Michigan § Article IX § 20 - Deposit of state money in certain financial institutions; requirements.
Full text of Michigan Michigan Compiled Laws § Article IX § 20 — Deposit of state money in certain financial institutions; requirements., with citation guidance and answers to common questions.
§ Article IX § 20. Deposit of state money in certain financial institutions; requirements.
No state money shall be deposited in banks, savings and loans associations, or credit unions, other than those organized under the law of this state or federal law. No state money shall be deposited in any bank, savings and loan association, or credit union, in excess of 50 percent of the net worth of the bank, savings and loan association, or credit union. Any bank, savings and loan association, or credit union, receiving deposits of state money shall show the amount of state money so deposited as a separate item in all published statements.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § Article IX § 20
What does Michigan Compiled Laws § Article IX § 20 cover?
Section Article IX § 20 ("Deposit of state money in certain financial institutions; requirements.") 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 § Article IX § 20?
A common citation format is "Michigan Compiled Laws § Article IX § 20" (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 § Article IX § 20 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.