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Chapter 487
- FINANCIAL INSTITUTIONS
Act 341 of 1937 ‑ Repealed- THE MICHIGAN FINANCIAL INSTITUTIONS ACT (487.1 - 487.292)
Act 390 of 1925 ‑ Repealed- PAPER PRESENTED ONE YEAR AFTER DATE (487.621 - 487.621)
Act 386 of 1919 ‑ Repealed- FORWARDING OF NEGOTIABLE PAPER (487.641 - 487.641)
Act 165 of 1865 ‑ Repealed- MARKING COUNTERFEIT, ALTERED, OR WORTHLESS BILLS (487.651 - 487.652)
Act 348 of 1925 ‑ Repealed- REVOCATION, COUNTERMAND, OR STOP-PAYMENT ORDER (487.681 - 487.682)
Section 487.691 ‑ Adverse claim to bank deposit; notice; restraining order; exception.
Section 487.701 ‑ Minor's deposit; payment; receipt or acquittance sufficient.
Section 487.702 ‑ Trust deposit; death of trustees; payment of deposit; receipt or acquittance as release and discharge.
Section 487.703 ‑ Deposit in name of joint beneficiaries; payment; receipt sufficient; deposits made payable to survivor; prima facie evidence.
Section 487.715 ‑ Statutory joint account; creation; signing contract; form of contract; acknowledging receipt of contract; adding additional parties; modifying form of contract.
Section 487.716 ‑ Nature and effect of statutory joint accounts; failure to answer question in contract.
Section 487.717 ‑ Withdrawals of funds; liability of financial institution; deposits subject to setoff.
Section 487.718 ‑ Deposits subject to rights of creditors; laws applicable to transfers in fraud of creditors; claims against insolvent estate of deceased owner of statutory joint account.
Section 487.719 ‑ Payment of widow's allowance or allowance for dependent children upon death of person owning deposits in statutory joint account.
Section 487.721 ‑ Safe deposit box rented to joint holders; rights of various holders and survivors; exceptions.
Section 487.731 ‑ U.S. defense savings bonds; banks and trust companies authorized as issuing agent for sale of; deposit or pledge of assets.
Section 487.732 ‑ Pledging of assets; limitation of financial institutions act not otherwise affected.
Act 2 of 1935 ‑ LOANS UNDER NATIONAL HOUSING ACT (487.751 - 487.753)
Section 487.751 ‑ National housing act; state financial institutes' authorized transactions; collateral.
Section 487.801 ‑ Certificate of brokers; necessity; filing with county clerk; contents; public inspection.
Section 487.802 ‑ Certificate of brokers; new certificate, cause, prior liability.
Section 487.806 ‑ Advertisement or representation of nature of business; violation, penalty; exception.
Act 158 of 1956 ‑ Repealed- DEVELOPMENT CREDIT CORPORATIONS (487.831 - 487.848)
Act 117 of 1963 ‑ Repealed- BUSINESS DEVELOPMENT CORPORATIONS (487.851 - 487.867)
Act 76 of 1979 ‑ Repealed- MICHIGAN BUSINESS DEVELOPMENT CORPORATION (487.871 - 487.891)
Act 355 of 1976 ‑ Repealed- COSTS OF REGULATION OF FINANCIAL ORGANIZATIONS AND FINANCE COMPANIES (487.931 - 487.937)
Act 232 of 1978 ‑ SUSPENSION OF BUSINESS OF BANKS AND SAVINGS AND LOAN ASSOCIATIONS (487.941 - 487.946)
Section 487.942 ‑ Authorizing or ordering financial institutions to close offices because of existing or impending emergency; duration; advising governor; authorization to close financial institution on day of national mourning, rejoicing, or other special observance.
Section 487.943 ‑ Determination not to open or to close office of financial institution during emergency.
Section 487.1013 ‑ Financial statements; net worth; qualification to do business; application fee; surety bond; aggregate liability of surety; limitation.
Section 487.1014 ‑ Investigation; completed application; time period; issuance of license; fee; extension of time period; denial; request for hearing.
Section 487.1016 ‑ Travel expenses; recovery of fees and fines; collection; disposition.
Section 487.1021 ‑ Information obtained in examination or investigation; disclosure prohibited.
Section 487.1023 ‑ Changed information; filing; events requiring filing of report.
