Sec. 7034.
(1) A trustee or officer of a MEWA shall not knowingly and intentionally, directly or indirectly, receive any money or valuable thing for negotiating, procuring, recommending, or aiding in any purchase by or sale to the MEWA of any property or any loan from the MEWA, or be pecuniarily interested, either as principal, co-principal, agent, or beneficiary in any such purchase, sale, or loan.
(2) A person who violates this section is guilty of a felony punishable by a fine of not more than $10,000.00, or by imprisonment for not more than 10 years, or both.
History: Add. 1986, Act 121, Eff. July 1, 1986 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-70 - Chapter 70 Multiple Employer Welfare Arrangements (500.7001...500.7090)
Section 500.7001 - Definitions.
Section 500.7006 - Benefits to Which Authorized Mewa Limited.
Section 500.7011 - Conditions to Issuance of Certificate of Authority.
Section 500.7022 - Name of Mewa; Proof of Existence of Mewa.
Section 500.7024 - Powers of Mewa.
Section 500.7028 - Duties of Trustees; Limitation on Liability of Trustee.
Section 500.7032 - Compensation of Trustee, Officer, or Employee.
Section 500.7034 - Trustee or Officer; Prohibited Conduct; Violation as Felony; Penalty.
Section 500.7044 - Notice to Individual Covered by Plan.
Section 500.7060 - Additional Provisions to Which Mewa Subject.
Section 500.7070 - Certificate of Authority; Grounds for Suspension, Revocation, or Limitation.
Section 500.7086 - Security Fund as Creditor of Insolvent Mewa; Reimbursement From Insolvent Mewa.