reglab/housing_qa huggingface dataset:
MI Comp L § 487.13913 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-9 - Part 9 Administration (487.13901...487.13913)|Section 487.13913 - Action Taken or Event Occurring on or Before November 29, 1995.

487.13913 Action taken or event occurring on or before November 29, 1995. Sec. 3913.  A written agreement entered into under section 130b of former 1969 PA 319 shall remain in effect with regard to actions taken and events occurring on or before November 29, 1995. A cause of action shall not accrue under an agreement for an action taken or event occurring after November 29, 1995. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14102 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-1 - Part 1 General Provisions (487.14101...487.14111)|Section 487.14102 - Safe Deposit and Storage Department; Lien for Unpaid Rental and Storage Charges.

487.14102 Safe deposit and storage department; lien for unpaid rental and storage charges. Sec. 4102.  (1) If a bank operates a safe deposit and storage department, the legal liability of the bank on account of any loss to a customer shall not exceed the sum of $10,000.00 for any 1 box or compartment, including all property accepted for storage outside of the box or compartment. The bank may contract with the renter to have the renter assume all risks arising from the use of the box, compartment, or storage.  (2) The bank shall have a lien for unpaid rental and storage charges on the contents of any box or compartment and any property accepted for storage outside of the box or compartment. If the charges are not paid within 1 year from the date of accrual, the bank may sell the property at public auction upon like notice as is required by law for sales on execution. After retaining from the proceeds of sale the amount of all charges due and owing at the time of the sale, and the reasonable expenses of the sale, the bank shall pay the balance, if any, upon proper showing to the persons entitled to the balance. The bank may fairly and in good faith purchase all or any part of the property at the sale. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14103 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-1 - Part 1 General Provisions (487.14101...487.14111)|Section 487.14103 - Drafts or Bills of Exchange.

487.14103 Drafts or bills of exchange. Sec. 4103.  (1) A bank may accept drafts or bills of exchange drawn upon it having not more than 6 months' sight to run, exclusive of days of grace, if 1 or more of the following apply:  (a) The drafts or bills of exchange grow out of transactions involving the importation or exportation of goods.  (b) The drafts or bills of exchange grow out of transactions involving the domestic shipment of goods.  (c) The drafts or bills of exchange are secured at the time of acceptance by a warehouse receipt or other document conveying or securing title covering readily marketable staples.  (2) Except as provided in subsection (3), a bank shall not accept bills of exchange, or be obligated for a participation share in bills of exchange, in an amount equal at any time in the aggregate to more than 150% of its capital and surplus.  (3) The commissioner, under conditions as the commissioner may prescribe, may authorize by order or declaratory ruling any bank to accept bills of exchange, or be obligated for a participation share in bills of exchange, in an amount not exceeding at any time in the aggregate 200% of its capital and surplus.  (4) Notwithstanding subsections (2) and (3), with respect to any bank, the aggregate acceptances, including obligations for a participation share in acceptances, growing out of domestic transactions shall not exceed 50% of the aggregate of all acceptances, including obligations for a participation share in acceptances, authorized for the bank under this section.  (5) A bank shall not accept bills, or be obligated for a participation share in bills of exchange, whether in a foreign or domestic transaction, for any 1 person, partnership, corporation, association, or other entity in an amount equal at any time in the aggregate to more than 10% of its capital and surplus, unless the bank is secured either by attached documents or by some other actual security growing out of the same transaction as the acceptance.  (6) With respect to a bank that issues an acceptance, the limitations contained in this section do not apply to that portion of an acceptance that is issued by the bank and that is covered by a participation agreement sold to another bank, out-of-state bank, or national bank.  (7) In order to carry out the purposes of this section, the commissioner may define any of the terms used in this section. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14105 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-1 - Part 1 General Provisions (487.14101...487.14111)|Section 487.14105 - Permitted Services or Activities.

