MCL - Index of Act 276 of 1999
NOTE: Dates reflect any modification to item, not necessarily a change in law.
| Title | Subject |
|---|---|
| Act 276 of 1999 | BANKING CODE OF 1999 (487.11101 - 487.15105) |
| 276-1999-1 | CHAPTER 1 (487.11101...487.11203) |
| 276-1999-1-1 | PART 1 SHORT TITLE AND GENERAL PROVISIONS (487.11101...487.11107) |
| Section 487.11101 | Short title. |
| Section 487.11102 | Supervision and regulation of banking organizations; state policy. |
| Section 487.11103 | Filing of documents as constructive notice of contents; limitation. |
| Section 487.11104 | Remedies; construction of act. |
| Section 487.11105 | Person engaged in business of banking; corporation as fiduciary. |
| Section 487.11106 | Use of designation or name. |
| Section 487.11107 | Tax exemptions. |
| 276-1999-1-2 | PART 2 DEFINITIONS (487.11201...487.11203) |
| Section 487.11201 | Definitions; A to F. |
| Section 487.11202 | Definitions; F to P. |
| Section 487.11203 | Definitions; S to V. |
| 276-1999-2 | CHAPTER 2 FINANCIAL INSTITUTIONS BUREAU (487.12101...487.12410) |
| 276-1999-2-1 | PART 1 ADMINISTRATION (487.12101...487.12109) |
| Section 487.12101 | Financial institutions bureau; creation; jurisdiction; commissioner; appointment; duties; seal; other employment. |
| Section 487.12102 | Purpose of act. |
| Section 487.12103 | Powers and duties vested under former act; transfer of property, books, and other papers; effect of orders and rules. |
| Section 487.12104 | Deputies; appointment by commissioner; duties; revocation. |
| Section 487.12105 | Employees; appointment by commissioner; compensation; duties; revocation. |
| Section 487.12106 | Commissioner, deputy commissioner, or examiner; prohibited conduct. |
| Section 487.12107 | Liability; immunity. |
| Section 487.12108 | Annual report. |
| Section 487.12109 | Confidentiality; disclosures. |
| 276-1999-2-2 | PART 2 GENERAL POWERS (487.12201...487.12204) |
| Section 487.12201 | Rules. |
| Section 487.12202 | Examination of institution, its subsidiaries, and service entities. |
| Section 487.12203 | Fees; state bank regulatory fund. |
| Section 487.12204 | Declaratory rulings, orders, or determinations. |
| 276-1999-2-3 | PART 3 ENFORCMENT POWERS (487.12301...487.12315) |
| Section 487.12301 | Subpoena powers. |
| Section 487.12302 | Application. |
| Section 487.12303 | Reconsideration of order, ruling, or finding; hearing. |
| Section 487.12304 | Notice of charges; hearing; issuance of order to cease and desist; enforcement; notice to comptroller of currency and attorney general. |
| Section 487.12305 | Temporary cease and desist order. |
| Section 487.12306 | Conduct constituting breach of fiduciary duty; order of removal or prohibition. |
| Section 487.12307 | Stay of suspension or prohibition; issuance by court. |
| Section 487.12308 | Conduct involving felony or misdemeanor charge; order of removal or prohibition. |
| Section 487.12309 | Quorum of board of directors. |
| Section 487.12310 | Hearing; decision; review; consent order; modification, termination, or setting aside order. |
| Section 487.12311 | Enforcement powers; jurisdiction of court. |
| Section 487.12312 | Prohibited conduct; fine. |
| Section 487.12313 | Service of notice or order. |
| Section 487.12314 | Notice to federal supervisory authorities. |
| Section 487.12315 | Foreign bank; prohibited conduct. |
| 276-1999-2-4 | PART 4 RECEIVERSHIPS AND CONSERVATORSHIPS (487.12401...487.12410) |
| Section 487.12401 | Liquidation; receiver or other liquidating agent. |
| Section 487.12402 | Appointment of receiver; conditions; procedures. |
| Section 487.12403 | Receiver; duties; powers. |
| Section 487.12404 | Lien on property or assets; voidable transfer. |
| Section 487.12405 | Records. |
| Section 487.12406 | Conservator; appointment; bond and security; qualifications; expenses. |
| Section 487.12407 | Conservator; rights, powers, and privileges. |
| Section 487.12408 | Deposits received while bank in conservatorship. |
| Section 487.12409 | Authority of conservator to borrow money; purpose. |
| Section 487.12410 | Termination of conservatorship. |
| 276-1999-3 | CHAPTER 3 BANK ORGANIZATION AND STRUCTURE (487.13101...487.13913) |
| 276-1999-3-1 | PART 1 FORMATION (487.13101...487.13108) |
| Section 487.13101 | Bank organization generally. |
| Section 487.13102 | Bank organization; application. |
