Michigan Code — FINANCIAL.INSTITUTIONS
Browse 495 sections in division FINANCIAL.INSTITUTIONS of the Michigan code. Each section page includes the full statutory text, official source links, and citation guidance.
Sections (showing up to 300)
- § 487.691. Adverse claim to bank deposit; notice; restraining order; exception.
- § 487.701. Minor's deposit; payment; receipt or acquittance sufficient.
- § 487.702. Trust deposit; death of trustees; payment of deposit; receipt or acquittance as release and discharge.
- § 487.703. Deposit in name of joint beneficiaries; payment; receipt sufficient; deposits made payable to survivor; prima facie evidence.
- § 487.711. Short title.
- § 487.712. Meanings of words and phrases.
- § 487.713. Definitions.
- § 487.714. Additional definitions.
- § 487.715. Statutory joint account; creation; signing contract; form of contract; acknowledging receipt of contract; adding additional parties; modifying form of contract.
- § 487.716. Nature and effect of statutory joint accounts; failure to answer question in contract.
- § 487.717. Withdrawals of funds; liability of financial institution; deposits subject to setoff.
- § 487.718. Deposits subject to rights of creditors; laws applicable to transfers in fraud of creditors; claims against insolvent estate of deceased owner of statutory joint account.
- § 487.719. Payment of widow's allowance or allowance for dependent children upon death of person owning deposits in statutory joint account.
- § 487.721. Safe deposit box rented to joint holders; rights of various holders and survivors; exceptions.
- § 487.731. U.S. defense savings bonds; banks and trust companies authorized as issuing agent for sale of; deposit or pledge of assets.
- § 487.732. Pledging of assets; limitation of financial institutions act not otherwise affected.
- § 487.751. National housing act; state financial institutes' authorized transactions; collateral.
- § 487.752. Construction of act as to effect of state laws.
- § 487.753. Declaration of necessity.
- § 487.801. Certificate of brokers; necessity; filing with county clerk; contents; public inspection.
- § 487.802. Certificate of brokers; new certificate, cause, prior liability.
- § 487.803. Certificate of brokers; evidence of facts.
- § 487.804. Violation of act; penalty.
- § 487.806. Advertisement or representation of nature of business; violation, penalty; exception.
- § 487.807. Violation of act; procedure for collection of penalties.
- § 487.941. Definitions.
- § 487.942. Authorizing or ordering financial institutions to close offices because of existing or impending emergency; duration; advising governor; authorization to close financial institution on day of national mourning, rejoicing, or other special observance.
- § 487.943. Determination not to open or to close office of financial institution during emergency.
- § 487.944. Notice of closing.
- § 487.945. Period financial institution closed as legal holiday.
- § 487.946. Obligations to employees not altered.
- § 487.1001. Short title.
- § 487.1002. Definitions; A to L.
- § 487.1003. Definitions; M to T.
- § 487.1004. Applicability of act.
- § 487.1011. Money transmission services; license required; exception.
- § 487.1012. License application; form; information required.
- § 487.1013. Financial statements; net worth; qualification to do business; application fee; surety bond; aggregate liability of surety; limitation.
- § 487.1014. Investigation; completed application; time period; issuance of license; fee; extension of time period; denial; request for hearing.
- § 487.1015. Fee schedule; expiration and renewal of license.
- § 487.1016. Travel expenses; recovery of fees and fines; collection; disposition.
- § 487.1021. Information obtained in examination or investigation; disclosure prohibited.
- § 487.1022. Joint examination or investigation.
- § 487.1023. Changed information; filing; events requiring filing of report.
- § 487.1024. Proposed change of control of licensee; request for approval; additional information; approval by commissioner; determination.
- § 487.1025. Records.
- § 487.1026. Disclosure of information.
- § 487.1031. Permissible investments.
- § 487.1032. Investments permitted under MCL 487.1031; limitation.
- § 487.1033. Agreement between licensee and authorized delegate.
- § 487.1034. Authorized delegate; prohibited conduct; duties.
- § 487.1041. Denying, suspending, not renewing, or revoking license; placing license in receivership; revoking designation of authorized delegate; conditions.
- § 487.1042. Violations; penalties; restitution.
