Action to Enjoin Violation or Enforce Compliance; Restraining Order, Preliminary or Permanent Injunction, or Writ of Mandamus; Appointment of Receiver or Conservator; Bond. - Sec. 701. If in the opinion of the commissioner, a...

Section 487.1703 - Violation of MCL 487.1311; Cease and Desist Order; Filing Application for Hearing on Order; Rescission of Order; Judicial Review. - Sec. 703. (1) If the commissioner finds that a person...

Section 487.1705 - Cease and Desist Order; Affirmative Action to Correct Condition; Application for Hearing on Order; Affirming, Modifying, or Rescinding Order; Judicial Review. - Sec. 705. (1) If, after notice and a hearing, the...

Section 487.1707 - Order Removing Subject Person From Office and Prohibiting Further Participation in Business of Licensee; Notice and Hearing; Determinations; Order Suspending Subject Person From Office and Prohibiting Further Participation in Busin... - Sec. 707. (1) The commissioner may issue an order removing...

Section 487.1709 - Crime Involving Dishonesty or Breach of Trust; Order Suspending Subject Person From Office and Prohibiting Further Participation in Business of Licensee; Application for Hearing on Order; Affirming, Modifying, or Rescinding Order;... - Sec. 709. (1) If the commissioner determines that a subject...

Section 487.1711 - Disclosure to Owners. - Sec. 711. If, in the opinion of the commissioner, disclosure...

Section 487.1713 - Calling Meeting of Board of Directors of Licensee or of Owners of Licensee; Notice; Expenses. - Sec. 713. (1) If the commissioner considers it expedient, the...

Section 487.1715 - Order Directing Licensee to Refrain From Providing Additional Financing Assistance to Business Firms; Notice and Hearing; Determinations; Request for Hearing; Affirming, Modifying, or Rescinding Order; Resumption of Financing Assis... - Sec. 715. (1) The commissioner may issue an order directing...

Section 487.1717 - Appointment of Conservator for Licensee; Reimbursement of Expenses of Conservatorship; Powers and Duties of Conservator; Liquidation of Licensee; Appointment of Receiver; Determinations; Manner of Liquidation. - Sec. 717. (1) If the commissioner finds that any of...

Section 487.1719 - Violation of Act; Amount and Disposition of Civil Penalty; Applicability of Section; Provisions Cumulative; Liability for Certain Violations. - Sec. 719. (1) If, after notice and a hearing, the...

Article 8 - Certain Unlawful Activities (487.1801...487.1819)

Section 487.1801 - Definitions. - Sec. 801. (1) As used in this article, unless the...

Section 487.1803 - Willful Untrue Statement or Omission of Material Fact in Application or Report. - Sec. 803. A person shall not willfully make an untrue...

Section 487.1805 - Willful Refusal to Allow Inspection or Making Copies of Books, Accounts, and Other Records. - Sec. 805. A person having custody of any of the...

Section 487.1807 - Books, Accounts, or Other Records; False Entries; Omission of Required Entry; Alteration, Concealment, or Destruction. - Sec. 807. A person shall not, with intent to deceive...

Section 487.1809 - Financing Assistance to Associate of Licensee. - Sec. 809. A licensee shall not provide, directly or indirectly,...

Section 487.1811 - Financing Assistance to Discharge Obligation to Associate of Licensee; Transactions to Which Section Inapplicable. - Sec. 811. A licensee shall not provide, directly or indirectly,...

Section 487.1813 - Financing Assistance to Business Firm to Which Associate of Licensee Provides Financing Assistance; Applicability of Section. - Sec. 813. (1) A licensee shall not provide, directly or...

Section 487.1815 - Compensation of Associate of Licensee for Procuring or Influencing Licensee's Action With Respect to Providing Financing Assistance; Section Inapplicable to Fees Received for Bona Fide Closing Services; Criteria. - Sec. 815. An associate of a licensee shall not receive,...

Section 487.1817 - Exemptions. - Sec. 817. (1) By such orders or rules the commissioner...

Section 487.1819 - Violation of Article; Penalty; Applicability of Section; Power of State to Punish Not Limited by Act. - Sec. 819. (1) A person who knowingly commits an act...

Article 9 - General Provisions (487.1901...487.1905)

Section 487.1901 - Liberal Construction. - Sec. 901. This act shall be liberally construed to accomplish...

Section 487.1903 - Proceedings Subject to Administrative Procedures Act; Exemptions. - Sec. 903. A proceeding to promulgate rules or a proceeding...

Section 487.1905 - Applicability of Provisions of Licensee's Incorporating or Organizing Statute. - Sec. 905. Except as otherwise provided in this section, the...

Article 10 - Repeal (487.2001...487.2001)

Section 487.2001 - Repeal of MCL 487.851 to 487.867; Certain Statutory References Considered References to Bidco. - Sec. 1001. Act No. 117 of the Public Acts of...

Act 161 of 1988 - Consumer Financial Services Act (487.2051 - 487.2072)

Section 487.2051 - Short Title. - Sec. 1. This act shall be known and may be...

Section 487.2052 - Definitions. - Sec. 2. As used in this act: (a) "Applicant" means...

Section 487.2053 - License Required to Engage in Business Activity; Exceptions. - Sec. 3. (1) A person shall not engage in a...

Section 487.2054 - License Application. - Sec. 4. An application for a license under this act...

Section 487.2055 - License Fee; Investigation Fee; Financial Statements; Net Worth Requirements. - Sec. 5. (1) An application for a license shall be...

Section 487.2056 - Surety Bond or Letter of Credit. - Sec. 6. (1) An applicant for a license shall furnish...

Section 487.2057 - Investigation of License Applicant by Commissioner; Issuance and Delivery of License; Expiration of License; Renewal of License; Fee; Penalty for Delinquent Payment. - Sec. 7. (1) Upon the filing of an application and...

Section 487.2058 - License Certificate; Availability of Copy; Transferability; Changing Name or Place of Business; Operating One Place of Business Under Same License; Additional Place of Business; Ceasing Business Activities. - Sec. 8. (1) Upon approval by the commissioner of an...

Section 487.2059 - Compliance; Exemption of Licensee From Certain Provisions of Financial Licensing Acts; Purchase of Certain Contracts; Loans; Employment of Individual as Loan Officer to Originate Mortgage Loans or Secondary Mortgage Loan Officer to... - Sec. 9. (1) Except as otherwise provided in subsection (2),...

Section 487.2060 - Suspension or Revocation of License; Notice; Hearing; Determination; Appeal; Grounds for Suspending, Revoking, or Refusing to Renew License; Suspension or Revocation of Activities; Investigations, Examinations, and Hearings; Eviden... - Sec. 10. (1) A license shall not be suspended or...

Section 487.2060a - Request for Reconsideration. - Sec. 10a. (1) If an applicant for a license is...

Section 487.2060b - Hearing; Judicial Review. - Sec. 10b. (1) A hearing provided for in section 10...