487.14105 Permitted services or activities. Sec. 4105.  A bank may perform for others 1 or more of the following services or activities, and any other services or activities permitted by order or declaratory ruling of the commissioner:  (a) Provide life, health, and casualty insurance for officers and employees of financial institutions and operate bonus plans and retirement benefit plans for those officers and employees.  (b) Service mortgages and land contracts.  (c) Originate and service mortgage loans, mortgages, and land contracts, on behalf of financial institutions, corporations, and state or federal agencies or instrumentalities.  (d) Act as escrow agent or depository for other escrow agents or fiduciaries.  (e) Conduct credit analysis, appraising, construction loan inspection, and abstracting.  (f) Conduct research, studies, and surveys.  (g) Develop and operate storage facilities for microfilm or other duplicate records.  (h) Advertise, broker, and conduct other activities to procure and retain both deposits and loans, but not pool deposits or solicit or promote pooled deposits.  (i) Provide liquidity management, investment, advisory, and consulting services.  (j) Establish, own, lease, operate, or maintain electronic funds transfer terminals.  (k) Purchase office supplies, furniture, and equipment.  (l) Prepare local, state, and federal tax returns.  (m) Perform data processing services.  (n) Subject to applicable state or federal law, provide brokerage services for the offer, sale, or purchase of a security or commodity contract. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14106 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-1 - Part 1 General Provisions (487.14101...487.14111)|Section 487.14106 - Purchase or Sale of Assets; Powers of Bank.

487.14106 Purchase or sale of assets; powers of bank. Sec. 4106.  (1) With the approval of the commissioner, based upon an examination or other appropriate analysis of either the buying or selling organization, or both, and upon the affirmative vote of a majority of the members of its board of directors and of the holders of 2/3 of its stock entitled to vote, a bank may do either or both of the following:  (a) Sell all or substantially all of its assets of every kind, character, and description and assign its liabilities to any depository institution.  (b) Purchase all or substantially all of the assets of every kind, character, and description and assume the liabilities of another depository institution.  (2) The consideration for a purchase and sale under this section may include shares of stock of the purchasing bank, out-of-state bank, national bank, association, or savings bank.  (3) A purchase and sale shall not be made to defeat or defraud any of the creditors of the depository institutions.  (4) Certified copies of all shareholders' and directors' proceedings under this section shall be submitted to the commissioner and shall contain the terms of the sale and purchase, including a copy of the agreement of sale and purchase.  (5) The liability of a depository institution or of its shareholders, directors, or officers, or the rights of creditors of, or other persons transacting business with, the depository institution shall not be lessened or impaired as the result of a sale of assets under this section.  (6) Notwithstanding any other provision of this act, a bank that purchases or assumes all or substantially all of the assets or liabilities of a depository institution may retain, maintain, and operate the principal office or branches of the depository institution as branches of the purchasing bank without providing notice to the commissioner under section 3711(1) provided it assumes the deposit liabilities of the depository institution maintained at the principal office or branches. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14107 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-1 - Part 1 General Provisions (487.14101...487.14111)|Section 487.14107 - Sale or Purchase of Bank Branch.

487.14107 Sale or purchase of bank branch. Sec. 4107.  (1) A bank may sell 1 or more of its branches, without selling all or substantially all of the bank, to another depository institution located in this state or in a state whose laws would permit a bank to purchase 1 or more branches in that state of the purchasing depository institution.  (2) A bank may purchase 1 or more branches of another depository institution, without purchasing all or substantially all of the depository institution.  (3) A bank that proposes to purchase 1 or more branches under subsection (2) shall provide notice to the commissioner under section 3711 before operating the purchased branch or branches. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14109 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-1 - Part 1 General Provisions (487.14101...487.14111)|Section 487.14109 - Bank Agent; Activities.

487.14109 Bank agent; activities. Sec. 4109.  An agent of a bank described in section 4101(1)(e) may engage in any of the following activities:  (a) Accept a deposit to an existing account and record the addition to the account or give other evidence of receipt as prescribed by the bank.  (b) Accept a withdrawal form and other evidence required by the bank from an account holder for transmission to the bank.  (c) Solicit and accept a new account. Evidence of account ownership shall be issued only by authority of the bank. An agent may obtain signature cards from the bank for the account holder. An agent of a bank shall not possess an unissued or blank authenticated savings account passbook or certificate or other evidence of account ownership.  (d) Solicit and accept an application for a loan or for a land contract purchase. The agent shall submit the application to the bank for processing and approval.  (e) Disburse withdrawn or loaned funds, upon approval of each disbursement by the bank.  (f) Accept payment on a loan or on a land contract and issue evidence of receipt as prescribed by the bank.  (g) Any other services as approved by order or declaratory ruling of the commissioner. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14110 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-1 - Part 1 General Provisions (487.14101...487.14111)|Section 487.14110 - 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.

