Sec. 3507.
An officer, director, or employee of a bank shall not receive, or consent, or agree to receive from a customer of the bank any consideration or gratuity in return for the procurement of a loan or other service from the bank.
History: 1999, Act 276, Eff. Mar. 1, 2000
Structure Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)
276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)
276-1999-3-5 - Part 5 Officers and Directors (487.13501...487.13507)
Section 487.13501 - Board of Directors; Election; Appointment of Officers; Meetings.
Section 487.13502 - Board of Directors; Oath.
Section 487.13503 - Sale or Purchase of Securities or Property.
Section 487.13505 - Removal of Director.
Section 487.13506 - Sale of Stock or Securities; Officer or Employee as Agent Prohibited.
Section 487.13507 - Procurement of Loan; Receipt of Gratuity or Consideration Prohibited.