| Section 487.13103 | Organization of depository institutions generally. |
| Section 487.13104 | Expenses of incorporators; reimbursement. |
| Section 487.13105 | Bank as body corporate; authorization. |
| Section 487.13106 | Commencement of business. |
| Section 487.13107 | Organization meeting; notice. |
| Section 487.13108 | Capital adequacy; requirements. |
| 276-1999-3-2 | PART 2 ARTICLES OF INCORPORATION (487.13201...487.13203) |
| Section 487.13201 | Articles of incorporation; approval generally. |
| Section 487.13202 | Articles of incorporation; contents. |
| Section 487.13203 | Articles of incorporation; amendments. |
| 276-1999-3-3 | PART 3 DISSOLUTION (487.13301...487.13307) |
| Section 487.13301 | Proposed resolution of dissolution; certificate of termination; designation of liquidating agent or committee; reports; examination by commissioner; filing of certificate; termination. |
| Section 487.13302 | Bank in dissolution as body corporate. |
| Section 487.13303 | Bank in dissolution; function of officers, directors, and shareholders. |
| Section 487.13304 | “Existing claim” and “existing claimant” defined; notice to depositors and creditors; existing claims; effective date of written notice. |
| Section 487.13305 | “Claim” and “claimant” defined; notice of dissolution; publication; requirements. |
| Section 487.13306 | Court supervision of bank in dissolution. |
| Section 487.13307 | Debts, obligations, and liabilities. |
| 276-1999-3-4 | PART 4 TERM EXTENSION (487.13401...487.13401) |
| Section 487.13401 | Expiration of corporate term; extension. |
| 276-1999-3-5 | PART 5 OFFICERS AND DIRECTORS (487.13501...487.13507) |
| Section 487.13501 | Board of directors; election; appointment of officers; meetings. |
| Section 487.13502 | Board of directors; oath. |
| Section 487.13503 | Sale or purchase of securities or property. |
| Section 487.13504 | Discharge of duties; liability; commencement of action; violation; statute of limitations. |
| Section 487.13505 | Removal of director. |
| Section 487.13506 | Sale of stock or securities; officer or employee as agent prohibited. |
| Section 487.13507 | Procurement of loan; receipt of gratuity or consideration prohibited. |
| 276-1999-3-6 | PART 6 SHAREHOLDERS (487.13601...487.13604) |
| Section 487.13601 | Meeting of shareholders. |
| Section 487.13602 | Meeting called by commissioner. |
| Section 487.13603 | Names and addresses of shareholders; record. |
| Section 487.13604 | Provisions applicable to voting stock. |
| 276-1999-3-7 | PART 7 CONSOLIDATION AND CONVERSION (487.13701...487.13714) |
| Section 487.13701 | Consolidated bank; formation. |
| Section 487.13702 | Consolidated organization. |
| Section 487.13703 | Consolidated bank; rights, privileges, and powers. |
| Section 487.13704 | Service of process. |
| Section 487.13705 | Notice of operation. |
| Section 487.13706 | Definitions; applicable provisions. |
| Section 487.13707 | Definitions; consolidation agreement; approval of terms and conditions. |
| Section 487.13708 | Conversion of bank into stock association, stock savings bank, or national banking association. |
| Section 487.13709 | Conversion of depository institution. |
| Section 487.13710 | Effect of conversion. |
| Section 487.13711 | Branch services. |
| Section 487.13712 | Discontinuing branch operations; transfer of functions to principal office. |
| Section 487.13713 | Principal office; relocation. |
| Section 487.13714 | Branch office in foreign country; applicable provisions. |
| 276-1999-3-8 | PART 8 CAPITAL (487.13801...487.13808) |
| Section 487.13801 | Issuance of capital notes, debentures, or other instrument of indebtedness. |
| Section 487.13802 | Issuance of shares; number; classes; designations. |
| Section 487.13803 | Stock certificates. |
| Section 487.13804 | Capital stock; increase. |
| Section 487.13805 | Capital stock; reduction. |
| Section 487.13806 | Dividends. |
| Section 487.13807 | Deficiency; steps to make assessment or dissolution; extension. |
| Section 487.13808 | Distribution of sale proceeds; issuance of new certificates; effect of uniform commercial code. |
| 276-1999-3-9 | PART 9 ADMINISTRATION (487.13901...487.13913) |
| Section 487.13901 | Repayment of deposits. |
| Section 487.13902 | Compliance review committee. |
| Section 487.13903 | Surety bond. |
| Section 487.13904 | Indemnification. |
