reglab/housing_qa huggingface dataset:
MI Comp L § 487.14306 (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 487.14306 - Lease, Purchase, Holding, and Conveyance of Real Property.

487.14306 Lease, purchase, holding, and conveyance of real property. Sec. 4306.  A bank may lease, purchase, hold, and convey any of the following real property:  (a) As necessary for the convenient transaction of its business, including space within its banking office buildings to rent as lessor to third parties.  (b) As conveyed to it in satisfaction of debts previously contracted in the course of its business.  (c) As it purchases at sales under judgments, decrees, or mortgages held by the bank or to secure debts due to it.  (d) As it legally owned on the effective date of this act.  (e) As conveyed to it under sections 4401 to 4405.  (f) As it may acquire in connection with the purchase by it of a land contract, but the purchase of the land contract constitutes a loan secured by real property for purposes of section 4202.  (g) For any other purpose as may be permitted by this act or by order or declaratory ruling of the commissioner. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14307 (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 487.14307 - Acquisition, Development, or Improvement of Real Property for Sale.

487.14307 Acquisition, development, or improvement of real property for sale. Sec. 4307.  A bank may invest not more than 10% of its total assets in the acquisition and development of real property for sale, or for the improvement of real property by construction or rehabilitation of residential or commercial units for sale or rental purposes. For purposes of this section, a bank may purchase, take, lease as lessee, or otherwise acquire, and own, hold, use, sell, lease as lessor, pledge, grant a security interest in, convey, or otherwise dispose of real property. The investment by a bank may be direct, or indirect as a stockholder in a corporation, member of a limited liability company, or limited partner in a partnership or limited liability partnership. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14308 (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 487.14308 - Acquisition of Real Property for Use of Customer; Loan Secured by Real Property.

487.14308 Acquisition of real property for use of customer; loan secured by real property. Sec. 4308.  (1) A bank may lease, purchase, hold, and convey real property for the use of a customer by lease arrangement with the bank, but the acquisition of real property and leasing to a customer constitutes a loan secured by real property for purposes of section 4202.  (2) A bank may incur additional obligations incident to becoming an owner or lessor of real property acquired for the use of a customer.  (3) Inventory of real property held under this section and not leased shall not exceed 25% of the bank's capital and surplus. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14309 (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 487.14309 - Acquisition of Personal Property for Use of Customer; Loan Secured by Personal Property.

487.14309 Acquisition of personal property for use of customer; loan secured by personal property. Sec. 4309.  (1) A bank may lease, purchase, hold, and convey personal property for the use of a customer by lease arrangement with the bank, but the acquisition of personal property and leasing to a customer constitutes a loan secured by personal property under section 4202.  (2) A bank may incur additional obligations incident to becoming an owner or lessor of personal property acquired for the use of a customer.  (3) Inventory of personal property held under this section and not leased shall not exceed 25% of the bank's capital and surplus.  (4) Personal property of a bank that is leased, loaned, or otherwise made available to and used by a person in connection with a business conducted for profit shall be subject to taxation in the same amount and to the same extent as though the lessee or user were the owner of the property. When due, the taxes shall constitute a debt due from the lessee or user to the unit of government for which the taxes were assessed. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14310 (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 487.14310 - Investment in Service Entity.

487.14310 Investment in service entity. Sec. 4310.  (1) As authorized by order or declaratory ruling of the commissioner, a bank may invest in service entities that engage in activities in which a bank is not authorized to engage.  (2) The maximum aggregate investment by a bank in service entities shall be the lesser of 5% of the bank's total assets or 75% of its capital and surplus.  (3) The commissioner shall give notice to all banks of orders and declaratory rulings issued under this section.  (4) For purposes of subsection (2), investment in a service entity shall include loans by a bank or its subsidiary to a service entity.  (5) Subject to the investment limit in subsection (2), a bank or its subsidiary that has made an initial investment in a service entity may make additional investments in that service entity without notice to the commissioner. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14403 (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)|276-1999-4-4 - Part 4 Trusts (487.14401...487.14406)|Section 487.14403 - Trust Powers; Segregation of Assets Held in Fiduciary Capacity; Separate Books and Records; Commingling and Consolidation.