Section 487.2060c - Enforcement of Notice or Order. - Sec. 10c. The commissioner may apply to the circuit court...

Section 487.2060d - Summary Suspension; Order; Hearing; Record. - Sec. 10d. (1) After a complaint is filed or, as...

Section 487.2060e - Summary Suspension Order, Cease and Desist Order, or Injunctive Relief as Additional Legal Action. - Sec. 10e. A summary suspension order, cease and desist order,...

Section 487.2060f - Investigation or Examination by Commissioner; Complaint or Action; Suspension of License; Request for Hearing; Duration of Suspension. - Sec. 10f. (1) As provided in section 10(4), the commissioner...

Section 487.2060g - Fraud or Money Laundering; Definitions. - Sec. 10g. (1) If in the opinion of the commissioner...

Section 487.2060h - Hearing; Decision; Findings; Judicial Review; Stay. - Sec. 10h. (1) A hearing under section 10 or 10g...

Section 487.2060i - Enforcement of Order; Jurisdiction. - Sec. 10i. The commissioner may apply to the circuit court...

Section 487.2060j - Violation as Misdemeanor; Penalty. - Sec. 10j. Any current or former executive officer, director, agent,...

Section 487.2060k - Violation of Order; Exceptions. - Sec. 10k. A control person who is subject to an...

Section 487.2061 - Annual Schedule of Fees; Fees Nonrefundable; Action for Recovery of Fees or Penalties; Disposition of Money Received. - Sec. 11. (1) The commissioner shall annually establish a schedule...

Section 487.2062 - Investigation of Business Activities; Examination of Books, Accounts, Records, and Files; Additional Reports; Audit and Management Letter. - Sec. 12. (1) The commissioner at any time may investigate...

Section 487.2063 - Repealed. 1999, Act 275, Imd. Eff. Jan. 5, 2000. - Compiler's Notes: The repealed section pertained to disposition and use...

Section 487.2064 - Records. - Sec. 14. (1) A licensee under this act shall maintain...

Section 487.2065 - Annual Report; Failure to File Report; Penalty. - Sec. 15. (1) A licensee shall annually on or before...

Section 487.2066 - Conservatorship or Receivership. - Sec. 16. Notwithstanding licensing under this act, if a licensee...

Section 487.2066a - Licensee Engaged in Loan Servicing Activities; Appointment of Conservator or Receiver. - Sec. 16a. If the commissioner determines that a licensee engaging...

Section 487.2066b - Powers and Duties of Conservator or Receiver. - Sec. 16b. (1) The conservator, under the direction of the...

Section 487.2067 - Prohibited Activities or Practices. - Sec. 17. A licensee under this act shall not do...

Section 487.2068 - Rules. - Sec. 18. The commissioner shall promulgate rules that are necessary...

Section 487.2069 - Obligation of Contract Party Not Impaired or Affected. - Sec. 19. This act shall not be construed to impair...

Section 487.2070 - Action by Person, County Prosecuting Attorney, or Attorney General. - Sec. 20. A person, county prosecuting attorney, or the attorney...

Section 487.2071 - Effective Date. - Sec. 21. This act shall take effect September 1, 1988....

Section 487.2072 - Conditional Effective Date. - Sec. 22. This act shall not take effect unless all...

Act 344 of 2020 - Financial Exploitation Prevention Act (487.2081 - 487.2091)

Section 487.2081 - Short Title. - Sec. 1. This act shall be known and may be...

Section 487.2083 - Definitions. - Sec. 3. As used in this act: (a) "Adult protective...

Section 487.2085 - Training for Signs of Covered Financial Exploitation of Members or Customers; Requirements; Reporting; Notification; Disclosure and Identification of Reporting Individual. - Sec. 5. (1) A financial institution shall develop and implement...

Section 487.2087 - Investigations; Delay or Freeze on Transactions; Exception. - Sec. 7. (1) Except as otherwise provided in this subsection,...

Section 487.2089 - Examination and Enforcement Authority. - Sec. 9. (1) Except as provided in subsections (2) and...

Section 487.2091 - Construction of Act. - Sec. 11. (1) This act shall not be construed as...

Act 190 of 1991 - State Employee Payroll Deduction Program (487.2101 - 487.2105)

Section 487.2101 - Definitions. - Sec. 1. As used in this act: (a) "College or...

Section 487.2102 - Enrollment in Distribution System for Direct Deposit of Retirement Benefit With Financial Institution; Electronic Fund Transfer of State College and University Payments. - Sec. 2. (1) The bureau of retirement systems in the...

Section 487.2103 - Establishment of Criteria and Distribution System for Participation by Financial Institution. - Sec. 3. The department and the department of management and...

Section 487.2104 - Rules; Participation Prohibited Under Certain Conditions. - Sec. 4. (1) The department shall promulgate rules to implement...

Section 487.2105 - Fee; Limitation; Prohibition. - Sec. 5. (1) Beginning January 1, 1994, the department may...

Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)

Article 1 - (487.2121...487.2122)

Section 487.2121 - Short Title. - Sec. 1. This act shall be known and may be...

Section 487.2122 - Definitions. - Sec. 2. (1) As used in this act: (a) "Applicant"...

Article 2 - (487.2131...487.2142)

Section 487.2131 - Business of Providing Deferred Presentment Service Transactions; License Required; Scope of Act; Application Process and Timeline; Bulletin, Order, or Rule. - Sec. 11. (1) Subject to subsection (2), a person shall...

Section 487.2132 - Licensure Requirements. - Sec. 12. To obtain a license, an applicant shall satisfy...

Section 487.2133 - Application; Writing; Oath; Form; Information; Fee. - Sec. 13. (1) An applicant shall submit an application for...

Section 487.2134 - License Fees; Disposition; Surety Bond. - Sec. 14. (1) A licensee shall pay a license fee,...

Section 487.2135 - Issuance of License Upon Investigation That Requirements Satisfied; Posting Copy of License. - Sec. 15. (1) After the commissioner receives a completed license...

Section 487.2136 - Denial of Application or Failure to Act Within Certain Time Period; Hearing. - Sec. 16. (1) If the commissioner determines that an applicant...

Section 487.2137 - License Not Transferable or Assignable; Change in Control; Duties of Licensee; Request for Information or Documentation; "Control" Defined. - Sec. 17. (1) A license issued under this article is...

Section 487.2138 - Report Describing Certain Event. - Sec. 18. The commissioner may determine and identify by order...

Section 487.2139 - Expiration and Renewal of License. - Sec. 19. (1) A license issued under this article shall...

Section 487.2140 - Enforcement and Implementation of Act; Issuance of Orders and Rules; Correction of Inaccurate Information; Duties of Licensee if Database Not Operational; Examination of Business, Books, and Records. - Sec. 20. (1) The commissioner may issue orders and rules...

Section 487.2141 - Books, Accounts, and Records; Preservation. - Sec. 21. Each licensee shall keep and use in its...