Section 487.1024 ‑ Proposed change of control of licensee; request for approval; additional information; approval by commissioner; determination.
Section 487.1041 ‑ Denying, suspending, not renewing, or revoking license; placing license in receivership; revoking designation of authorized delegate; conditions.
Section 487.1047 ‑ Order suspending or prohibiting person from being licensee and from being employed by, agent of, or control person of licensee.
89‑1986‑1 ‑ ARTICLE 1 SHORT TITLE, PURPOSES, AND DEFINITIONS (487.1101...487.1106)
89‑1986‑2 ‑ ARTICLE 2 REGULATION, REPORTING, AND EXAMINATION (487.1201...487.1217)
Section 487.1201 ‑ Administration of act; orders; rules; imposition of conditions; applications for declaratory rulings; judicial review.
Section 487.1205 ‑ Investigations; purposes; oaths and affirmations; witnesses; evidence; documents or records; failure to comply with subpoena.
Section 487.1209 ‑ Establishment of annual schedule of fees; payment; action for recovery of fees or penalties; failure to submit report; disposition.
Section 487.1211 ‑ Books, accounts, and other records of licensee; location and preservation; valuation of assets; audit report.
Section 487.1213 ‑ Making or keeping of books, accounts, or other records by person other than licensee; applicability of act; approval of commissioner.
Section 487.1216 ‑ Publication and distribution of information on impact of act.
Section 487.1217 ‑ Examination of licensee or subsidiary of licensee; exhibiting books, accounts, and other records; facilitating examination; retention of person to assist commissioner.
89‑1986‑3 ‑ ARTICLE 3 LICENSING (487.1301...487.1317)
Section 487.1303 ‑ Review of information; approval of application for license; determinations; net worth; findings; grounds.
Section 487.1304 ‑ Business development enterprise; designation; application; criteria; notification by board of Michigan strategic fund.
Section 487.1305 ‑ Application for preliminary approval of application for license; order; conditions to final approval; fee.
Section 487.1309 ‑ License; issuance; posting; nontransferable and nonassignable.
Section 487.1315 ‑ Michigan corporation or limited liability company licensed under another law.
Section 487.1317 ‑ Application to commissioner to accept surrender of license; approval; notice to owners and creditors; filing objection; sending copy of objection to commissioner.
89‑1986‑4 ‑ ARTICLE 4 CORPORATE MATTERS (487.1401...487.1407)
Section 487.1403 ‑ Board of directors; number of directors; membership; meetings.
Section 487.1405 ‑ Death, resignation, or removal of director, officer, or manager; election of director; appointment of officer or manager; notice to commissioner; additional information.
Section 487.1407 ‑ Dividend and distribution policies; buying back share of stock or membership interest.
89‑1986‑5 ‑ ARTICLE 5 TRANSACTION OF BUSINESS (487.1501...487.1513)
Section 487.1501 ‑ Offices of licensee; number; location; posting sign bearing corporate name; personnel; establishing, relocating, or closing office.
Section 487.1505 ‑ Forms, terms, and conditions of financing assistance; participation in program of small business administration; compliance; scope of management assistance; purpose of financing assistance or management assistance; exercise of incidental powers; extension of credit; interest; violation as felony; penalty; “interest” defined.
Section 487.1507 ‑ Holding control of business firm; order approving or denying application; “hold control” defined; plan for acquiring and holding control of business firm; demonstrating necessity to hold control of business firm.
Section 487.1509 ‑ Transacting business in safe and sound manner; considering risks; authority of commissioner not limited.
Section 487.1511 ‑ Definitions; transactions involving potential conflict of interest; authority of commissioner to determine conflict of interest not limited.
89‑1986‑6 ‑ ARTICLE 6 MERGERS AND ACQUISITIONS (487.1601...487.1603)
Section 487.1601 ‑ Acquiring control of licensee; application for approval; determinations by commissioner.
Section 487.1603 ‑ Merger of licensee with another business firm; conditions; purchase by licensee of business of another person; sale of business; application for approval of merger, purchase, or sale; determinations.
89‑1986‑7 ‑ ARTICLE 7 ENFORCEMENT (487.1701...487.1719)
Section 487.1701 ‑ Action to enjoin violation or enforce compliance; restraining order, preliminary or permanent injunction, or writ of mandamus; appointment of receiver or conservator; bond.