487.14403 Trust powers; segregation of assets held in fiduciary capacity; separate books and records; commingling and consolidation. Sec. 4403.  (1) A bank exercising a trust power as provided in this section and sections 4401, 4402, 4404, and 4405 shall segregate all assets held in a fiduciary capacity from the general assets of the bank, shall keep a separate set of books and records showing in proper detail all transactions engaged in under the authority of this section and sections 4401, 4402, 4404, and 4405, and at all times shall keep the bank's trust department business separate and distinct from the bank's commercial banking business.  (2) Funds, at any time and from time to time, held in trust by the bank awaiting investment or other disposition, may be commingled and consolidated, and may be deposited in other banks as designated by the board of directors or may be held at any time and from time to time by the bank under a deposit relationship and used by the bank in the conduct of the bank's individual corporate business, but only to the extent and when the bank shall set aside for the protection of the owners of the funds obligations of the United States, obligations that are guaranteed fully as to principal and interest by the United States, general obligations of this state or of any political subdivision of this state, surety bonds, or other securities approved by the commissioner equal at face value to the amount of the funds held and so used less the amount of the funds that are insured by the federal deposit insurance corporation. If the bank fails, the owners of the funds held in trust, awaiting investment or other disposition, shall have a lien on the securities set apart in addition to any other claims against the bank. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14404 (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)|276-1999-4-4 - Part 4 Trusts (487.14401...487.14406)|Section 487.14404 - Application for Full Fiduciary Powers; Considerations; Limited Trust Power.

487.14404 Application for full fiduciary powers; considerations; limited trust power. Sec. 4404.  (1) In acting upon applications for permission to exercise full fiduciary powers as provided in section 4401, the commissioner shall take into consideration the sufficiency of the capital and surplus of the applying bank and any other facts or circumstances the commissioner considers proper.  (2) Without regard to the capital and surplus requirements specified in subsection (1), the commissioner may grant to a bank the limited trust power to act as executor, administrator, or guardian and to serve as a testamentary trustee. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.14406 (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)|276-1999-4-4 - Part 4 Trusts (487.14401...487.14406)|Section 487.14406 - Repealed. 2005, Act 195, Imd. Eff. Nov. 7, 2005.

487.14406 Repealed. 2005, Act 195, Imd. Eff. Nov. 7, 2005. Compiler's Notes: The repealed section pertained to filing suspicious activity report by bank with federal agency.
MI Comp L § 487.15101 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|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.

487.15101 State agency or state foreign bank branch; establishment and operation by state foreign bank branch. Sec. 5101.  (1) With the written approval of the commissioner, a foreign bank may establish and operate a state agency or state foreign bank branch in this state if all of the following apply to the foreign bank:  (a) It is authorized by its charter or articles of incorporation to engage in the business of banking.  (b) It has complied with the laws of the foreign country in which it is chartered or incorporated.  (c) In the case of a state agency, the foreign bank does not operate a federal agency in this state.  (d) In the case of a state foreign bank branch, the foreign bank has not previously designated any other state as its home state under the international banking act of 1978.  (2) The commissioner shall examine the information and statements contained in the application submitted under subsection (1) and make any investigation considered necessary regarding the financial and managerial resources of the applicant. The commissioner shall also consider whether there exists an opportunity for a bank having its principal place of business in this state to conduct business in the foreign country in which the applicant is chartered or incorporated.  (3) Upon written notification to the commissioner, a foreign bank authorized by its charter or articles of incorporation to engage in the business of banking, and that has complied with the applicable laws of the jurisdiction in which it is chartered or incorporated, may establish and operate a foreign bank representative office in this state. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.15102 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-5 - Chapter 5 Foreign Banks (487.15101...487.15105)|276-1999-5-STRUCTURE - Structure (487.15101...487.15105)|Section 487.15102 - Conversion of State Agency or State Foreign Bank Branch Into Federal Agency or Federal Branch.

487.15102 Conversion of state agency or state foreign bank branch into federal agency or federal branch. Sec. 5102.  (1) A state agency or state foreign bank branch may be converted into a federal agency or federal branch under the international banking act of 1978.  (2) A federal agency or federal branch located in this state may be converted, with the written approval of the commissioner, into a state agency or state foreign bank branch. If the converted state agency or state foreign bank branch succeeds to assets in which it does not have the legal power to invest, or liabilities that it does not have power to incur, those assets or liabilities shall be disposed of within the next 12 calendar months of the date of the conversion, except that the commissioner may extend this period in the interest of an orderly disposition of those assets or liabilities. The disposition period shall not exceed 3 years. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.15103 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-5 - Chapter 5 Foreign Banks (487.15101...487.15105)|276-1999-5-STRUCTURE - Structure (487.15101...487.15105)|Section 487.15103 - Termination of Authority to Operate State Agency or State Foreign Bank Branch.