- § 487.1043. Summary suspension order.
- § 487.1044. Cease and desist order.
- § 487.1045. Rules.
- § 487.1046. Civil fine.
- § 487.1047. Order suspending or prohibiting person from being licensee and from being employed by, agent of, or control person of licensee.
- § 487.1101. Short title.
- § 487.1102. Purposes of act.
- § 487.1103. Meanings of words and phrases.
- § 487.1104. Definitions; A to C.
- § 487.1105. Definitions; I to M.
- § 487.1106. Definitions; O to T.
- § 487.1201. Administration of act; orders; rules; imposition of conditions; applications for declaratory rulings; judicial review.
- § 487.1203. Application; form; information; business plan.
- § 487.1205. Investigations; purposes; oaths and affirmations; witnesses; evidence; documents or records; failure to comply with subpoena.
- § 487.1207. Service of process.
- § 487.1209. Establishment of annual schedule of fees; payment; action for recovery of fees or penalties; failure to submit report; disposition.
- § 487.1211. Books, accounts, and other records of licensee; location and preservation; valuation of assets; audit report.
- § 487.1213. Making or keeping of books, accounts, or other records by person other than licensee; applicability of act; approval of commissioner.
- § 487.1215. Filing reports with commissioner; form; contents.
- § 487.1216. Publication and distribution of information on impact of act.
- § 487.1217. Examination of licensee or subsidiary of licensee; exhibiting books, accounts, and other records; facilitating examination; retention of person to assist commissioner.
- § 487.1301. Licensure; eligibility.
- § 487.1303. Review of information; approval of application for license; determinations; net worth; findings; grounds.
- § 487.1304. Business development enterprise; designation; application; criteria; notification by board of Michigan strategic fund.
- § 487.1304a. Reports.
- § 487.1305. Application for preliminary approval of application for license; order; conditions to final approval; fee.
- § 487.1307. Denial of application; written statement of explanation.
- § 487.1309. License; issuance; posting; nontransferable and nonassignable.
- § 487.1311. Prohibited representations; permissible acts.
- § 487.1313. Misrepresentation of license.
- § 487.1315. Michigan corporation or limited liability company licensed under another law.
- § 487.1317. Application to commissioner to accept surrender of license; approval; notice to owners and creditors; filing objection; sending copy of objection to commissioner.
- § 487.1401. Name of licensee; inclusion of word "BIDCO."
- § 487.1403. Board of directors; number of directors; membership; meetings.
- § 487.1405. Death, resignation, or removal of director, officer, or manager; election of director; appointment of officer or manager; notice to commissioner; additional information.
- § 487.1407. Dividend and distribution policies; buying back share of stock or membership interest.
- § 487.1501. Offices of licensee; number; location; posting sign bearing corporate name; personnel; establishing, relocating, or closing office.
- § 487.1503. Business of licensee; powers and privileges of licensee.
- § 487.1505. Forms, terms, and conditions of financing assistance; participation in program of small business administration; compliance; scope of management assistance; purpose of financing assistance or management assistance; exercise of incidental powers; extension of credit; interest; violation as felony; penalty; “interest” defined.
- § 487.1507. Holding control of business firm; order approving or denying application; “hold control” defined; plan for acquiring and holding control of business firm; demonstrating necessity to hold control of business firm.
- § 487.1509. Transacting business in safe and sound manner; considering risks; authority of commissioner not limited.
- § 487.1511. Definitions; transactions involving potential conflict of interest; authority of commissioner to determine conflict of interest not limited.
- § 487.1513. Lien on or security interest in property of licensee.
- § 487.1601. Acquiring control of licensee; application for approval; determinations by commissioner.
- § 487.1603. Merger of licensee with another business firm; conditions; purchase by licensee of business of another person; sale of business; application for approval of merger, purchase, or sale; determinations.
- § 487.1701. Action to enjoin violation or enforce compliance; restraining order, preliminary or permanent injunction, or writ of mandamus; appointment of receiver or conservator; bond.
- § 487.1703. Violation of MCL 487.1311; cease and desist order; filing application for hearing on order; rescission of order; judicial review.