Section 487.1703 ‑ Violation of MCL 487.1311; cease and desist order; filing application for hearing on order; rescission of order; judicial review.
Section 487.1705 ‑ Cease and desist order; affirmative action to correct condition; application for hearing on order; affirming, modifying, or rescinding order; judicial review.
Section 487.1707 ‑ Order removing subject person from office and prohibiting further participation in business of licensee; notice and hearing; determinations; order suspending subject person from office and prohibiting further participation in business of licensee; application for hearing on order; affirming, modifying, or rescinding order; judicial review; “office” defined.
Section 487.1709 ‑ Crime involving dishonesty or breach of trust; order suspending subject person from office and prohibiting further participation in business of licensee; application for hearing on order; affirming, modifying, or rescinding order; judicial review; conviction not required; “office” defined.
Section 487.1713 ‑ Calling meeting of board of directors of licensee or of owners of licensee; notice; expenses.
Section 487.1715 ‑ Order directing licensee to refrain from providing additional financing assistance to business firms; notice and hearing; determinations; request for hearing; affirming, modifying, or rescinding order; resumption of financing assistance; application to modify or rescind order.
Section 487.1717 ‑ Appointment of conservator for licensee; reimbursement of expenses of conservatorship; powers and duties of conservator; liquidation of licensee; appointment of receiver; determinations; manner of liquidation.
Section 487.1719 ‑ Violation of act; amount and disposition of civil penalty; applicability of section; provisions cumulative; liability for certain violations.
89‑1986‑8 ‑ ARTICLE 8 CERTAIN UNLAWFUL ACTIVITIES (487.1801...487.1819)
Section 487.1803 ‑ Willful untrue statement or omission of material fact in application or report.
Section 487.1805 ‑ Willful refusal to allow inspection or making copies of books, accounts, and other records.
Section 487.1807 ‑ Books, accounts, or other records; false entries; omission of required entry; alteration, concealment, or destruction.
Section 487.1811 ‑ Financing assistance to discharge obligation to associate of licensee; transactions to which section inapplicable.
Section 487.1813 ‑ Financing assistance to business firm to which associate of licensee provides financing assistance; applicability of section.
Section 487.1815 ‑ Compensation of associate of licensee for procuring or influencing licensee's action with respect to providing financing assistance; section inapplicable to fees received for bona fide closing services; criteria.
Section 487.1819 ‑ Violation of article; penalty; applicability of section; power of state to punish not limited by act.
89‑1986‑9 ‑ ARTICLE 9 GENERAL PROVISIONS (487.1901...487.1905)
Section 487.1903 ‑ Proceedings subject to administrative procedures act; exemptions.
Section 487.1905 ‑ Applicability of provisions of licensee's incorporating or organizing statute.
89‑1986‑10 ‑ ARTICLE 10 REPEAL (487.2001...487.2001)
Section 487.2001 ‑ Repeal of MCL 487.851 to 487.867; certain statutory references considered references to BIDCO.
Section 487.2055 ‑ License fee; investigation fee; financial statements; net worth requirements.
Section 487.2057 ‑ Investigation of license applicant by commissioner; issuance and delivery of license; expiration of license; renewal of license; fee; penalty for delinquent payment.
Section 487.2058 ‑ License certificate; availability of copy; transferability; changing name or place of business; operating one place of business under same license; additional place of business; ceasing business activities.
Section 487.2059 ‑ Compliance; exemption of licensee from certain provisions of financial licensing acts; purchase of certain contracts; loans; employment of individual as loan officer to originate mortgage loans or secondary mortgage loan officer to originate secondary mortgage loans; "employ" defined.
Section 487.2060 ‑ Suspension or revocation of license; notice; hearing; determination; appeal; grounds for suspending, revoking, or refusing to renew license; suspension or revocation of activities; investigations, examinations, and hearings; evidence; failure to comply with subpoena; cease and desist order.
Section 487.2060e ‑ Summary suspension order, cease and desist order, or injunctive relief as additional legal action.
Section 487.2060f ‑ Investigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension.
Section 487.2061 ‑ Annual schedule of fees; fees nonrefundable; action for recovery of fees or penalties; disposition of money received.
Section 487.2062 ‑ Investigation of business activities; examination of books, accounts, records, and files; additional reports; audit and management letter.
Section 487.2066a ‑ Licensee engaged in loan servicing activities; appointment of conservator or receiver.
