Sec. 1107.
All mortgages or other securities held by banks are exempt from all municipal or other taxes under the laws of this state, and all personal property owned by banks is exempt from taxation.
History: 1999, Act 276, Eff. Mar. 1, 2000 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
Structure Michigan Compiled Laws
Chapter 487 - Financial Institutions
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.
Section 487.11102 - Supervision and Regulation of Banking Organizations; State Policy.
Section 487.11103 - Filing of Documents as Constructive Notice of Contents; Limitation.
Section 487.11104 - Remedies; Construction of Act.
Section 487.11105 - Person Engaged in Business of Banking; Corporation as Fiduciary.