Michigan Compiled Laws
276-1999-4-3 - Part 3 Investments (487.14301...487.14310)
Section 487.14310 - Investment in Service Entity.

Sec. 4310.
(1) As authorized by order or declaratory ruling of the commissioner, a bank may invest in service entities that engage in activities in which a bank is not authorized to engage.
(2) The maximum aggregate investment by a bank in service entities shall be the lesser of 5% of the bank's total assets or 75% of its capital and surplus.
(3) The commissioner shall give notice to all banks of orders and declaratory rulings issued under this section.
(4) For purposes of subsection (2), investment in a service entity shall include loans by a bank or its subsidiary to a service entity.
(5) Subject to the investment limit in subsection (2), a bank or its subsidiary that has made an initial investment in a service entity may make additional investments in that service entity without notice to the commissioner.
History: 1999, Act 276, Eff. Mar. 1, 2000

Structure Michigan Compiled Laws