- § 487.1705. Cease and desist order; affirmative action to correct condition; application for hearing on order; affirming, modifying, or rescinding order; judicial review.
- § 487.1707. Order removing subject person from office and prohibiting further participation in business of licensee; notice and hearing; determinations; order suspending subject person from office and prohibiting further participation in business of licensee; application for hearing on order; affirming, modifying, or rescinding order; judicial review; “office” defined.
- § 487.1709. Crime involving dishonesty or breach of trust; order suspending subject person from office and prohibiting further participation in business of licensee; application for hearing on order; affirming, modifying, or rescinding order; judicial review; conviction not required; “office” defined.
- § 487.1711. Disclosure to owners.
- § 487.1713. Calling meeting of board of directors of licensee or of owners of licensee; notice; expenses.
- § 487.1715. Order directing licensee to refrain from providing additional financing assistance to business firms; notice and hearing; determinations; request for hearing; affirming, modifying, or rescinding order; resumption of financing assistance; application to modify or rescind order.
- § 487.1717. Appointment of conservator for licensee; reimbursement of expenses of conservatorship; powers and duties of conservator; liquidation of licensee; appointment of receiver; determinations; manner of liquidation.
- § 487.1719. Violation of act; amount and disposition of civil penalty; applicability of section; provisions cumulative; liability for certain violations.
- § 487.1801. Definitions.
- § 487.1803. Willful untrue statement or omission of material fact in application or report.
- § 487.1805. Willful refusal to allow inspection or making copies of books, accounts, and other records.
- § 487.1807. Books, accounts, or other records; false entries; omission of required entry; alteration, concealment, or destruction.
- § 487.1809. Financing assistance to associate of licensee.
- § 487.1811. Financing assistance to discharge obligation to associate of licensee; transactions to which section inapplicable.
- § 487.1813. Financing assistance to business firm to which associate of licensee provides financing assistance; applicability of section.
- § 487.1815. Compensation of associate of licensee for procuring or influencing licensee's action with respect to providing financing assistance; section inapplicable to fees received for bona fide closing services; criteria.
- § 487.1817. Exemptions.
- § 487.1819. Violation of article; penalty; applicability of section; power of state to punish not limited by act.
- § 487.1901. Liberal construction.
- § 487.1903. Proceedings subject to administrative procedures act; exemptions.
- § 487.1905. Applicability of provisions of licensee's incorporating or organizing statute.
- § 487.2001. Repeal of MCL 487.851 to 487.867; certain statutory references considered references to BIDCO.
- § 487.2051. Short title.
- § 487.2052. Definitions.
- § 487.2053. License required to engage in business activity; exceptions.
- § 487.2054. License application.
- § 487.2055. License fee; investigation fee; financial statements; net worth requirements.
- § 487.2056. Surety bond or letter of credit.
- § 487.2057. Investigation of license applicant by commissioner; issuance and delivery of license; expiration of license; renewal of license; fee; penalty for delinquent payment.
- § 487.2058. License certificate; availability of copy; transferability; changing name or place of business; operating one place of business under same license; additional place of business; ceasing business activities.
- § 487.2059. Compliance; exemption of licensee from certain provisions of financial licensing acts; purchase of certain contracts; loans; employment of individual as loan officer to originate mortgage loans or secondary mortgage loan officer to originate secondary mortgage loans; "employ" defined.
- § 487.2060. Suspension or revocation of license; notice; hearing; determination; appeal; grounds for suspending, revoking, or refusing to renew license; suspension or revocation of activities; investigations, examinations, and hearings; evidence; failure to comply with subpoena; cease and desist order.
- § 487.2060a. Request for reconsideration.
- § 487.2060b. Hearing; judicial review.
- § 487.2060c. Enforcement of notice or order.
- § 487.2060d. Summary suspension; order; hearing; record.
- § 487.2060e. Summary suspension order, cease and desist order, or injunctive relief as additional legal action.
- § 487.2060f. Investigation or examination by commissioner; complaint or action; suspension of license; request for hearing; duration of suspension.
- § 487.2060g. Fraud or money laundering; definitions.
- § 487.2060h. Hearing; decision; findings; judicial review; stay.
- § 487.2060i. Enforcement of order; jurisdiction.
