Section 487.14109 – Bank Agent; Activities.
487.14109 Bank agent; activities. Sec. 4109. An agent of a bank described in section 4101(1)(e) may engage in any of the following activities: (a) Accept a deposit to an existing account and record the addition to the account or give other evidence of receipt as prescribed by the bank. (b) Accept a withdrawal form and […]
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.
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. Sec. 4110. (1) A bank that owns, operates, or manages an automated teller machine located on the premises of a casino, casino enterprise, liquor store, or adult entertainment […]
Section 487.14111 – Loan Promotion Raffle or Savings Promotion Raffle.
487.14111 Loan promotion raffle or savings promotion raffle. Sec. 4111. (1) If authorized by its board of directors, a bank may conduct a loan promotion raffle or savings promotion raffle. The bank shall conduct a loan promotion raffle or savings promotion raffle so that each token or ticket representing an entry in the raffle has […]
Section 487.14106 – Purchase or Sale of Assets; Powers of Bank.
487.14106 Purchase or sale of assets; powers of bank. Sec. 4106. (1) With the approval of the commissioner, based upon an examination or other appropriate analysis of either the buying or selling organization, or both, and upon the affirmative vote of a majority of the members of its board of directors and of the holders […]
Section 487.14107 – Sale or Purchase of Bank Branch.
487.14107 Sale or purchase of bank branch. Sec. 4107. (1) A bank may sell 1 or more of its branches, without selling all or substantially all of the bank, to another depository institution located in this state or in a state whose laws would permit a bank to purchase 1 or more branches in that […]
Section 487.14108 – Pledging Bank Assets as Collateral Security.
487.14108 Pledging bank assets as collateral security. Sec. 4108. (1) Except as otherwise provided in this section, a bank or bank officer shall not give preference to a depositor or creditor by pledging the assets of the bank as collateral security or otherwise. (2) A bank may pledge its assets in an aggregate amount that […]
Section 487.14101 – Banking Powers Generally.
487.14101 Banking powers generally. Sec. 4101. (1) Subject to the limitations and restrictions contained in this act or in a bank’s articles, the bank may engage in the business of banking and a business related or incidental to banking, and for that purpose, without specific mention in its articles, shall have and exercise the powers […]
Section 487.14102 – Safe Deposit and Storage Department; Lien for Unpaid Rental and Storage Charges.
487.14102 Safe deposit and storage department; lien for unpaid rental and storage charges. Sec. 4102. (1) If a bank operates a safe deposit and storage department, the legal liability of the bank on account of any loss to a customer shall not exceed the sum of $10,000.00 for any 1 box or compartment, including all […]
Section 487.14103 – Drafts or Bills of Exchange.
487.14103 Drafts or bills of exchange. Sec. 4103. (1) A bank may accept drafts or bills of exchange drawn upon it having not more than 6 months’ sight to run, exclusive of days of grace, if 1 or more of the following apply: (a) The drafts or bills of exchange grow out of transactions involving […]
Section 487.14104 – Real Estate Brokerage.
487.14104 Real estate brokerage. Sec. 4104. (1) A bank may engage directly in, or own in whole or in part, a real estate brokerage business as provided under article 25 of the occupational code, 1980 PA 299, MCL 339.2501 to 339.2518. (2) A bank that engages directly in the real estate brokerage business or owns […]