Section 487.15102 – Conversion of State Agency or State Foreign Bank Branch Into Federal Agency or Federal Branch.
487.15102 Conversion of state agency or state foreign bank branch into federal agency or federal branch. Sec. 5102. (1) A state agency or state foreign bank branch may be converted into a federal agency or federal branch under the international banking act of 1978. (2) A federal agency or federal branch located in this state […]
Section 487.15103 – Termination of Authority to Operate State Agency or State Foreign Bank Branch.
487.15103 Termination of authority to operate state agency or state foreign bank branch. Sec. 5103. Authority to operate a state agency, state foreign bank branch, or foreign bank representative office shall terminate upon dissolution of the foreign bank, or the commissioner’s revocation of the foreign bank’s authority to operate in this state. Upon termination of […]
Section 487.14306 – Lease, Purchase, Holding, and Conveyance of Real Property.
487.14306 Lease, purchase, holding, and conveyance of real property. Sec. 4306. A bank may lease, purchase, hold, and convey any of the following real property: (a) As necessary for the convenient transaction of its business, including space within its banking office buildings to rent as lessor to third parties. (b) As conveyed to it in […]
Section 487.14307 – Acquisition, Development, or Improvement of Real Property for Sale.
487.14307 Acquisition, development, or improvement of real property for sale. Sec. 4307. A bank may invest not more than 10% of its total assets in the acquisition and development of real property for sale, or for the improvement of real property by construction or rehabilitation of residential or commercial units for sale or rental purposes. […]
Section 487.14308 – Acquisition of Real Property for Use of Customer; Loan Secured by Real Property.
487.14308 Acquisition of real property for use of customer; loan secured by real property. Sec. 4308. (1) A bank may lease, purchase, hold, and convey real property for the use of a customer by lease arrangement with the bank, but the acquisition of real property and leasing to a customer constitutes a loan secured by […]
Section 487.14309 – Acquisition of Personal Property for Use of Customer; Loan Secured by Personal Property.
487.14309 Acquisition of personal property for use of customer; loan secured by personal property. Sec. 4309. (1) A bank may lease, purchase, hold, and convey personal property for the use of a customer by lease arrangement with the bank, but the acquisition of personal property and leasing to a customer constitutes a loan secured by […]
Section 487.14205 – Allowance for Bank Loan and Lease Losses; Charge Off of Debt.
487.14205 Allowance for bank loan and lease losses; charge off of debt. Sec. 4205. Unless a debt constitutes a claim against a solvent estate in probate, if the interest on a debt held by a bank is past due and unpaid for a period of 12 months, the bank shall charge off to its allowance […]
Section 487.14301 – Purchasing, Selling, Underwriting, and Holding Investment Securities.
487.14301 Purchasing, selling, underwriting, and holding investment securities. Sec. 4301. (1) A bank may purchase, sell, underwrite, and hold investment securities that are obligations in the form of bonds, notes, or debentures of a type and to the extent permitted by this act. (2) A bank may hold, without limit, any of the following: (a) […]
Section 487.14302 – Purchase of Investment Securities.
487.14302 Purchase of investment securities. Sec. 4302. (1) A bank may purchase investment securities for its own account when in its prudent banking judgment, which may be based in part upon estimates that it believes to be reliable, it determines that there is adequate evidence that the obligor will be able to perform all it […]
Section 487.14303 – Investment in Other Assets.
487.14303 Investment in other assets. Sec. 4303. Notwithstanding any other section of this act, a bank may invest in other assets authorized by order or declaratory ruling of the commissioner. History: 1999, Act 276, Eff. Mar. 1, 2000