- § 487.2060j. Violation as misdemeanor; penalty.
- § 487.2060k. Violation of order; exceptions.
- § 487.2061. Annual schedule of fees; fees nonrefundable; action for recovery of fees or penalties; disposition of money received.
- § 487.2062. Investigation of business activities; examination of books, accounts, records, and files; additional reports; audit and management letter.
- § 487.2064. Records.
- § 487.2065. Annual report; failure to file report; penalty.
- § 487.2066. Conservatorship or receivership.
- § 487.2066a. Licensee engaged in loan servicing activities; appointment of conservator or receiver.
- § 487.2066b. Powers and duties of conservator or receiver.
- § 487.2067. Prohibited activities or practices.
- § 487.2068. Rules.
- § 487.2069. Obligation of contract party not impaired or affected.
- § 487.2070. Action by person, county prosecuting attorney, or attorney general.
- § 487.2071. Effective date.
- § 487.2072. Conditional effective date.
- § 487.2081. Short title.
- § 487.2083. Definitions.
- § 487.2085. Training for signs of covered financial exploitation of members or customers; requirements; reporting; notification; disclosure and identification of reporting individual.
- § 487.2087. Investigations; delay or freeze on transactions; exception.
- § 487.2089. Examination and enforcement authority.
- § 487.2091. Construction of act.
- § 487.2101. Definitions.
- § 487.2102. Enrollment in distribution system for direct deposit of retirement benefit with financial institution; electronic fund transfer of state college and university payments.
- § 487.2103. Establishment of criteria and distribution system for participation by financial institution.
- § 487.2104. Rules; participation prohibited under certain conditions.
- § 487.2105. Fee; limitation; prohibition.
- § 487.2121. Short title.
- § 487.2122. Definitions.
- § 487.2131. Business of providing deferred presentment service transactions; license required; scope of act; application process and timeline; bulletin, order, or rule.
- § 487.2132. Licensure requirements.
- § 487.2133. Application; writing; oath; form; information; fee.
- § 487.2134. License fees; disposition; surety bond.
- § 487.2135. Issuance of license upon investigation that requirements satisfied; posting copy of license.
- § 487.2136. Denial of application or failure to act within certain time period; hearing.
- § 487.2137. License not transferable or assignable; change in control; duties of licensee; request for information or documentation; "control" defined.
- § 487.2138. Report describing certain event.
- § 487.2139. Expiration and renewal of license.
- § 487.2140. Enforcement and implementation of act; issuance of orders and rules; correction of inaccurate information; duties of licensee if database not operational; examination of business, books, and records.
- § 487.2141. Books, accounts, and records; preservation.
- § 487.2142. Development, implementation, and maintenance of database.
- § 487.2151. Notice; posting; form.
- § 487.2152. Written deferred presentment service agreement; signatures; provisions; arbitration.
- § 487.2153. Transaction; limitation on amount; service fee; conditions prohibiting entering transaction; duties of licensee; prohibited conduct; sign.
- § 487.2154. Customer eligibility; verification; use of database; fee; submission of information to database; closure of transaction.
- § 487.2155. Renewal or extension of agreement; repayment option; conditions; terms; notice; satisfaction of drawer's obligation; deposit of check held in connection with transaction; return of check; payment by debit card; "telephone-initiated entry" defined..
- § 487.2156. Violation of act.
- § 487.2157. Rescission of agreement; redemption of check by drawer.
- § 487.2158. Endorsement of check; returned check charge; liability for dishonored check.
- § 487.2159. Agreements; maintenance; availability for examination; rejected applications.
- § 487.2160. Prohibited conduct.
- § 487.2165. Customer complaint; filing; investigation or examination by commissioner; subpoena; noncompliance.
- § 487.2166. Cease and desist order.
- § 487.2167. Suspension, revocation, or termination of license.
- § 487.2168. Violations; civil fines.
- § 487.2169. Fraud.
- § 487.2170. Hearing.
- § 487.2171. Rules; report.
- § 487.2172. Person providing services before effective date of act; compliance.
- § 487.2173. Civil cause of action; damages.
- § 487.3101. Short title.
- § 487.3102. Definitions; A to I.
