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 487.14104 – 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 […]
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 487.13909 – Consolidation or Merger; Position of Director, Officer, Employee, or Agent of Absorbed Depository Institution.
487.13909 Consolidation or merger; position of director, officer, employee, or agent of absorbed depository institution. Sec. 3909. For purposes of this section and sections 3904, 3905, 3906, 3907, 3908, and 3910, a person who is or was a director, officer, employee, or agent of a depository institution absorbed in a consolidation or merger or is […]
Section 487.13910 – Definitions; Person Acting in Best Interests of Bank or Shareholders.
487.13910 Definitions; person acting in best interests of bank or shareholders. Sec. 3910. (1) For the purposes of sections 3904, 3905, 3906, 3907, 3908, and 3909: (a) “Fines” includes any excise taxes assessed on a person with respect to an employee benefit plan. (b) “Other enterprise” includes employee benefit plans. (c) “Serving at the request […]
Section 487.13911 – Reports.
487.13911 Reports. Sec. 3911. (1) The commissioner may require reports from any bank if, in the commissioner’s judgment, they are necessary to inform the commissioner fully as to the condition of the bank. The commissioner shall give a bank at least 30 days’ notice in writing of the date by which the report is to […]
Section 487.13912 – Attachment or Execution.
487.13912 Attachment or execution. Sec. 3912. Attachment or execution shall not be issued against a bank or its property before final judgment in any suit, action, or proceeding involving the bank in any court. History: 1999, Act 276, Eff. Mar. 1, 2000
Section 487.13913 – Action Taken or Event Occurring on or Before November 29, 1995.
487.13913 Action taken or event occurring on or before November 29, 1995. Sec. 3913. A written agreement entered into under section 130b of former 1969 PA 319 shall remain in effect with regard to actions taken and events occurring on or before November 29, 1995. A cause of action shall not accrue under an agreement […]
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 […]