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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...
Section 487.13805 - Capital Stock; Reduction. - Sec. 3805. (1) By a vote of shareholders owning 2/3...
Section 487.13806 - Dividends. - Sec. 3806. (1) From time to time, the board of...
Section 487.13807 - Deficiency; Steps to Make Assessment or Dissolution; Extension. - Sec. 3807. (1) If, in the opinion of the commissioner,...
Section 487.13808 - Distribution of Sale Proceeds; Issuance of New Certificates; Effect of Uniform Commercial Code. - Sec. 3808. (1) If, 30 days after notice as provided...
276-1999-3-9 - Part 9 Administration (487.13901...487.13913)
Section 487.13901 - Repayment of Deposits. - Sec. 3901. Deposits shall be repaid to the depositor, or...
Section 487.13902 - Compliance Review Committee. - Sec. 3902. (1) An officer or the board of directors...
Section 487.13903 - Surety Bond. - Sec. 3903. (1) The board of directors shall require every...
Section 487.13904 - Indemnification. - Sec. 3904. (1) A bank may indemnify a person described...
Section 487.13905 - Indemnification; Expenses and Amounts. - Sec. 3905. (1) To the extent that a director, officer,...
Section 487.13906 - Director, Officer, Employee, or Agent as Party to Action; Reimbursement. - Sec. 3906. A bank may pay or reimburse the reasonable...
Section 487.13907 - Other Rights to Indemnification or Advancement; Limitation. - Sec. 3907. The indemnification or advancement of expenses provided by...
Section 487.13908 - Liability Insurance or Trust Fund. - Sec. 3908. A bank has the power to purchase and...
Section 487.13909 - Consolidation or Merger; Position of Director, Officer, Employee, or Agent of Absorbed Depository Institution. - Sec. 3909. For purposes of this section and sections 3904,...
Section 487.13910 - Definitions; Person Acting in Best Interests of Bank or Shareholders. - Sec. 3910. (1) For the purposes of sections 3904, 3905,...
Section 487.13911 - Reports. - Sec. 3911. (1) The commissioner may require reports from any...
Section 487.13912 - Attachment or Execution. - Sec. 3912. Attachment or execution shall not be issued against...
Section 487.13913 - Action Taken or Event Occurring on or Before November 29, 1995. - Sec. 3913. A written agreement entered into under section 130b...
276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)
276-1999-4-1 - Part 1 General Provisions (487.14101...487.14111)
Section 487.14101 - Banking Powers Generally. - Sec. 4101. (1) Subject to the limitations and restrictions contained...
Section 487.14102 - Safe Deposit and Storage Department; Lien for Unpaid Rental and Storage Charges. - Sec. 4102. (1) If a bank operates a safe deposit...
Section 487.14103 - Drafts or Bills of Exchange. - Sec. 4103. (1) A bank may accept drafts or bills...
Section 487.14104 - Real Estate Brokerage. - Sec. 4104. (1) A bank may engage directly in, or...
Section 487.14105 - Permitted Services or Activities. - Sec. 4105. A bank may perform for others 1 or...
Section 487.14106 - Purchase or Sale of Assets; Powers of Bank. - Sec. 4106. (1) With the approval of the commissioner, based...
Section 487.14107 - Sale or Purchase of Bank Branch. - Sec. 4107. (1) A bank may sell 1 or more...
Section 487.14108 - Pledging Bank Assets as Collateral Security. - Sec. 4108. (1) Except as otherwise provided in this section,...
Section 487.14109 - Bank Agent; Activities. - Sec. 4109. An agent of a bank described in section...
Section 487.14110 - 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. 4110. (1) A bank that owns, operates, or manages...
Section 487.14111 - Loan Promotion Raffle or Savings Promotion Raffle. - Sec. 4111. (1) If authorized by its board of directors,...
276-1999-4-2 - Part 2 Loans (487.14201...487.14205)
Section 487.14201 - Loans and Credit Extensions; Interest and Charges. - Sec. 4201. (1) A bank may collect interest and charges...
Section 487.14202 - Total Loans and Credit Extensions; Limitation; Exceptions; Limitations Based Upon Capital and Surplus. - Sec. 4202. (1) Except as otherwise provided in this section...