- § 487.3103. Definitions; L to W.
- § 487.3201. Financial institutions bureau; jurisdiction; duties of commissioner; construction of act.
- § 487.3202. Prohibited conduct.
- § 487.3203. Federal insurance of deposits required.
- § 487.3204. Savings bank; asset tests; loans for domestic residential housing; failure to satisfy asset tests.
- § 487.3205. Appointment of examiners and employees; payment of compensation, travel, and expenses.
- § 487.3206. Commissioner, deputy commissioner, or examiner; prohibited conduct.
- § 487.3207. Commissioner, deputy commissioner, or examiner; civil liability.
- § 487.3208. Rules, orders, and declaratory rulings.
- § 487.3209. Savings banks and entities subject to examination by commissioner.
- § 487.3210. Schedule of supervisory fees; initial supervisory fee.
- § 487.3211. Circuit court subpoena to appear; petition by commissioner; scope; failure to appear as contempt.
- § 487.3212. Privilege against self-incrimination; perjury.
- § 487.3213. Confidentiality; exception.
- § 487.3214. Application for approval; requirements; appeal.
- § 487.3215. Unsafe or unsound practice or violation; notice of charges; hearing; order to cease and desist; effect and enforcement; out-of-state bank branch.
- § 487.3216. Temporary cease and desist order; effective and enforceable; injunction to set aside, limit, or suspend order.
- § 487.3217. Intent by commissioner to remove director or officer from office; notice; suspension or prohibition; effective date; service of copies of notice; statement of facts; hearing; issuance of order; effect and enforcement.
- § 487.3218. Stay of suspension or prohibition; application to circuit court.
- § 487.3219. Felony charge involving dishonesty or breach of trust by director or officer; suspension or prohibition; duration; entry of conviction; order of removal from office or prohibition; service of copy; finding of not guilty or other disposition.
- § 487.3220. Board of directors; less than quorum.
- § 487.3221. Hearing; decision; review; modifying, terminating, or setting aside order; commencement of proceedings not as stay of order.
- § 487.3222. Notice or order; jurisdiction of court.
- § 487.3223. Prohibited acts; fine; limitation.
- § 487.3224. Service of notice; intent to issue cease and desist order; notice to governor.
- § 487.3225. Proceedings under MCL 487.3215, 487.3216(1), or 487.3217; notice to federal authorities of intent to institute proceedings.
- § 487.3226. Definitions.
- § 487.3301. Corporation; formation; purpose.
- § 487.3302. Organization of savings bank; application; forms; notice; publication requirements; waiver; examination of information and statements; approval or disapproval of application.
- § 487.3302a. Organization of branch by out-of-state savings bank; proof of federal insurance on deposits; determination of compliance; certificate of organization and eligibility to accept deposits and investments of public funds.
- § 487.3303. Organization of savings bank to serve depository institutions; application.
- § 487.3304. Organizational expenses; reimbursement; review.
- § 487.3305. Articles of incorporation.
- § 487.3306. Authorization to commence business; conditions; verification; certificate with official seal; application deemed abandoned and no effect; first meeting.
- § 487.3307. Required capital; applicability of section to consolidated organization; authorization of stock savings bank or mutual savings bank to commence business; total capital; maintenance of surplus amount.
- § 487.3308. Stock savings bank; stock issuance.
- § 487.3309. Mutual savings bank; membership.
- § 487.3310. Issuance of capital notes, debentures, and other indebtedness.
- § 487.3311. Applicability of provisions to voting stock.
- § 487.3312. Issuance of stock by mutual savings bank; conversion.
- § 487.3313. Issuance of certificates of stock by savings bank.
- § 487.3314. Increase in capital stock.
- § 487.3315. Reduction in capital stock.
- § 487.3316. Declaration and payment of dividends.
- § 487.3317. Mutual savings bank; meetings.
- § 487.3318. Records.
- § 487.3319. Savings bank; meetings; voting.
- § 487.3320. Savings bank; meeting notice.
- § 487.3321. Savings bank; stock ledger; designation of transfer agent or registrar of shares; list to be furnished upon request.
- § 487.3322. Savings bank; election of directors; vacancy; bylaws; meetings; chief executive officer; minutes; quorum; notice of meeting.