Section 487.2142 - Development, Implementation, and Maintenance of Database. - Sec. 22. (1) On or before December 31, 2006, the...

Article 3 - (487.2151...487.2160)

Section 487.2151 - Notice; Posting; Form. - Sec. 31. (1) A licensee shall post prominently in an...

Section 487.2152 - Written Deferred Presentment Service Agreement; Signatures; Provisions; Arbitration. - Sec. 32. (1) A licensee shall document a deferred presentment...

Section 487.2153 - Transaction; Limitation on Amount; Service Fee; Conditions Prohibiting Entering Transaction; Duties of Licensee; Prohibited Conduct; Sign. - Sec. 33. (1) A licensee may enter into 1 deferred...

Section 487.2154 - Customer Eligibility; Verification; Use of Database; Fee; Submission of Information to Database; Closure of Transaction. - Sec. 34. (1) A licensee shall verify a customer's eligibility...

Section 487.2155 - Renewal or Extension of Agreement; Repayment Option; Conditions; Terms; Notice; Satisfaction of Drawer's Obligation; Deposit of Check Held in Connection With Transaction; Return of Check; Payment by Debit Card; "Telephone-Initiated... - Sec. 35. (1) A licensee shall not renew a deferred...

Section 487.2156 - Violation of Act. - Sec. 36. (1) No later than the close of business...

Section 487.2157 - Rescission of Agreement; Redemption of Check by Drawer. - Sec. 37. (1) A drawer may rescind a deferred presentment...

Section 487.2158 - Endorsement of Check; Returned Check Charge; Liability for Dishonored Check. - Sec. 38. (1) A licensee shall endorse a check given...

Section 487.2159 - Agreements; Maintenance; Availability for Examination; Rejected Applications. - Sec. 39. (1) A licensee shall maintain each deferred presentment...

Section 487.2160 - Prohibited Conduct. - Sec. 40. A licensee shall not do any of the...

Article 4 - (487.2165...487.2173)

Section 487.2165 - Customer Complaint; Filing; Investigation or Examination by Commissioner; Subpoena; Noncompliance. - Sec. 45. (1) A customer may file a written complaint...

Section 487.2166 - Cease and Desist Order. - Sec. 46. (1) If in the opinion of the commissioner...

Section 487.2167 - Suspension, Revocation, or Termination of License. - Sec. 47. (1) The commissioner may, after notice and hearing,...

Section 487.2168 - Violations; Civil Fines. - Sec. 48. (1) If the commissioner finds that a person...

Section 487.2169 - Fraud. - Sec. 49. (1) If in the opinion of the commissioner...

Section 487.2170 - Hearing. - Sec. 50. (1) A licensee who is ordered to cease...

Section 487.2171 - Rules; Report. - Sec. 51. (1) The commissioner may promulgate rules under the...

Section 487.2172 - Person Providing Services Before Effective Date of Act; Compliance. - Sec. 52. A person who provided deferred presentment service transactions...

Section 487.2173 - Civil Cause of Action; Damages. - Sec. 53. A person injured by a licensee's violation of...

Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)

354-1996-1 - Chapter 1 Short Title and Definitions (487.3101...487.3103)

Section 487.3101 - Short Title. - Sec. 101. This act shall be known and may be...

Section 487.3102 - Definitions; a to I. - Sec. 102. As used in this act: (a) "Agency office"...

Section 487.3103 - Definitions; L to W. - Sec. 103. As used in this act: (a) "LLC member"...

354-1996-2 - Chapter 2 Administration (487.3201...487.3226)

Section 487.3201 - Financial Institutions Bureau; Jurisdiction; Duties of Commissioner; Construction of Act. - Sec. 201. (1) The financial institutions bureau shall have jurisdiction...

Section 487.3202 - Prohibited Conduct. - Sec. 202. Unless the person is organized under this act,...

Section 487.3203 - Federal Insurance of Deposits Required. - Sec. 203. Unless the commissioner, for good cause shown, waives...

Section 487.3204 - Savings Bank; Asset Tests; Loans for Domestic Residential Housing; Failure to Satisfy Asset Tests. - Sec. 204. (1) A savings bank shall satisfy 1 of...

Section 487.3205 - Appointment of Examiners and Employees; Payment of Compensation, Travel, and Expenses. - Sec. 205. The commissioner may appoint examiners and other employees...

Section 487.3206 - Commissioner, Deputy Commissioner, or Examiner; Prohibited Conduct. - Sec. 206. (1) During his or her term of office...

Section 487.3207 - Commissioner, Deputy Commissioner, or Examiner; Civil Liability. - Sec. 207. The commissioner, deputy commissioner, examiner, or other employee...

Section 487.3208 - Rules, Orders, and Declaratory Rulings. - Sec. 208. (1) The commissioner may promulgate rules in addition...

Section 487.3209 - Savings Banks and Entities Subject to Examination by Commissioner. - Sec. 209. (1) A savings bank together with its subsidiaries,...

Section 487.3210 - Schedule of Supervisory Fees; Initial Supervisory Fee. - Sec. 210. (1) The commissioner shall periodically establish a schedule...

Section 487.3211 - Circuit Court Subpoena to Appear; Petition by Commissioner; Scope; Failure to Appear as Contempt. - Sec. 211. The commissioner may petition the circuit court for...

Section 487.3212 - Privilege Against Self-Incrimination; Perjury. - Sec. 212. (1) A person shall not be excused from...

Section 487.3213 - Confidentiality; Exception. - Sec. 213. (1) The commissioner and all deputies, agents, and...

Section 487.3214 - Application for Approval; Requirements; Appeal. - Sec. 214. (1) A savings bank that seeks the commissioner's...

Section 487.3215 - Unsafe or Unsound Practice or Violation; Notice of Charges; Hearing; Order to Cease and Desist; Effect and Enforcement; Out-of-State Bank Branch. - Sec. 215. (1) If in the opinion of the commissioner...

Section 487.3216 - Temporary Cease and Desist Order; Effective and Enforceable; Injunction to Set Aside, Limit, or Suspend Order. - Sec. 216. (1) If the commissioner determines that the violation...

Section 487.3217 - Intent by Commissioner to Remove Director or Officer From Office; Notice; Suspension or Prohibition; Effective Date; Service of Copies of Notice; Statement of Facts; Hearing; Issuance of Order; Effect and Enforcement. - Sec. 217. (1) If in the opinion of the commissioner...

Section 487.3218 - Stay of Suspension or Prohibition; Application to Circuit Court. - Sec. 218. No later than 10 days after a director,...

Section 487.3219 - Felony Charge Involving Dishonesty or Breach of Trust by Director or Officer; Suspension or Prohibition; Duration; Entry of Conviction; Order of Removal From Office or Prohibition; Service of Copy; Finding of Not Guilty or Other Di... - Sec. 219. (1) If a director or officer of a...