| Section 487.13905 | Indemnification; expenses and amounts. |
| Section 487.13906 | Director, officer, employee, or agent as party to action; reimbursement. |
| Section 487.13907 | Other rights to indemnification or advancement; limitation. |
| Section 487.13908 | Liability insurance or trust fund. |
| Section 487.13909 | Consolidation or merger; position of director, officer, employee, or agent of absorbed depository institution. |
| Section 487.13910 | Definitions; person acting in best interests of bank or shareholders. |
| Section 487.13911 | Reports. |
| Section 487.13912 | Attachment or execution. |
| Section 487.13913 | Action taken or event occurring on or before November 29, 1995. |
| 276-1999-4 | CHAPTER 4 BANKING POWERS (487.14101...487.14406) |
| 276-1999-4-1 | PART 1 GENERAL PROVISIONS (487.14101...487.14111) |
| Section 487.14101 | Banking powers generally. |
| Section 487.14102 | Safe deposit and storage department; lien for unpaid rental and storage charges. |
| Section 487.14103 | Drafts or bills of exchange. |
| Section 487.14104 | Real estate brokerage. |
| Section 487.14105 | Permitted services or activities. |
| Section 487.14106 | Purchase or sale of assets; powers of bank. |
| Section 487.14107 | Sale or purchase of bank branch. |
| Section 487.14108 | Pledging bank assets as collateral security. |
| Section 487.14109 | Bank agent; activities. |
| Section 487.14110 | Automatic teller machine located on premises of casino, casino enterprise, liquor store, or adult entertainment establishment; preventing access to cash benefits from Michigan bridge card; definitions. |
| Section 487.14111 | Loan promotion raffle or savings promotion raffle. |
| 276-1999-4-2 | PART 2 LOANS (487.14201...487.14205) |
| Section 487.14201 | Loans and credit extensions; interest and charges. |
| Section 487.14202 | Total loans and credit extensions; limitation; exceptions; limitations based upon capital and surplus. |
| Section 487.14203 | Financing real or personal property; use of proceeds for purchase, design, manufacture, construction, repair, modification, or improvement; liability for defect. |
| Section 487.14204 | Insurance; hazard; property and casualty. |
| Section 487.14205 | Allowance for bank loan and lease losses; charge off of debt. |
| 276-1999-4-3 | PART 3 INVESTMENTS (487.14301...487.14310) |
| Section 487.14301 | Purchasing, selling, underwriting, and holding investment securities. |
| Section 487.14302 | Purchase of investment securities. |
| Section 487.14303 | Investment in other assets. |
| Section 487.14304 | Bank investment authority; purchasing or holding shares of stock or other equity interests. |
| Section 487.14305 | Venture capital investments. |
| Section 487.14306 | Lease, purchase, holding, and conveyance of real property. |
| Section 487.14307 | Acquisition, development, or improvement of real property for sale. |
| Section 487.14308 | Acquisition of real property for use of customer; loan secured by real property. |
| Section 487.14309 | Acquisition of personal property for use of customer; loan secured by personal property. |
| Section 487.14310 | Investment in service entity. |
| 276-1999-4-4 | PART 4 TRUSTS (487.14401...487.14406) |
| Section 487.14401 | Trust powers; conditions, limitations, and restrictions. |
| Section 487.14402 | Definitions; trust service agreement. |
| Section 487.14403 | Trust powers; segregation of assets held in fiduciary capacity; separate books and records; commingling and consolidation. |
| Section 487.14404 | Application for full fiduciary powers; considerations; limited trust power. |
| Section 487.14405 | Investment of trust funds or property; "registered investment company" defined; bank considered as fiduciary. |
| Section 487.14406 | Repealed. 2005, Act 195, Imd. Eff. Nov. 7, 2005. |
| 276-1999-5 | CHAPTER 5 FOREIGN BANKS (487.15101...487.15105) |
| 276-1999-5-STRUCTURE | STRUCTURE (487.15101...487.15105) |
| Section 487.15101 | State agency or state foreign bank branch; establishment and operation by state foreign bank branch. |
| Section 487.15102 | Conversion of state agency or state foreign bank branch into federal agency or federal branch. |
| Section 487.15103 | Termination of authority to operate state agency or state foreign bank branch. |
| Section 487.15104 | Reports. |
| Section 487.15105 | Operations of foreign bank at state foreign bank branch or state agency. |