Michigan § 555.104a - Audit; financial report; contents; items to be excluded from report; availability; advertising common trust fund.
Full text of Michigan Michigan Compiled Laws § 555.104a — Audit; financial report; contents; items to be excluded from report; availability; advertising common trust fund., with citation guidance and answers to common questions.
§ 555.104a. Audit; financial report; contents; items to be excluded from report; availability; advertising common trust fund.
(1) At least once during each 12-month period, a financial institution administering a fund shall arrange for an audit of the fund by auditors responsible only to the board of directors of the financial institution.
(2) At least once during each 12-month period, a financial institution administering a fund shall prepare a financial report of the fund based on the audit required in subsection (1). The report shall disclose the fund's fees and expenses, a list of investments in the fund, the cost and current market value of each investment, and a statement covering the period after the previous report that shows all of the following, organized by type of investment:
(a) A summary of purchases, including costs.
(b) A summary of sales, including profit or loss and any other investment changes.
(c) Income to and disbursements from the fund.
(d) A description of any investments in default.
(3) A financial institution shall not publish in the report described in subsection (2) any predictions or representations as to future performance. In addition, with respect to common trust funds, a financial institution shall not publish the performance of individual funds other than those administered by the financial institution or its affiliates.
(4) A financial institution administering a fund shall provide a copy of the report described in subsection (2), or provide notice that a copy of the report is available upon request without charge, to each person who ordinarily would receive a regular periodic accounting with respect to each participating account. The financial institution may provide a copy of the report to prospective customers and may provide a copy of the report upon request to any person for a reasonable charge.
(5) A financial institution shall not advertise or publicize any common trust fund except in connection with the advertisement of the general fiduciary services of the financial institution.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 555.104a
What does Michigan Compiled Laws § 555.104a cover?
Section 555.104a ("Audit; financial report; contents; items to be excluded from report; availability; advertising common trust fund.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 555.104a?
A common citation format is "Michigan Compiled Laws § 555.104a" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 555.104a apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.