Section 487.3220 - Board of Directors; Less Than Quorum. - Sec. 220. If, because of the suspension or removal of...

Section 487.3221 - Hearing; Decision; Review; Modifying, Terminating, or Setting Aside Order; Commencement of Proceedings Not as Stay of Order. - Sec. 221. (1) A hearing provided for in this chapter...

Section 487.3222 - Notice or Order; Jurisdiction of Court. - Sec. 222. The commissioner may apply to the circuit court...

Section 487.3223 - Prohibited Acts; Fine; Limitation. - Sec. 223. A director or officer, or former director or...

Section 487.3224 - Service of Notice; Intent to Issue Cease and Desist Order; Notice to Governor. - Sec. 224. (1) A service required or authorized to be...

Section 487.3225 - Proceedings Under MCL 487.3215, 487.3216(1), or 487.3217; Notice to Federal Authorities of Intent to Institute Proceedings. - Sec. 225. In connection with a proceeding under section 215,...

Section 487.3226 - Definitions. - Sec. 226. As used in sections 215 to 225: (a)...

354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)

Section 487.3301 - Corporation; Formation; Purpose. - Sec. 301. A corporation may be formed by 1 or...

Section 487.3302 - Organization of Savings Bank; Application; Forms; Notice; Publication Requirements; Waiver; Examination of Information and Statements; Approval or Disapproval of Application. - Sec. 302. (1) A person shall apply to the commissioner...

Section 487.3302a - Organization of Branch by Out-of-State Savings Bank; Proof of Federal Insurance on Deposits; Determination of Compliance; Certificate of Organization and Eligibility to Accept Deposits and Investments of Public Funds. - Sec. 302a. (1) An out-of-state savings bank may apply to...

Section 487.3303 - Organization of Savings Bank to Serve Depository Institutions; Application. - Sec. 303. (1) Any number of depository institutions may apply...

Section 487.3304 - Organizational Expenses; Reimbursement; Review. - Sec. 304. (1) Following the date authorized by the commissioner...

Section 487.3305 - Articles of Incorporation. - Sec. 305. (1) Upon approval of the application, at least...

Section 487.3306 - Authorization to Commence Business; Conditions; Verification; Certificate With Official Seal; Application Deemed Abandoned and No Effect; First Meeting. - Sec. 306. (1) Within 30 days after the approval and...

Section 487.3307 - Required Capital; Applicability of Section to Consolidated Organization; Authorization of Stock Savings Bank or Mutual Savings Bank to Commence Business; Total Capital; Maintenance of Surplus Amount. - Sec. 307. (1) A stock savings bank organized under this...

Section 487.3308 - Stock Savings Bank; Stock Issuance. - Sec. 308. A stock savings bank may issue shares of...

Section 487.3309 - Mutual Savings Bank; Membership. - Sec. 309. The membership of a mutual savings bank shall...

Section 487.3310 - Issuance of Capital Notes, Debentures, and Other Indebtedness. - Sec. 310. (1) A savings bank, with the approval of...

Section 487.3311 - Applicability of Provisions to Voting Stock. - Sec. 311. Whenever a vote of the holders of shares...

Section 487.3312 - Issuance of Stock by Mutual Savings Bank; Conversion. - Sec. 312. Upon application and approval of the commissioner, a...

Section 487.3313 - Issuance of Certificates of Stock by Savings Bank. - Sec. 313. (1) Except as provided in subsection (2), the...

Section 487.3314 - Increase in Capital Stock. - Sec. 314. (1) By a vote of shareholders owning 2/3...

Section 487.3315 - Reduction in Capital Stock. - Sec. 315. (1) By a vote of shareholders owning 2/3...

Section 487.3316 - Declaration and Payment of Dividends. - Sec. 316. (1) The board of directors of a savings...

Section 487.3317 - Mutual Savings Bank; Meetings. - Sec. 317. (1) An annual meeting of the members of...

Section 487.3318 - Records. - Sec. 318. (1) Each savings bank shall keep correct and...

Section 487.3319 - Savings Bank; Meetings; Voting. - Sec. 319. (1) The annual meeting of the shareholders of...

Section 487.3320 - Savings Bank; Meeting Notice. - Sec. 320. The commissioner may call a meeting of the...

Section 487.3321 - Savings Bank; Stock Ledger; Designation of Transfer Agent or Registrar of Shares; List to Be Furnished Upon Request. - Sec. 321. (1) A stock savings bank shall keep and...

Section 487.3322 - Savings Bank; Election of Directors; Vacancy; Bylaws; Meetings; Chief Executive Officer; Minutes; Quorum; Notice of Meeting. - Sec. 322. (1) A savings bank shall be managed by...

Section 487.3323 - Oath. - Sec. 323. Each director prior to taking office shall take...

Section 487.3324 - Purchase or Sale of Securities by Director; Conditions. - Sec. 324. (1) A savings bank may contract for, or...

Section 487.3325 - Director or Officer of Savings Bank; Discharge of Duties; Violation; Removal; Vote. - Sec. 325. (1) A director or an officer of a...

Section 487.3326 - Indemnification of Party. - Sec. 326. (1) A savings bank may indemnify a person...

Section 487.3327 - Indemnification of Director, Officer, Employee, or Agent. - Sec. 327. (1) To the extent that a director, officer,...

Section 487.3328 - Payment or Reimbursement of Expenses Incurred in Civil or Criminal Action, Suit, or Proceeding. - Sec. 328. A savings bank may pay or reimburse the...

Section 487.3329 - Rights to Indemnification. - Sec. 329. (1) The indemnification or advancement of expenses provided...

Section 487.3330 - Insurance; Trust Fund. - Sec. 330. (1) A savings bank has the power to...

Section 487.3330a - Consolidation or Merger; Position of Director, Officer, Employee, or Agent of Depository Institution. - Sec. 330a. For purposes of this section and sections 326,...

Section 487.3331 - Articles of Incorporation; Amendment. - Sec. 331. (1) With the approval of the commissioner and...

Section 487.3332 - Definitions; Best Interests of Savings Bank, Shareholders, or Members. - Sec. 332. (1) As used in sections 325 to 331:...

Section 487.3333 - Liquidation; Notice; Certificate of Termination; Designation of Liquidating Agent or Committee; Bond; Reports; Removal; Appointment of New Agent or Committee; Examination by Commissioner; Publication of Notice; Filing and Forwardin... - Sec. 333. (1) A solvent savings bank may go into...

Section 487.3334 - Commencement of Voluntary Liquidation Procedures; Savings Bank as Body Corporate; Actions, Suits, or Proceedings Begun Prior to Liquidation Proceeding; Powers of Surviving Directors. - Sec. 334. (1) Except as provided in subsection (2), a...

Section 487.3335 - Savings Bank; Expiration of Term by Limitation; Extension; Renewal. - Sec. 335. (1) A savings bank whose term will expire...

