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 487.14201 – Loans and Credit Extensions; Interest and Charges.
487.14201 Loans and credit extensions; interest and charges. Sec. 4201. (1) A bank may collect interest and charges on loans and extensions of credit as permitted by the laws of this state or of the United States to any person. (2) A bank may charge a discount on obligations purchased by the bank. History: 1999, […]
Section 487.14202 – Total Loans and Credit Extensions; Limitation; Exceptions; Limitations Based Upon Capital and Surplus.
487.14202 Total loans and credit extensions; limitation; exceptions; limitations based upon capital and surplus. Sec. 4202. (1) Except as otherwise provided in this section or by order or declaratory ruling of the commissioner, the total loans and extensions of credit and leases by a bank to a person at no time shall exceed 15% of […]
Section 487.14203 – Financing Real or Personal Property; Use of Proceeds for Purchase, Design, Manufacture, Construction, Repair, Modification, or Improvement; Liability for Defect.
487.14203 Financing real or personal property; use of proceeds for purchase, design, manufacture, construction, repair, modification, or improvement; liability for defect. Sec. 4203. A bank that makes a loan, the proceeds of which are used or may be used by the borrower to finance the purchase, design, manufacture, construction, repair, modification, or improvement of real […]
Section 487.14204 – Insurance; Hazard; Property and Casualty.
487.14204 Insurance; hazard; property and casualty. Sec. 4204. (1) A bank that requires a mortgagor to maintain hazard insurance as a condition of receiving a mortgage loan shall not require the amount of the hazard insurance to be greater than the replacement cost of the mortgaged building or buildings. (2) A bank may require an […]
Section 487.14105 – Permitted Services or Activities.
487.14105 Permitted services or activities. Sec. 4105. A bank may perform for others 1 or more of the following services or activities, and any other services or activities permitted by order or declaratory ruling of the commissioner: (a) Provide life, health, and casualty insurance for officers and employees of financial institutions and operate bonus plans […]
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 […]