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.Sec. 4110.  (1) A bank that owns, operates, or manages an automated teller machine located on the premises of a casino, casino enterprise, liquor store, or adult entertainment establishment shall work with the department of human services to ensure that the automated teller machine does not allow an individual access to cash benefits from a Michigan bridge card.  (2) As used in this section:  (a) "Adult entertainment establishment" means any of the following:  (i) An on-premises licensee that holds a topless activity permit described in section 916(3) of the Michigan liquor control code of 1998, 1998 PA 58, MCL 436.1916.  (ii) Any other retail establishment that provides adult-oriented entertainment in which performers disrobe or perform in an unclothed state for entertainment.  (b) "Alcoholic liquor" means that term as defined in section 105 of the Michigan liquor control code of 1998, 1998 PA 58, MCL 436.1105.  (c) Subject to subsection (3), "casino" means that term as defined in section 2 of the Michigan gaming control and revenue act, 1996 IL 1, MCL 432.202.  (d) Subject to subsection (3), "casino enterprise" means that term as defined in section 2 of the Michigan gaming control and revenue act, 1996 IL 1, MCL 432.202.  (e) "Gaming" means that term as defined in section 2 of the Michigan gaming control and revenue act, 1996 IL 1, MCL 432.202.  (f) "Liquor store" means a retailer, as defined in section 111 of the Michigan liquor control code of 1998, 1998 PA 58, MCL 436.1111, that is exclusively or primarily engaged in the sale of alcoholic liquor. The term does not include a retailer that is a retail food store.  (g) "Michigan bridge card" means the card that is used to distribute cash benefits by the department of human services.  (h) "Retail food store" means that term as defined in 7 USC 2012.  (3) As used in this section, the terms casino and casino enterprise do not include any of the following:  (a) A grocery store that sells groceries, including staple foods, and is located in a casino or a casino enterprise.  (b) Any other business establishment that offers gaming that is incidental to the principal purpose of that establishment. History: Add. 2013, Act 195, Eff. Feb. 1, 2014
MI Comp L § 487.14111 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-1 - Part 1 General Provisions (487.14101...487.14111)|Section 487.14111 - Loan Promotion Raffle or Savings Promotion Raffle.

487.14111 Loan promotion raffle or savings promotion raffle.Sec. 4111.  (1) If authorized by its board of directors, a bank may conduct a loan promotion raffle or savings promotion raffle. The bank shall conduct a loan promotion raffle or savings promotion raffle so that each token or ticket representing an entry in the raffle has an equal chance of being drawn. A bank shall not conduct a loan promotion raffle or savings promotion raffle in a manner that jeopardizes the bank's safety and soundness, misleads its customers, or violates federal law.  (2) A bank shall maintain records sufficient to facilitate an examination of a loan promotion raffle or savings promotion raffle.  (3) As used in this section:   (a) "Loan promotion raffle" means a raffle conducted by a bank where the sole consideration required for a chance of winning designated prizes is the closing on a loan with the bank of at least a specified amount.  (b) "Savings promotion raffle" means a raffle conducted by a bank where the sole consideration required for a chance of winning designated prizes is the deposit of at least a specified amount of money in a savings account or other savings program offered by the bank. History: Add. 2014, Act 399, Imd. Eff. Dec. 29, 2014 ;-- Am. 2016, Act 162, Eff. Sept. 7, 2016
MI Comp L § 487.14201 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-2 - Part 2 Loans (487.14201...487.14205)|Section 487.14201 - Loans and Credit Extensions; Interest and Charges.