Section 487.3336 - Sale or Purchase of Assets; Consideration; Purpose; Filing Certified Copies of Proceedings; Liability; Maintenance of Principal Office or Branches. - Sec. 336. (1) With the approval of the commissioner, based...

Section 487.3337 - Sale or Purchase of Branches; Notice. - Sec. 337. (1) A savings bank may sell 1 or...

Section 487.3338 - Unlimited Amounts or Share of Deposits. - Sec. 338. There shall be no limit upon the amount...

Section 487.3339 - Compliance Review Committee; Construction of Section. - Sec. 339. (1) A compliance review committee shall evaluate and...

354-1996-4 - Chapter 4 Powers (487.3401...487.3436)

Section 487.3401 - Savings Bank; Powers. - Sec. 401. (1) Except as otherwise provided by this act,...

Section 487.3402 - Purchase, Design, Manufacture, Construction, Repair, Modification, or Improvement of Real Property; Use of Loan Proceeds; Liability for Defect. - Sec. 402. A savings bank that makes a loan the...

Section 487.3403 - Purchase of Corporation Stock by Savings Bank; Limitation on Aggregate Investments. - Sec. 403. Except as otherwise provided by this act, with...

Section 487.3404 - Purchase of Stock, or Loans To, Michigan Business Development Corporation. - Sec. 404. Except as otherwise provided by this act or...

Section 487.3405 - Venture Capital Investments; “Professional Investor” and “Venture Capital” Defined. - Sec. 405. (1) Except as otherwise provided by this act...

Section 487.3406 - “Investment Security” and “Secretary” Defined; Purchase of Investment Securities. - Sec. 406. (1) As used in this section: (a) "Investment...

Section 487.3407 - Acquisition, Development, or Improvement of Real Estate; Limitation on Investment of Assets; Powers of Savings Bank. - Sec. 407. A savings bank may invest not more than...

Section 487.3408 - Services Performed by Savings Bank. - Sec. 408. A savings bank may perform 1 or more...

Section 487.3409 - Savings Bank Engaged in Real Estate Brokerage Business; Notice of Licensure or Ownership; Prohibited Acts; Disclosure to Credit Applicant; Violation of Section; Orders; Limitation. - Sec. 409. (1) A savings bank that engages directly in...

Section 487.3410 - Investment in Service Entities. - Sec. 410. (1) Upon 30 days' notice to the commissioner,...

Section 487.3411 - Powers Granted in MCL 487.3401 and 487.3403 Construed. - Sec. 411. The powers granted in sections 401 and 403...

Section 487.3412 - Change in Location of Principal Office. - Sec. 412. (1) Upon prior written notice to the commissioner,...

Section 487.3413 - Transactions Relating to Capital Stock of Corporation; Authorization; Purchase and Sale of Securities and Stock; Loan or Discount; Purchase or Holding of Own Stock. - Sec. 413. (1) A savings bank shall not engage in...

Section 487.3414 - Savings Bank Possessing Capital and Surplus More Than $1,000,000.00; Powers; Application; Savings Bank Operating Foreign Branches; Restrictions and Limitations; Further Powers. - Sec. 414. (1) A savings bank possessing a capital and...

Section 487.3415 - Savings Bank With Branch Offices in Foreign Country. - Sec. 415. (1) Notwithstanding section 1105 of the uniform commercial...

Section 487.3416 - Savings Bank as Owner or Lessor of Personal Property; Lease Payments as Rent; Taxes; Prohibition. - Sec. 416. (1) A savings bank may become the owner...

Section 487.3417 - Savings Bank With Branch in Another State. - Sec. 417. (1) A savings bank may establish and operate...

Section 487.3418 - Loan Production Offices. - Sec. 418. (1) Without notice to or approval of the...

Section 487.3419 - Purchase or Assumption of National or State Chartered Bank, Savings Bank, or Association; Operation as New Branch. - Sec. 419. Notwithstanding any other provision of this act, a...

Section 487.3420 - Discontinuing Operations of Branch or Agency Office; Transfer of Functions. - Sec. 420. If a savings bank permanently discontinues the operations...

Section 487.3421 - Trust Powers; Conditions, Limitations, and Restrictions. - Sec. 421. (1) Upon application, the commissioner may grant to...

Section 487.3422 - Definitions; Trust Service Agreements. - Sec. 422. (1) As used in this section: (a) "Banking...

Section 487.3423 - Separation of Trust Department Business From Commercial Bank Business; Commingled and Consolidated Funds; Limitation; Lien on Securities in Event of Savings Bank Failure. - Sec. 423. (1) A savings bank exercising a trust power...

Section 487.3424 - Fiduciary Powers; Considerations. - Sec. 424. (1) In passing upon applications for permission to...

Section 487.3425 - Repealed. 2000, Act 482, Imd. Eff. Jan. 11, 2001. - Compiler's Notes: The repealed section pertained to commencement of trust...

Section 487.3426 - Fund or Property Held by Savings Bank as Fiduciary; Investments; “Registered Investment Company” Defined; Funds Considered as Held in Fiduciary Capacity. - Sec. 426. (1) Funds or property held by a savings...

Section 487.3427 - Enforcement of MCL 487.3421 to 487.3426; Orders or Declaratory Rulings. - Sec. 427. The commissioner may issue orders or declaratory rulings...

Section 487.3428 - Safe Deposit and Storage Department. - Sec. 428. (1) If a savings bank operates a safe...

Section 487.3429 - Lease, Purchase, Holding, and Conveyance of Real Estate. - Sec. 429. (1) A savings bank may lease, purchase, hold,...

Section 487.3430 - Interest and Charges on Loans and Credit Extensions. - Sec. 430. (1) Savings banks may collect interest and charges...

Section 487.3431 - Drafts or Bills of Exchange. - Sec. 431. (1) A savings bank may accept drafts or...

Section 487.3432 - Loans and Extensions of Credit and Leases; Limitations; Exceptions; Definitions. - Sec. 432. (1) Except as otherwise provided in this section...

Section 487.3433 - Loans and Extensions of Credit; Exceptions to Limitations. - Sec. 433. All of the following loans and extensions of...

Section 487.3434 - Capital and Surplus; Limitations. - Sec. 434. All of the following limitations based upon capital...

Section 487.3436 - Automatic Teller Machine Located on Premises of Casino, Casino Enterprise, Liquor Store, or Adult Entertainment Establishment; Preventing Access to Cash Benefits From Michigan Bridge Card; Definitions. - Sec. 436. (1) A savings bank that owns, operates, or...

354-1996-5 - Chapter 5 Regulation (487.3501...487.3514)

Section 487.3501 - Impairment of Capital. - Sec. 501. (1) If, in the opinion of the commissioner,...

Section 487.3502 - Violations; Liability of Directors or Officers. - Sec. 502. If the directors or officers of a savings...

Section 487.3503 - Officer or Employee as Agent in Sale of Stock or Securities; Prohibition. - Sec. 503. An officer or employee of a savings bank,...