Section 487.14203 - Financing Real or Personal Property; Use of Proceeds for Purchase, Design, Manufacture, Construction, Repair, Modification, or Improvement; Liability for Defect. - Sec. 4203. A bank that makes a loan, the proceeds...
Section 487.14204 - Insurance; Hazard; Property and Casualty. - Sec. 4204. (1) A bank that requires a mortgagor to...
Section 487.14205 - Allowance for Bank Loan and Lease Losses; Charge Off of Debt. - Sec. 4205. Unless a debt constitutes a claim against a...
276-1999-4-3 - Part 3 Investments (487.14301...487.14310)
Section 487.14301 - Purchasing, Selling, Underwriting, and Holding Investment Securities. - Sec. 4301. (1) A bank may purchase, sell, underwrite, and...
Section 487.14302 - Purchase of Investment Securities. - Sec. 4302. (1) A bank may purchase investment securities for...
Section 487.14303 - Investment in Other Assets. - Sec. 4303. Notwithstanding any other section of this act, a...
Section 487.14304 - Bank Investment Authority; Purchasing or Holding Shares of Stock or Other Equity Interests. - Sec. 4304. (1) A bank shall not engage in a...
Section 487.14305 - Venture Capital Investments. - Sec. 4305. (1) Except as otherwise provided by this act,...
Section 487.14306 - Lease, Purchase, Holding, and Conveyance of Real Property. - Sec. 4306. A bank may lease, purchase, hold, and convey...
Section 487.14307 - Acquisition, Development, or Improvement of Real Property for Sale. - Sec. 4307. A bank may invest not more than 10%...
Section 487.14308 - Acquisition of Real Property for Use of Customer; Loan Secured by Real Property. - Sec. 4308. (1) A bank may lease, purchase, hold, and...
Section 487.14309 - Acquisition of Personal Property for Use of Customer; Loan Secured by Personal Property. - Sec. 4309. (1) A bank may lease, purchase, hold, and...
Section 487.14310 - Investment in Service Entity. - Sec. 4310. (1) As authorized by order or declaratory ruling...
276-1999-4-4 - Part 4 Trusts (487.14401...487.14406)
Section 487.14401 - Trust Powers; Conditions, Limitations, and Restrictions. - Sec. 4401. (1) Upon application, the commissioner may grant to...
Section 487.14402 - Definitions; Trust Service Agreement. - Sec. 4402. (1) As used in this section: (a) "Host...
Section 487.14403 - Trust Powers; Segregation of Assets Held in Fiduciary Capacity; Separate Books and Records; Commingling and Consolidation. - Sec. 4403. (1) A bank exercising a trust power as...
Section 487.14404 - Application for Full Fiduciary Powers; Considerations; Limited Trust Power. - Sec. 4404. (1) In acting upon applications for permission to...
Section 487.14405 - Investment of Trust Funds or Property; "Registered Investment Company" Defined; Bank Considered as Fiduciary. - Sec. 4405. (1) A bank shall invest any money or...
Section 487.14406 - Repealed. 2005, Act 195, Imd. Eff. Nov. 7, 2005. - Compiler's Notes: The repealed section pertained to filing suspicious activity...
276-1999-5 - Chapter 5 Foreign Banks (487.15101...487.15105)
276-1999-5-STRUCTURE - Structure (487.15101...487.15105)
Section 487.15101 - State Agency or State Foreign Bank Branch; Establishment and Operation by State Foreign Bank Branch. - Sec. 5101. (1) With the written approval of the commissioner,...
Section 487.15102 - Conversion of State Agency or State Foreign Bank Branch Into Federal Agency or Federal Branch. - Sec. 5102. (1) A state agency or state foreign bank...
Section 487.15103 - Termination of Authority to Operate State Agency or State Foreign Bank Branch. - Sec. 5103. Authority to operate a state agency, state foreign...
Section 487.15104 - Reports. - Sec. 5104. A foreign bank operating a state agency or...
Section 487.15105 - Operations of Foreign Bank at State Foreign Bank Branch or State Agency. - Sec. 5105. (1) Except as otherwise provided in this act...