Section 487.2070 ‑ Action by person, county prosecuting attorney, or attorney general.
Act 344 of 2020 ‑ FINANCIAL EXPLOITATION PREVENTION ACT (487.2081 - 487.2091)
Section 487.2085 ‑ Training for signs of covered financial exploitation of members or customers; requirements; reporting; notification; disclosure and identification of reporting individual.
Act 190 of 1991 ‑ STATE EMPLOYEE PAYROLL DEDUCTION PROGRAM (487.2101 - 487.2105)
Section 487.2102 ‑ Enrollment in distribution system for direct deposit of retirement benefit with financial institution; electronic fund transfer of state college and university payments.
Section 487.2103 ‑ Establishment of criteria and distribution system for participation by financial institution.
Act 244 of 2005 ‑ DEFERRED PRESENTMENT SERVICE TRANSACTIONS ACT (487.2121 - 487.2173)
Section 487.2131 ‑ Business of providing deferred presentment service transactions; license required; scope of act; application process and timeline; bulletin, order, or rule.
Section 487.2135 ‑ Issuance of license upon investigation that requirements satisfied; posting copy of license.
Section 487.2136 ‑ Denial of application or failure to act within certain time period; hearing.
Section 487.2137 ‑ License not transferable or assignable; change in control; duties of licensee; request for information or documentation; "control" defined.
Section 487.2140 ‑ Enforcement and implementation of act; issuance of orders and rules; correction of inaccurate information; duties of licensee if database not operational; examination of business, books, and records.
Section 487.2152 ‑ Written deferred presentment service agreement; signatures; provisions; arbitration.
Section 487.2153 ‑ Transaction; limitation on amount; service fee; conditions prohibiting entering transaction; duties of licensee; prohibited conduct; sign.
Section 487.2154 ‑ Customer eligibility; verification; use of database; fee; submission of information to database; closure of transaction.
Section 487.2155 ‑ Renewal or extension of agreement; repayment option; conditions; terms; notice; satisfaction of drawer's obligation; deposit of check held in connection with transaction; return of check; payment by debit card; "telephone-initiated entry" defined..
Section 487.2158 ‑ Endorsement of check; returned check charge; liability for dishonored check.
Section 487.2159 ‑ Agreements; maintenance; availability for examination; rejected applications.
Section 487.2165 ‑ Customer complaint; filing; investigation or examination by commissioner; subpoena; noncompliance.
Section 487.2172 ‑ Person providing services before effective date of act; compliance.
Act 354 of 1996 ‑ SAVINGS BANK ACT (487.3101 - 487.3804)***** 487.3702 SUBDIVISION (a) DOES NOT APPLY AFTER MAY 31, 1997: See subdivision (a) of 487.3702 *****
354‑1996‑1 ‑ CHAPTER 1 SHORT TITLE AND DEFINITIONS (487.3101...487.3103)
354‑1996‑2 ‑ CHAPTER 2 ADMINISTRATION (487.3201...487.3226)
Section 487.3201 ‑ Financial institutions bureau; jurisdiction; duties of commissioner; construction of act.
Section 487.3204 ‑ Savings bank; asset tests; loans for domestic residential housing; failure to satisfy asset tests.
Section 487.3205 ‑ Appointment of examiners and employees; payment of compensation, travel, and expenses.
Section 487.3206 ‑ Commissioner, deputy commissioner, or examiner; prohibited conduct.
Section 487.3207 ‑ Commissioner, deputy commissioner, or examiner; civil liability.
Section 487.3209 ‑ Savings banks and entities subject to examination by commissioner.
Section 487.3211 ‑ Circuit court subpoena to appear; petition by commissioner; scope; failure to appear as contempt.
Section 487.3215 ‑ Unsafe or unsound practice or violation; notice of charges; hearing; order to cease and desist; effect and enforcement; out-of-state bank branch.
Section 487.3216 ‑ Temporary cease and desist order; effective and enforceable; injunction to set aside, limit, or suspend order.
Section 487.3217 ‑ Intent by commissioner to remove director or officer from office; notice; suspension or prohibition; effective date; service of copies of notice; statement of facts; hearing; issuance of order; effect and enforcement.
Section 487.3218 ‑ Stay of suspension or prohibition; application to circuit court.