Section 487.3504 - Receipt of Consideration or Gratuity Prohibited. - Sec. 504. An officer, director, or employee of a savings...

Section 487.3505 - Surety Bonds; Protection Against Insurable Losses. - Sec. 505. (1) The board of directors shall require every...

Section 487.3506 - Reports; Penalty for Failure to Report. - Sec. 506. (1) The commissioner may require reports from a...

Section 487.3507 - Regulation and Prescription of Terms, Conditions, Bylaws, and Rules by Board of Directors. - Sec. 507. Notwithstanding any other provision of law, the board...

Section 487.3508 - Pledge of Assets. - Sec. 508. (1) Except as otherwise provided in this section,...

Section 487.3509 - Deposit by Savings Bank; Limitation. - Sec. 509. Except where required or permitted under the federal...

Section 487.3510 - Insolvency; Transfer of Assets Null and Void. - Sec. 510. A transfer of any assets of a savings...

Section 487.3511 - Property or Casualty Insurance as Condition to Mortgage Loan. - Sec. 511. (1) Except as provided in subsection (2), a...

Section 487.3512 - Overdrafts. - Sec. 512. (1) An overdraft existing for 90 days shall...

Section 487.3514 - Repealed. 2005, Act 192, Imd. Eff. Nov. 7, 2005. - Compiler's Notes: The repealed section pertained to filing of a...

354-1996-6 - Chapter 6 Receiverships and Conservatorships (487.3601...487.3608)

Section 487.3601 - Receiver; Appointment. - Sec. 601. (1) If a savings bank has refused to...

Section 487.3602 - Receiver; Powers; Report to Commissioner. - Sec. 602. (1) Subject to court approval, a receiver may...

Section 487.3603 - Procedures for Liquidation; Limitation. - Sec. 603. The full and exclusive procedures for the liquidation...

Section 487.3604 - Rights of Depositors and Creditors of Closed Savings Bank. - Sec. 604. (1) If a savings bank has been closed...

Section 487.3605 - Conservator; Appointment; Powers; Duties. - Sec. 605. (1) If any of the grounds set forth...

Section 487.3606 - Affairs of Savings Bank Turned Back to Board of Directors; Notice. - Sec. 606. (1) After 15 days from the date upon...

Section 487.3607 - Orders or Declaratory Rulings as to Receivers and Conservators; Compensation and Expenses to Reimburse Bureau. - Sec. 607. (1) The commissioner may issue orders or declaratory...

Section 487.3608 - Reorganization of Savings Bank. - Sec. 608. (1) In a reorganization of a savings bank...

354-1996-7 - Chapter 7 Consolidations, Mergers, and Conversions (487.3701...487.3715)

Section 487.3701 - Consolidated Savings Bank. - Sec. 701. (1) Subject to approval by the commissioner, a...

Section 487.3702 - Consolidated Organization. - ***** 487.3702 SUBDIVISION (a) DOES NOT APPLY AFTER MAY 31,...

Section 487.3703 - Consolidated Savings Bank; Rights, Interests, Privileges, Powers, Restrictions, Disabilities, Liabilities, and Duties. - Sec. 703. (1) When the approval and certification of the...

Section 487.3704 - Consolidated Organization; Service of Process; Prosecution. - Sec. 704. (1) Whether it maintains a presence in this...

Section 487.3705 - Operation of Branches of Consolidated or Acquired Savings Bank. - Sec. 705. (1) A savings bank, an out-of-state bank, or...

Section 487.3706 - Definitions; Consolidation. - Sec. 706. (1) As used in this section: (a) "Existing...

Section 487.3706a - Definitions; Reorganization of Existing Mutual Savings Bank to Mutual Holding Company; Requirements; Organization and Incorporation of New Savings Bank Subsidiary; Approval. - Sec. 706a. (1) As used in this section: (a) "Existing...

Section 487.3707 - Definitions; Terms and Conditions of Conversion or Exchange. - Sec. 707. (1) As used in this section: (a) "Consolidation...

Section 487.3708 - Conversion of Savings Bank Into Stock Association or National Banking Association; Conversion of Mutual Savings Bank Into State or Federal Mutual Savings and Loan Association. - Sec. 708. (1) Upon the affirmative vote of the majority...

Section 487.3709 - Conversion of Federally Chartered Shareholder-Owned Financial Institution Into Savings Bank. - Sec. 709. (1) With the approval of the commissioner, and...

Section 487.3710 - Conversion of State Chartered Shareholder-Owned Financial Institution Into Savings Bank. - Sec. 710. (1) With the approval of the commissioner, and...

Section 487.3711 - Conversion of Member-Owned Federally Chartered Financial Institution Into Mutual Savings Bank. - Sec. 711. (1) With the approval of the commissioner, and...

Section 487.3711a - Conversion of Mutual Federal Savings and Loan Association, Mutual Federal Savings Bank, or Other Member-Owned Federally Chartered Financial Institution Into Stock Savings Bank. - Sec. 711a. (1) With the approval of the commissioner, and...

Section 487.3712 - Conversion of Member-Owned State Chartered Financial Institution Into Mutual Savings Bank. - Sec. 712. (1) With the approval of the commissioner, and...

Section 487.3712a - Conversion of Mutual State Savings and Loan Association, or Mutual State Savings Bank, or Other Member-Owned State Chartered Financial Institution Into Stock Savings Bank. - Sec. 712a. (1) With the approval of the commissioner, and...

Section 487.3713 - Rights, Obligations, and Relations of Converted and Converting Organization. - Sec. 713. If a conversion becomes effective under this act,...

Section 487.3714 - Liability Not Impaired by Sale of Assets, Consolidation, or Conversion. - Sec. 714. The liability of any savings bank, national banking...

Section 487.3715 - Conversion of Mutual Savings Bank to Stock Savings Bank. - Sec. 715. (1) A mutual savings bank may apply to...

354-1996-8 - Chapter 8 General Provisions, Exemption From Taxation (487.3801...487.3804)

Section 487.3801 - Use of “Bank,”“banker,” or “banking.” - Sec. 801. (1) The use of the word "bank", "banker",...

Section 487.3802 - Construction of Act. - Sec. 802. (1) The powers, privileges, duties, and restrictions conferred...

Section 487.3803 - Effect of MCL 450.1 to 450.192. - Sec. 803. Notwithstanding any other law, a savings bank subject...

Section 487.3804 - Tax Exemptions. - Sec. 804. A savings bank subject to this act shall...

Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)

276-1999-1 - Chapter 1 (487.11101...487.11203)

276-1999-1-1 - Part 1 Short Title and General Provisions (487.11101...487.11107)

Section 487.11101 - Short Title. - Sec. 1101. This act shall be known and may be...

Section 487.11102 - Supervision and Regulation of Banking Organizations; State Policy. - Sec. 1102. It is the policy of this state that...

Section 487.11103 - Filing of Documents as Constructive Notice of Contents; Limitation. - Sec. 1103. The filing of documents under this act does...