- § 487.3323. Oath.
- § 487.3324. Purchase or sale of securities by director; conditions.
- § 487.3325. Director or officer of savings bank; discharge of duties; violation; removal; vote.
- § 487.3326. Indemnification of party.
- § 487.3327. Indemnification of director, officer, employee, or agent.
- § 487.3328. Payment or reimbursement of expenses incurred in civil or criminal action, suit, or proceeding.
- § 487.3329. Rights to indemnification.
- § 487.3330. Insurance; trust fund.
- § 487.3330a. Consolidation or merger; position of director, officer, employee, or agent of depository institution.
- § 487.3331. Articles of incorporation; amendment.
- § 487.3332. Definitions; best interests of savings bank, shareholders, or members.
- § 487.3333. Liquidation; notice; certificate of termination; designation of liquidating agent or committee; bond; reports; removal; appointment of new agent or committee; examination by commissioner; publication of notice; filing and forwarding certificate of termination.
- § 487.3334. Commencement of voluntary liquidation procedures; savings bank as body corporate; actions, suits, or proceedings begun prior to liquidation proceeding; powers of surviving directors.
- § 487.3335. Savings bank; expiration of term by limitation; extension; renewal.
- § 487.3336. Sale or purchase of assets; consideration; purpose; filing certified copies of proceedings; liability; maintenance of principal office or branches.
- § 487.3337. Sale or purchase of branches; notice.
- § 487.3338. Unlimited amounts or share of deposits.
- § 487.3339. Compliance review committee; construction of section.
- § 487.3401. Savings bank; powers.
- § 487.3402. Purchase, design, manufacture, construction, repair, modification, or improvement of real property; use of loan proceeds; liability for defect.
- § 487.3403. Purchase of corporation stock by savings bank; limitation on aggregate investments.
- § 487.3404. Purchase of stock, or loans to, Michigan business development corporation.
- § 487.3405. Venture capital investments; “professional investor” and “venture capital” defined.
- § 487.3406. “Investment security” and “secretary” defined; purchase of investment securities.
- § 487.3407. Acquisition, development, or improvement of real estate; limitation on investment of assets; powers of savings bank.
- § 487.3408. Services performed by savings bank.
- § 487.3409. Savings bank engaged in real estate brokerage business; notice of licensure or ownership; prohibited acts; disclosure to credit applicant; violation of section; orders; limitation.
- § 487.3410. Investment in service entities.
- § 487.3411. Powers granted in MCL 487.3401 and 487.3403 construed.
- § 487.3412. Change in location of principal office.
- § 487.3413. Transactions relating to capital stock of corporation; authorization; purchase and sale of securities and stock; loan or discount; purchase or holding of own stock.
- § 487.3414. Savings bank possessing capital and surplus more than $1,000,000.00; powers; application; savings bank operating foreign branches; restrictions and limitations; further powers.
- § 487.3415. Savings bank with branch offices in foreign country.
- § 487.3416. Savings bank as owner or lessor of personal property; lease payments as rent; taxes; prohibition.
- § 487.3417. Savings bank with branch in another state.
- § 487.3418. Loan production offices.
- § 487.3419. Purchase or assumption of national or state chartered bank, savings bank, or association; operation as new branch.
- § 487.3420. Discontinuing operations of branch or agency office; transfer of functions.
- § 487.3421. Trust powers; conditions, limitations, and restrictions.
- § 487.3422. Definitions; trust service agreements.
- § 487.3423. Separation of trust department business from commercial bank business; commingled and consolidated funds; limitation; lien on securities in event of savings bank failure.
- § 487.3424. Fiduciary powers; considerations.
- § 487.3426. Fund or property held by savings bank as fiduciary; investments; “registered investment company” defined; funds considered as held in fiduciary capacity.
- § 487.3427. Enforcement of MCL 487.3421 to 487.3426; orders or declaratory rulings.
- § 487.3428. Safe deposit and storage department.
- § 487.3429. Lease, purchase, holding, and conveyance of real estate.
- § 487.3430. Interest and charges on loans and credit extensions.
- § 487.3431. Drafts or bills of exchange.