Section 487.3219 ‑ Felony charge involving dishonesty or breach of trust by director or officer; suspension or prohibition; duration; entry of conviction; order of removal from office or prohibition; service of copy; finding of not guilty or other disposition.
Section 487.3221 ‑ Hearing; decision; review; modifying, terminating, or setting aside order; commencement of proceedings not as stay of order.
Section 487.3224 ‑ Service of notice; intent to issue cease and desist order; notice to governor.
Section 487.3225 ‑ Proceedings under MCL 487.3215, 487.3216(1), or 487.3217; notice to federal authorities of intent to institute proceedings.
354‑1996‑3 ‑ CHAPTER 3 CORPORATE STRUCTURE (487.3301...487.3339)
Section 487.3302 ‑ Organization of savings bank; application; forms; notice; publication requirements; waiver; examination of information and statements; approval or disapproval of application.
Section 487.3302a ‑ Organization of branch by out-of-state savings bank; proof of federal insurance on deposits; determination of compliance; certificate of organization and eligibility to accept deposits and investments of public funds.
Section 487.3303 ‑ Organization of savings bank to serve depository institutions; application.
Section 487.3306 ‑ Authorization to commence business; conditions; verification; certificate with official seal; application deemed abandoned and no effect; first meeting.
Section 487.3307 ‑ Required capital; applicability of section to consolidated organization; authorization of stock savings bank or mutual savings bank to commence business; total capital; maintenance of surplus amount.
Section 487.3310 ‑ Issuance of capital notes, debentures, and other indebtedness.
Section 487.3321 ‑ Savings bank; stock ledger; designation of transfer agent or registrar of shares; list to be furnished upon request.
Section 487.3322 ‑ Savings bank; election of directors; vacancy; bylaws; meetings; chief executive officer; minutes; quorum; notice of meeting.
Section 487.3325 ‑ Director or officer of savings bank; discharge of duties; violation; removal; vote.
Section 487.3328 ‑ Payment or reimbursement of expenses incurred in civil or criminal action, suit, or proceeding.
Section 487.3330a ‑ Consolidation or merger; position of director, officer, employee, or agent of depository institution.
Section 487.3332 ‑ Definitions; best interests of savings bank, shareholders, or members.
Section 487.3333 ‑ Liquidation; notice; certificate of termination; designation of liquidating agent or committee; bond; reports; removal; appointment of new agent or committee; examination by commissioner; publication of notice; filing and forwarding certificate of termination.
Section 487.3334 ‑ Commencement of voluntary liquidation procedures; savings bank as body corporate; actions, suits, or proceedings begun prior to liquidation proceeding; powers of surviving directors.
Section 487.3335 ‑ Savings bank; expiration of term by limitation; extension; renewal.
Section 487.3336 ‑ Sale or purchase of assets; consideration; purpose; filing certified copies of proceedings; liability; maintenance of principal office or branches.
354‑1996‑4 ‑ CHAPTER 4 POWERS (487.3401...487.3436)
Section 487.3402 ‑ Purchase, design, manufacture, construction, repair, modification, or improvement of real property; use of loan proceeds; liability for defect.
Section 487.3403 ‑ Purchase of corporation stock by savings bank; limitation on aggregate investments.
Section 487.3404 ‑ Purchase of stock, or loans to, Michigan business development corporation.
Section 487.3405 ‑ Venture capital investments; “professional investor” and “venture capital” defined.
Section 487.3406 ‑ “Investment security” and “secretary” defined; purchase of investment securities.
Section 487.3407 ‑ Acquisition, development, or improvement of real estate; limitation on investment of assets; powers of savings bank.
Section 487.3409 ‑ Savings bank engaged in real estate brokerage business; notice of licensure or ownership; prohibited acts; disclosure to credit applicant; violation of section; orders; limitation.
Section 487.3413 ‑ Transactions relating to capital stock of corporation; authorization; purchase and sale of securities and stock; loan or discount; purchase or holding of own stock.
Section 487.3414 ‑ Savings bank possessing capital and surplus more than $1,000,000.00; powers; application; savings bank operating foreign branches; restrictions and limitations; further powers.
Section 487.3416 ‑ Savings bank as owner or lessor of personal property; lease payments as rent; taxes; prohibition.
Section 487.3419 ‑ Purchase or assumption of national or state chartered bank, savings bank, or association; operation as new branch.
