Section 21.142d – Investment of Surplus Funds to Facilitate Marina Dredging Loans.
21.142d Investment of surplus funds to facilitate marina dredging loans. Sec. 2d. (1) The state treasurer may invest surplus funds under the state treasurer’s control in certificates of deposit or other instruments of a financial institution qualified under this act to receive deposits or investments of surplus funds for the purpose of facilitating marina dredging […]
Section 21.142e – Loan of Surplus Funds to Sugar Beet Growers’ Cooperative.
21.142e Loan of surplus funds to sugar beet growers’ cooperative. Sec. 2e. (1) The state treasurer may loan not more than $5,000,000.00 in surplus funds, without interest, to sugar beet growers’ cooperatives for the purpose of purchasing the assets of 1 or more agricultural processors if all of the following conditions are met: (a) The […]
Section 21.142f – Investment in Loans to Land Bank Fast Track Authority or Brownfield Redevelopment Authority; Terms; Definitions.
21.142f Investment in loans to land bank fast track authority or brownfield redevelopment authority; terms; definitions. Sec. 2f. (1) The state treasurer may invest surplus funds in loans to a land bank fast track authority or a brownfield redevelopment authority at the market rate of interest, as determined by the state treasurer, for the purpose […]
Section 21.143 – Financial Institution as Depository of Surplus Funds; Compliance; Location of Principal Office; Security; Rate of Return; Investment and Use of Surplus Funds; Disposition of Earnings From Loans; Loss of Principal or Interest; Reduction of Earnings; Investment in Securities of No-Load Open-End or Closed-End Management Type Investment Company or Investment Trust.
21.143 Financial institution as depository of surplus funds; compliance; location of principal office; security; rate of return; investment and use of surplus funds; disposition of earnings from loans; loss of principal or interest; reduction of earnings; investment in securities of no-load open-end or closed-end management type investment company or investment trust. Sec. 3. (1) A […]
Section 21.144 – Liability of State Treasurer and His or Her Bail; Loans Not Subject to Certain Acts.
21.144 Liability of state treasurer and his or her bail; loans not subject to certain acts. Sec. 4. (1) Nothing contained in this act shall be held or considered to change or affect the liability of the state treasurer or his or her bail, on his or her bond to this state. (2) Loans made […]
Section 21.145 – Compliance With Divestment From Terror Act.
21.145 Compliance with divestment from terror act. Sec. 5. The state treasurer shall comply with the divestment from terror act, 2008 PA 234, MCL 129.291 to 129.301, in making investments under this act. History: Add. 2008, Act 271, Imd. Eff. Sept. 29, 2008 Compiler’s Notes: Former MCL 21.145, which pertained to financial institutions failing to […]
Section 21.146 – Illegal Discriminatory Lending Practice; Determination Regarding Deposit of Additional Surplus Funds; Considerations; Commencement Date and Duration of Prohibition; Determination Subject to MCL 24.201 Et Seq.
21.146 Illegal discriminatory lending practice; determination regarding deposit of additional surplus funds; considerations; commencement date and duration of prohibition; determination subject to MCL 24.201 et seq. Sec. 6. (1) If a financial institution is found by a state or federal agency having jurisdiction over that financial institution, or a court having jurisdiction over that financial […]
Section 21.147 – Definitions.
21.147 Definitions. Sec. 7. As used in this act: (a) “Commissioner” means the commissioner of the office of financial and insurance services of the department of consumer and industry services. (b) “Deposit” includes the purchase of, or investment in, shares of credit unions. (c) Except as otherwise provided by this subdivision, “financial institution” means a […]
Section 21.153 – Obligations Due State or Municipality; Payment by Check or Bank Draft, Date Operative; Legal Tender.
21.153 Obligations due state or municipality; payment by check or bank draft, date operative; legal tender. Sec. 3. Whenever any check or bank draft shall be tendered for the payment of any debt, taxes or other obligation due to the state or to any municipality therein, such check or draft shall operate as a payment […]
Section 21.154 – Public Officers; Payment of Public Funds Received Into Treasury; Violation, Penalty.
21.154 Public officers; payment of public funds received into treasury; violation, penalty. Sec. 4. All collecting and disbursing officers, all county and township treasurers, and all other public officers or agents through whose hands public moneys pass, are hereby required to pay into the state, county and township treasuries, as the case may be, or […]