21.141 Loan to eligible municipality; approval; compliance; warrant; limitation on total amount of loans; sale, assignment, transfer, or repurchase of loans; “board” defined. Sec. 1. (1) The state treasurer shall make a loan from surplus funds to an eligible municipality, as municipality is defined in section 1 of the emergency municipal loan act, 1980 PA […]
21.142 Repealed. 2006, Act 228, Imd. Eff. June 26, 2006. Compiler’s Notes: The repealed section pertained to use of surplus funds to make loans to qualified corporations.
21.142a Investment of surplus funds; conditions and restrictions; valid public purpose; approval of documentation; agricultural loans; disposition of earnings; reducing general fund by amount of interest deficiency or loss of principal; terms of certain investments; compliance; separate reports; definitions; value of qualified agricultural loans; deduction of grant; use of existing deposits for loans to farmers; […]
21.142b Investment of surplus funds; terms and conditions; valid public purpose; investment agreement; amount of investment; earnings; list of eligible projects; conditions to approval of eligible project; duty of director and state treasurer; definitions; effect of general obligation bonds; use of bond proceeds to promote solid waste management. Sec. 2b. (1) The state treasurer may […]
21.142c Investment of surplus funds; public purpose; earnings; losses; limitation. Sec. 2c. (1) The state treasurer may invest surplus funds under the control of the state treasurer in undivided participating interests in loans the principal of which is in whole or in part guaranteed or otherwise considered an evidence of indebtedness of the United States […]
21.142d Investment of surplus funds to facilitate marina dredging loans. Sec. 2d. (1) The state treasurer may invest surplus funds under the state treasurer’s control in certificates of deposit or other instruments of a financial institution qualified under this act to receive deposits or investments of surplus funds for the purpose of facilitating marina dredging […]
21.142e Loan of surplus funds to sugar beet growers’ cooperative. Sec. 2e. (1) The state treasurer may loan not more than $5,000,000.00 in surplus funds, without interest, to sugar beet growers’ cooperatives for the purpose of purchasing the assets of 1 or more agricultural processors if all of the following conditions are met: (a) The […]
21.142f Investment in loans to land bank fast track authority or brownfield redevelopment authority; terms; definitions. Sec. 2f. (1) The state treasurer may invest surplus funds in loans to a land bank fast track authority or a brownfield redevelopment authority at the market rate of interest, as determined by the state treasurer, for the purpose […]
21.143 Financial institution as depository of surplus funds; compliance; location of principal office; security; rate of return; investment and use of surplus funds; disposition of earnings from loans; loss of principal or interest; reduction of earnings; investment in securities of no-load open-end or closed-end management type investment company or investment trust. Sec. 3. (1) A […]
21.144 Liability of state treasurer and his or her bail; loans not subject to certain acts. Sec. 4. (1) Nothing contained in this act shall be held or considered to change or affect the liability of the state treasurer or his or her bail, on his or her bond to this state. (2) Loans made […]
21.145 Compliance with divestment from terror act. Sec. 5. The state treasurer shall comply with the divestment from terror act, 2008 PA 234, MCL 129.291 to 129.301, in making investments under this act. History: Add. 2008, Act 271, Imd. Eff. Sept. 29, 2008 Compiler’s Notes: Former MCL 21.145, which pertained to financial institutions failing to […]
21.146 Illegal discriminatory lending practice; determination regarding deposit of additional surplus funds; considerations; commencement date and duration of prohibition; determination subject to MCL 24.201 et seq. Sec. 6. (1) If a financial institution is found by a state or federal agency having jurisdiction over that financial institution, or a court having jurisdiction over that financial […]
21.147 Definitions. Sec. 7. As used in this act: (a) “Commissioner” means the commissioner of the office of financial and insurance services of the department of consumer and industry services. (b) “Deposit” includes the purchase of, or investment in, shares of credit unions. (c) Except as otherwise provided by this subdivision, “financial institution” means a […]