Section 487.3420 ‑ Discontinuing operations of branch or agency office; transfer of functions.
Section 487.3423 ‑ Separation of trust department business from commercial bank business; commingled and consolidated funds; limitation; lien on securities in event of savings bank failure.
Section 487.3426 ‑ Fund or property held by savings bank as fiduciary; investments; “registered investment company” defined; funds considered as held in fiduciary capacity.
Section 487.3427 ‑ Enforcement of MCL 487.3421 to 487.3426; orders or declaratory rulings.
Section 487.3432 ‑ Loans and extensions of credit and leases; limitations; exceptions; definitions.
Section 487.3436 ‑ 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.
354‑1996‑5 ‑ CHAPTER 5 REGULATION (487.3501...487.3514)
Section 487.3503 ‑ Officer or employee as agent in sale of stock or securities; prohibition.
Section 487.3507 ‑ Regulation and prescription of terms, conditions, bylaws, and rules by board of directors.
Section 487.3511 ‑ Property or casualty insurance as condition to mortgage loan.
354‑1996‑6 ‑ CHAPTER 6 RECEIVERSHIPS AND CONSERVATORSHIPS (487.3601...487.3608)
Section 487.3606 ‑ Affairs of savings bank turned back to board of directors; notice.
Section 487.3607 ‑ Orders or declaratory rulings as to receivers and conservators; compensation and expenses to reimburse bureau.
354‑1996‑7 ‑ CHAPTER 7 CONSOLIDATIONS, MERGERS, AND CONVERSIONS (487.3701...487.3715)
Section 487.3703 ‑ Consolidated savings bank; rights, interests, privileges, powers, restrictions, disabilities, liabilities, and duties.
Section 487.3705 ‑ Operation of branches of consolidated or acquired savings bank.
Section 487.3706a ‑ Definitions; reorganization of existing mutual savings bank to mutual holding company; requirements; organization and incorporation of new savings bank subsidiary; approval.
Section 487.3708 ‑ Conversion of savings bank into stock association or national banking association; conversion of mutual savings bank into state or federal mutual savings and loan association.
Section 487.3709 ‑ Conversion of federally chartered shareholder-owned financial institution into savings bank.
Section 487.3710 ‑ Conversion of state chartered shareholder-owned financial institution into savings bank.
Section 487.3711 ‑ Conversion of member-owned federally chartered financial institution into mutual savings bank.
Section 487.3711a ‑ Conversion of mutual federal savings and loan association, mutual federal savings bank, or other member-owned federally chartered financial institution into stock savings bank.
Section 487.3712 ‑ Conversion of member-owned state chartered financial institution into mutual savings bank.
Section 487.3712a ‑ Conversion of mutual state savings and loan association, or mutual state savings bank, or other member-owned state chartered financial institution into stock savings bank.
Section 487.3713 ‑ Rights, obligations, and relations of converted and converting organization.
Section 487.3714 ‑ Liability not impaired by sale of assets, consolidation, or conversion.
354‑1996‑8 ‑ CHAPTER 8 GENERAL PROVISIONS, EXEMPTION FROM TAXATION (487.3801...487.3804)
276‑1999‑1‑1 ‑ PART 1 SHORT TITLE AND GENERAL PROVISIONS (487.11101...487.11107)
Section 487.11102 ‑ Supervision and regulation of banking organizations; state policy.
Section 487.11103 ‑ Filing of documents as constructive notice of contents; limitation.
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.
Section 487.12103 ‑ Powers and duties vested under former act; transfer of property, books, and other papers; effect of orders and rules.
Section 487.12105 ‑ Employees; appointment by commissioner; compensation; duties; revocation.
Section 487.12106 ‑ Commissioner, deputy commissioner, or examiner; prohibited conduct.
276‑1999‑2‑2 ‑ PART 2 GENERAL POWERS (487.12201...487.12204)
Section 487.12202 ‑ Examination of institution, its subsidiaries, and service entities.
276‑1999‑2‑3 ‑ PART 3 ENFORCMENT POWERS (487.12301...487.12315)
Section 487.12304 ‑ Notice of charges; hearing; issuance of order to cease and desist; enforcement; notice to comptroller of currency and attorney general.
Section 487.12306 ‑ Conduct constituting breach of fiduciary duty; order of removal or prohibition.
Section 487.12308 ‑ Conduct involving felony or misdemeanor charge; order of removal or prohibition.