Section 487.11104 - Remedies; Construction of Act. - Sec. 1104. (1) This act does not impair or affect...

Section 487.11105 - Person Engaged in Business of Banking; Corporation as Fiduciary. - Sec. 1105. (1) A person shall not engage in the...

Section 487.11106 - Use of Designation or Name. - Sec. 1106. The use of the word "bank", "banker", or...

Section 487.11107 - Tax Exemptions. - Sec. 1107. All mortgages or other securities held by banks...

276-1999-1-2 - Part 2 Definitions (487.11201...487.11203)

Section 487.11201 - Definitions; a to F. - Sec. 1201. As used in this act: (a) "Administrative expense"...

Section 487.11202 - Definitions; F to P. - Sec. 1202. As used in this act: (a) "Financial institution"...

Section 487.11203 - Definitions; S to V. - Sec. 1203. As used in this act: (a) "Savings bank"...

276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)

276-1999-2-1 - Part 1 Administration (487.12101...487.12109)

Section 487.12101 - Financial Institutions Bureau; Creation; Jurisdiction; Commissioner; Appointment; Duties; Seal; Other Employment. - Sec. 2101. (1) A financial institutions bureau is created within...

Section 487.12102 - Purpose of Act. - Sec. 2102. This act shall be implemented by the commissioner...

Section 487.12103 - Powers and Duties Vested Under Former Act; Transfer of Property, Books, and Other Papers; Effect of Orders and Rules. - Sec. 2103. (1) The powers and duties vested by law...

Section 487.12104 - Deputies; Appointment by Commissioner; Duties; Revocation. - Sec. 2104. (1) The commissioner shall appoint a chief deputy...

Section 487.12105 - Employees; Appointment by Commissioner; Compensation; Duties; Revocation. - Sec. 2105. (1) The commissioner may appoint employees to carry...

Section 487.12106 - Commissioner, Deputy Commissioner, or Examiner; Prohibited Conduct. - Sec. 2106. (1) During his or her term of office...

Section 487.12107 - Liability; Immunity. - Sec. 2107. The commissioner or any other employee of the...

Section 487.12108 - Annual Report. - Sec. 2108. For each calendar year the commissioner shall compile...

Section 487.12109 - Confidentiality; Disclosures. - Sec. 2109. (1) The commissioner and all deputies, agents, and...

276-1999-2-2 - Part 2 General Powers (487.12201...487.12204)

Section 487.12201 - Rules. - Sec. 2201. The commissioner may promulgate rules under the administrative...

Section 487.12202 - Examination of Institution, Its Subsidiaries, and Service Entities. - Sec. 2202. (1) Each institution and its subsidiaries and service...

Section 487.12203 - Fees; State Bank Regulatory Fund. - Sec. 2203. (1) The director shall periodically establish a schedule...

Section 487.12204 - Declaratory Rulings, Orders, or Determinations. - Sec. 2204. (1) The commissioner may issue declaratory rulings in...

276-1999-2-3 - Part 3 Enforcment Powers (487.12301...487.12315)

Section 487.12301 - Subpoena Powers. - Sec. 2301. The commissioner may petition the circuit court for...

Section 487.12302 - Application. - Sec. 2302. (1) A bank that seeks the commissioner's approval...

Section 487.12303 - Reconsideration of Order, Ruling, or Finding; Hearing. - Sec. 2303. (1) Except with respect to rules promulgated under...

Section 487.12304 - Notice of Charges; Hearing; Issuance of Order to Cease and Desist; Enforcement; Notice to Comptroller of Currency and Attorney General. - Sec. 2304. (1) If in the opinion of the commissioner...

Section 487.12305 - Temporary Cease and Desist Order. - Sec. 2305. (1) If the commissioner determines that the violation...

Section 487.12306 - Conduct Constituting Breach of Fiduciary Duty; Order of Removal or Prohibition. - Sec. 2306. (1) If in the opinion of the commissioner...

Section 487.12307 - Stay of Suspension or Prohibition; Issuance by Court. - Sec. 2307. Within 10 days after the date a person...

Section 487.12308 - Conduct Involving Felony or Misdemeanor Charge; Order of Removal or Prohibition. - Sec. 2308. If any person participating in the conduct of...

Section 487.12309 - Quorum of Board of Directors. - Sec. 2309. If at any time, because of the suspension...

Section 487.12310 - Hearing; Decision; Review; Consent Order; Modification, Termination, or Setting Aside Order. - Sec. 2310. (1) An administrative hearing provided for in section...

Section 487.12311 - Enforcement Powers; Jurisdiction of Court. - Sec. 2311. (1) The commissioner may apply to the circuit...

Section 487.12312 - Prohibited Conduct; Fine. - Sec. 2312. A person, against whom there is outstanding and...

Section 487.12313 - Service of Notice or Order. - Sec. 2313. A service required or authorized to be made...

Section 487.12314 - Notice to Federal Supervisory Authorities. - Sec. 2314. In connection with a proceeding under section 2304,...

Section 487.12315 - Foreign Bank; Prohibited Conduct. - Sec. 2315. (1) If, in the opinion of the commissioner,...

276-1999-2-4 - Part 4 Receiverships and Conservatorships (487.12401...487.12410)

Section 487.12401 - Liquidation; Receiver or Other Liquidating Agent. - Sec. 2401. (1) Except as provided in subsection (2), a...

Section 487.12402 - Appointment of Receiver; Conditions; Procedures. - Sec. 2402. (1) If a bank has refused to pay...

Section 487.12403 - Receiver; Duties; Powers. - Sec. 2403. (1) Subject to court approval, a receiver shall...

Section 487.12404 - Lien on Property or Assets; Voidable Transfer. - Sec. 2404. (1) A transfer of or lien on the...

Section 487.12405 - Records. - Sec. 2405. (1) On approval by the court, the receiver...

Section 487.12406 - Conservator; Appointment; Bond and Security; Qualifications; Expenses. - Sec. 2406. (1) If any of the grounds under section...

Section 487.12407 - Conservator; Rights, Powers, and Privileges. - Sec. 2407. (1) The conservator, under the direction of the...

Section 487.12408 - Deposits Received While Bank in Conservatorship. - Sec. 2408. (1) While a bank is in conservatorship, the...

Section 487.12409 - Authority of Conservator to Borrow Money; Purpose. - Sec. 2409. With the prior approval of the commissioner, the...

Section 487.12410 - Termination of Conservatorship. - Sec. 2410. (1) If satisfied that it may be done...

276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)

276-1999-3-1 - Part 1 Formation (487.13101...487.13108)

Section 487.13101 - Bank Organization Generally. - Sec. 3101. Not less than 5 natural persons, a majority...

Section 487.13102 - Bank Organization; Application. - Sec. 3102. (1) An application to organize a bank under...

Section 487.13103 - Organization of Depository Institutions Generally. - Sec. 3103. (1) Any number of depository institutions may apply...