487.14201 Loans and credit extensions; interest and charges. Sec. 4201.  (1) A bank may collect interest and charges on loans and extensions of credit as permitted by the laws of this state or of the United States to any person.  (2) A bank may charge a discount on obligations purchased by the bank. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14203 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-2 - Part 2 Loans (487.14201...487.14205)|Section 487.14203 - Financing Real or Personal Property; Use of Proceeds for Purchase, Design, Manufacture, Construction, Repair, Modification, or Improvement; Liability for Defect.

487.14203 Financing real or personal property; use of proceeds for purchase, design, manufacture, construction, repair, modification, or improvement; liability for defect. Sec. 4203.  A bank that makes a loan, the proceeds of which are used or may be used by the borrower to finance the purchase, design, manufacture, construction, repair, modification, or improvement of real or personal property, shall not be liable for any defect in the property purchased, designed, manufactured, constructed, repaired, modified, or improved or for any loss or damage resulting from the failure of the borrower or any agent or other person employed by the borrower to use due care in the examination, design, manufacture, construction, repair, modification, or improvement of the property. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14204 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-2 - Part 2 Loans (487.14201...487.14205)|Section 487.14204 - Insurance; Hazard; Property and Casualty.

487.14204 Insurance; hazard; property and casualty. Sec. 4204.  (1) A bank that requires a mortgagor to maintain hazard insurance as a condition of receiving a mortgage loan shall not require the amount of the hazard insurance to be greater than the replacement cost of the mortgaged building or buildings.  (2) A bank may require an amount of property and casualty insurance that is required of the bank as a condition of sale, transfer, or assignment of all or part of the mortgage to a third party. This subsection does not require that the bank anticipate a sale, transfer, or assignment at the time the mortgage is made. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14205 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-2 - Part 2 Loans (487.14201...487.14205)|Section 487.14205 - Allowance for Bank Loan and Lease Losses; Charge Off of Debt.

487.14205 Allowance for bank loan and lease losses; charge off of debt.Sec. 4205.  Unless a debt constitutes a claim against a solvent estate in probate, if the interest on a debt held by a bank is past due and unpaid for a period of 12 months, the bank shall charge off to its allowance for loan and lease losses the portion of the debt that is not well secured. History: 1999, Act 276, Eff. Mar. 1, 2000 ;-- Am. 2009, Act 59, Imd. Eff. July 2, 2009
MI Comp L § 487.14302 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-3 - Part 3 Investments (487.14301...487.14310)|Section 487.14302 - Purchase of Investment Securities.

487.14302 Purchase of investment securities. Sec. 4302.  (1) A bank may purchase investment securities for its own account when in its prudent banking judgment, which may be based in part upon estimates that it believes to be reliable, it determines that there is adequate evidence that the obligor will be able to perform all it undertakes to perform in connection with the securities, including all debt service requirements, and that the securities may be sold with reasonable promptness at a price that corresponds to their fair value.  (2) A bank shall not purchase investment securities in which the investment characteristics are considered distinctly or predominantly speculative, or purchase investment securities that are in default, whether as to principal or interest. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14303 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-3 - Part 3 Investments (487.14301...487.14310)|Section 487.14303 - Investment in Other Assets.

487.14303 Investment in other assets. Sec. 4303.  Notwithstanding any other section of this act, a bank may invest in other assets authorized by order or declaratory ruling of the commissioner. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14305 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)|276-1999-4-3 - Part 3 Investments (487.14301...487.14310)|Section 487.14305 - Venture Capital Investments.

487.14305 Venture capital investments. Sec. 4305.  (1) Except as otherwise provided by this act, a bank may make venture capital investments, and may invest in equity securities of a professional investor a majority of whose assets consists of venture capital investments.  (2) If a bank makes a venture capital investment under subsection (1), an officer or director of the bank shall not hold an equity position in the financed company, and the bank shall own less than 50% of the company.  (3) A bank's investment under subsection (1) in any 1 entity shall not exceed an amount equal to 5% of the capital and surplus of the bank, and all investments under subsection (1) shall not exceed an amount equal to 10% of the capital and surplus of the bank.  (4) This section does not limit the authority of a bank to exercise lending or investment powers which are otherwise authorized by law. History: 1999, Act 276, Eff. Mar. 1, 2000