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
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 487.14109 – 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 […]