Section 487.13104 - Expenses of Incorporators; Reimbursement. - Sec. 3104. (1) Following the date authorized by the commissioner...

Section 487.13105 - Bank as Body Corporate; Authorization. - Sec. 3105. If the commissioner approves the articles of incorporation...

Section 487.13106 - Commencement of Business. - Sec. 3106. (1) Within 30 days after the approval of...

Section 487.13107 - Organization Meeting; Notice. - Sec. 3107. The organizational meeting of every bank shall be...

Section 487.13108 - Capital Adequacy; Requirements. - Sec. 3108. (1) A bank organized under this act shall...

276-1999-3-2 - Part 2 Articles of Incorporation (487.13201...487.13203)

Section 487.13201 - Articles of Incorporation; Approval Generally. - Sec. 3201. (1) Upon approval of the application under section...

Section 487.13202 - Articles of Incorporation; Contents. - Sec. 3202. (1) The articles of incorporation shall specify all...

Section 487.13203 - Articles of Incorporation; Amendments. - Sec. 3203. (1) With the approval of the commissioner, and...

276-1999-3-3 - Part 3 Dissolution (487.13301...487.13307)

Section 487.13301 - Proposed Resolution of Dissolution; Certificate of Termination; Designation of Liquidating Agent or Committee; Reports; Examination by Commissioner; Filing of Certificate; Termination. - Sec. 3301. (1) A solvent bank may go into dissolution...

Section 487.13302 - Bank in Dissolution as Body Corporate. - Sec. 3302. (1) A bank that begins dissolution under section...

Section 487.13303 - Bank in Dissolution; Function of Officers, Directors, and Shareholders. - Sec. 3303. (1) Subject to section 3302 or as otherwise...

Section 487.13304 - “Existing Claim” and “Existing Claimant” Defined; Notice to Depositors and Creditors; Existing Claims; Effective Date of Written Notice. - Sec. 3304. (1) As used in this section: (a) "Existing...

Section 487.13305 - “Claim” and “Claimant” Defined; Notice of Dissolution; Publication; Requirements. - Sec. 3305. (1) As used in this section: (a) "Claim"...

Section 487.13306 - Court Supervision of Bank in Dissolution. - Sec. 3306. (1) After a bank has commenced dissolution, the...

Section 487.13307 - Debts, Obligations, and Liabilities. - Sec. 3307. (1) A bank in dissolution or its liquidating...

276-1999-3-4 - Part 4 Term Extension (487.13401...487.13401)

Section 487.13401 - Expiration of Corporate Term; Extension. - Sec. 3401. (1) A bank whose corporate term will expire...

276-1999-3-5 - Part 5 Officers and Directors (487.13501...487.13507)

Section 487.13501 - Board of Directors; Election; Appointment of Officers; Meetings. - Sec. 3501. (1) A bank shall be managed by a...

Section 487.13502 - Board of Directors; Oath. - Sec. 3502. Every director when elected or appointed shall take...

Section 487.13503 - Sale or Purchase of Securities or Property. - Sec. 3503. (1) A bank may contract for, or purchase...

Section 487.13504 - Discharge of Duties; Liability; Commencement of Action; Violation; Statute of Limitations. - Sec. 3504. (1) A director or an officer of a...

Section 487.13505 - Removal of Director. - Sec. 3505. (1) The shareholders may remove 1 or more...

Section 487.13506 - Sale of Stock or Securities; Officer or Employee as Agent Prohibited. - Sec. 3506. An officer or employee of any bank, in...

Section 487.13507 - Procurement of Loan; Receipt of Gratuity or Consideration Prohibited. - Sec. 3507. An officer, director, or employee of a bank...

276-1999-3-6 - Part 6 Shareholders (487.13601...487.13604)

Section 487.13601 - Meeting of Shareholders. - Sec. 3601. (1) The annual meeting of the shareholders of...

Section 487.13602 - Meeting Called by Commissioner. - Sec. 3602. The commissioner may call a meeting of the...

Section 487.13603 - Names and Addresses of Shareholders; Record. - Sec. 3603. (1) A bank shall keep and maintain an...

Section 487.13604 - Provisions Applicable to Voting Stock. - Sec. 3604. If a vote of the holders of shares...

276-1999-3-7 - Part 7 Consolidation and Conversion (487.13701...487.13714)

Section 487.13701 - Consolidated Bank; Formation. - Sec. 3701. (1) Subject to approval by the commissioner, a...

Section 487.13702 - Consolidated Organization. - Sec. 3702. On an interstate basis, a bank may consolidate...

Section 487.13703 - Consolidated Bank; Rights, Privileges, and Powers. - Sec. 3703. (1) If approval and certification of the consolidation...

Section 487.13704 - Service of Process. - Sec. 3704. (1) Whether it maintains a presence in this...

Section 487.13705 - Notice of Operation. - Sec. 3705. (1) A consolidated bank or consolidated organization may...

Section 487.13706 - Definitions; Applicable Provisions. - Sec. 3706. (1) As used in this section: (a) "Existing...

Section 487.13707 - Definitions; Consolidation Agreement; Approval of Terms and Conditions. - Sec. 3707. (1) As used in this section: (a) "Consolidation...

Section 487.13708 - Conversion of Bank Into Stock Association, Stock Savings Bank, or National Banking Association. - Sec. 3708. (1) Upon the affirmative vote of the shareholders...

Section 487.13709 - Conversion of Depository Institution. - Sec. 3709. (1) With the approval of the commissioner and...

Section 487.13710 - Effect of Conversion. - Sec. 3710. If a conversion becomes effective under section 3708...

Section 487.13711 - Branch Services. - Sec. 3711. (1) A bank may establish and operate a...

Section 487.13712 - Discontinuing Branch Operations; Transfer of Functions to Principal Office. - Sec. 3712. (1) If a bank or foreign bank permanently...

Section 487.13713 - Principal Office; Relocation. - Sec. 3713. (1) Upon prior written notice to the commissioner,...

Section 487.13714 - Branch Office in Foreign Country; Applicable Provisions. - Sec. 3714. Notwithstanding section 1105 of the uniform commercial code,...

276-1999-3-8 - Part 8 Capital (487.13801...487.13808)

Section 487.13801 - Issuance of Capital Notes, Debentures, or Other Instrument of Indebtedness. - Sec. 3801. (1) A bank, with the approval of shareholders...

Section 487.13802 - Issuance of Shares; Number; Classes; Designations. - Sec. 3802. (1) A bank may issue the number of...

Section 487.13803 - Stock Certificates. - Sec. 3803. (1) Except as provided in subsection (2), the...

Section 487.13804 - Capital Stock; Increase. - Sec. 3804. (1) By a vote of shareholders owning 2/3...

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Michigan Compiled Laws Chapter 487 - Financial Institutions

Michigan Compiled Laws
Chapter 487 - Financial Institutions