Section 487.12310 ‑ Hearing; decision; review; consent order; modification, termination, or setting aside order.
276‑1999‑2‑4 ‑ PART 4 RECEIVERSHIPS AND CONSERVATORSHIPS (487.12401...487.12410)
Section 487.12406 ‑ Conservator; appointment; bond and security; qualifications; expenses.
276‑1999‑3 ‑ CHAPTER 3 BANK ORGANIZATION AND STRUCTURE (487.13101...487.13913)
276‑1999‑3‑2 ‑ PART 2 ARTICLES OF INCORPORATION (487.13201...487.13203)
Section 487.13301 ‑ Proposed resolution of dissolution; certificate of termination; designation of liquidating agent or committee; reports; examination by commissioner; filing of certificate; termination.
Section 487.13303 ‑ Bank in dissolution; function of officers, directors, and shareholders.
Section 487.13304 ‑ “Existing claim” and “existing claimant” defined; notice to depositors and creditors; existing claims; effective date of written notice.
Section 487.13305 ‑ “Claim” and “claimant” defined; notice of dissolution; publication; requirements.
276‑1999‑3‑4 ‑ PART 4 TERM EXTENSION (487.13401...487.13401)
276‑1999‑3‑5 ‑ PART 5 OFFICERS AND DIRECTORS (487.13501...487.13507)
Section 487.13504 ‑ Discharge of duties; liability; commencement of action; violation; statute of limitations.
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.
276‑1999‑3‑7 ‑ PART 7 CONSOLIDATION AND CONVERSION (487.13701...487.13714)
Section 487.13707 ‑ Definitions; consolidation agreement; approval of terms and conditions.
Section 487.13708 ‑ Conversion of bank into stock association, stock savings bank, or national banking association.
Section 487.13712 ‑ Discontinuing branch operations; transfer of functions to principal office.
Section 487.13801 ‑ Issuance of capital notes, debentures, or other instrument of indebtedness.
Section 487.13808 ‑ Distribution of sale proceeds; issuance of new certificates; effect of uniform commercial code.
276‑1999‑3‑9 ‑ PART 9 ADMINISTRATION (487.13901...487.13913)
Section 487.13906 ‑ Director, officer, employee, or agent as party to action; reimbursement.
Section 487.13909 ‑ Consolidation or merger; position of director, officer, employee, or agent of absorbed depository institution.
Section 487.13910 ‑ Definitions; person acting in best interests of bank or shareholders.
276‑1999‑4 ‑ CHAPTER 4 BANKING POWERS (487.14101...487.14406)
276‑1999‑4‑1 ‑ PART 1 GENERAL PROVISIONS (487.14101...487.14111)
Section 487.14102 ‑ Safe deposit and storage department; lien for unpaid rental and storage charges.
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.
Section 487.14202 ‑ Total loans and credit extensions; limitation; exceptions; limitations based upon capital and surplus.
Section 487.14203 ‑ Financing real or personal property; use of proceeds for purchase, design, manufacture, construction, repair, modification, or improvement; liability for defect.
Section 487.14301 ‑ Purchasing, selling, underwriting, and holding investment securities.
Section 487.14304 ‑ Bank investment authority; purchasing or holding shares of stock or other equity interests.
Section 487.14307 ‑ Acquisition, development, or improvement of real property for sale.
Section 487.14308 ‑ Acquisition of real property for use of customer; loan secured by real property.
Section 487.14309 ‑ Acquisition of personal property for use of customer; loan secured by personal property.
Section 487.14403 ‑ Trust powers; segregation of assets held in fiduciary capacity; separate books and records; commingling and consolidation.
Section 487.14404 ‑ Application for full fiduciary powers; considerations; limited trust power.
Section 487.14405 ‑ Investment of trust funds or property; "registered investment company" defined; bank considered as fiduciary.
276‑1999‑5 ‑ CHAPTER 5 FOREIGN BANKS (487.15101...487.15105)
Section 487.15101 ‑ State agency or state foreign bank branch; establishment and operation by state foreign bank branch.
Section 487.15102 ‑ Conversion of state agency or state foreign bank branch into federal agency or federal branch.
Section 487.15103 ‑ Termination of authority to operate state agency or state foreign bank branch.
Section 487.15105 ‑ Operations of foreign bank at state foreign bank branch or state agency.