487.15103 Termination of authority to operate state agency or state foreign bank branch. Sec. 5103.  Authority to operate a state agency, state foreign bank branch, or foreign bank representative office shall terminate upon dissolution of the foreign bank, or the commissioner's revocation of the foreign bank's authority to operate in this state. Upon termination of the authority to operate a state agency or state foreign bank branch, the commissioner shall become agent for the foreign bank for service of process and shall exercise the same powers, including the right to appoint a receiver, over the assets and liabilities of the state agency or state foreign bank branch as are permitted over a state chartered bank in liquidation or dissolution under sections 2401 to 2410 and 3301 to 3307. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.15104 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-5 - Chapter 5 Foreign Banks (487.15101...487.15105)|276-1999-5-STRUCTURE - Structure (487.15101...487.15105)|Section 487.15104 - Reports.

487.15104 Reports. Sec. 5104.  A foreign bank operating a state agency or state foreign bank branch in this state shall, at the times and in the form prescribed by the commissioner, file with the commissioner reports written in the English language, showing the amount of its assets and liabilities and containing other information requested by the commissioner. A foreign bank that fails to comply with this section is subject to the penalty provided in section 3911. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.15105 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-5 - Chapter 5 Foreign Banks (487.15101...487.15105)|276-1999-5-STRUCTURE - Structure (487.15101...487.15105)|Section 487.15105 - Operations of Foreign Bank at State Foreign Bank Branch or State Agency.

487.15105 Operations of foreign bank at state foreign bank branch or state agency. Sec. 5105.  (1) Except as otherwise provided in this act or other law of this state, operations of a foreign bank at a state foreign bank branch or state agency shall be conducted with the same rights and privileges and subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply under this act to a bank doing business at the same location, except that a state agency or an additional office of a state agency shall not accept nor solicit deposits from citizens or residents of the United States or exercise trust powers. Operations of a foreign bank representative office are limited to representational functions.  (2) A foreign bank that operates a state agency or state foreign bank branch is permitted to establish and operate additional offices subject to section 3711. For purposes of section 3711, the principal office of a foreign bank operating under this act shall be its first state agency or state foreign bank branch established in this state.  (3) A state agency or state foreign bank branch shall not be required to become an insured bank, as insured bank is defined in section 3 of the federal deposit insurance act, unless the state foreign bank branch accepts deposits described in section 3 of the federal deposit insurance act.  (4) A foreign bank that operates a state agency or state foreign bank branch in this state shall maintain the accounts and conduct the business of the state agency or state foreign bank branch independently of the accounts and business of the parent foreign bank.  (5) The commissioner may examine the books, accounts, records, and files of the foreign bank that contain information regarding the accounts and business of a state agency, state foreign bank branch, or foreign bank representative office. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 490.202 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 2 - Supervision by Commissioner (490.201...490.251)|215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221)|Section 490.202 - Fee, Fine, or Other Money Received or Collected by Director; Disposition; Establishment of Credit Union Regulatory Fund.

490.202 Fee, fine, or other money received or collected by director; disposition; establishment of credit union regulatory fund.Sec. 202.  (1) A fee, a civil or administrative fine, or any other money received or collected by the director or the department under this act, except a fine imposed for a violation of section 217, is not refundable and shall be deposited into the credit union regulatory fund created in subsection (2).  (2) The credit union regulatory fund is established in the department of treasury. All of the following apply to the credit union regulatory fund:  (a) The fund shall consist of the following:  (i) Fees, civil or administrative fines, and any other money received or collected under this act, except fines imposed for violations of section 217.  (ii) Money appropriated to the fund.  (iii) Donations of money made to the fund from any source.  (iv) Interest and earnings from fund investments.  (b) Money in the fund at the close of a fiscal year shall remain in the fund and shall not revert to the general fund.  (c) Upon appropriation, the department shall use the money in the fund only for credit union regulatory purposes, as determined by the director.  (d) The state treasurer shall direct the investment of the fund.  (e) The department is the administrator of the fund for auditing purposes. History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2016, Act 152, Eff. Sept. 7, 2016
MI Comp L § 490.203 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 2 - Supervision by Commissioner (490.201...490.251)|215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221)|Section 490.203 - Office of Financial and Insurance Services; Hearing or Proceeding; Document Retention; Order or Ruling.

490.203 Office of financial and insurance services; hearing or proceeding; document retention; order or ruling.Sec. 203.  (1) Any hearing or other proceeding pending before the office of financial and insurance services under former 1925 PA 285 before the effective date of this act is transferred to the office of financial and insurance services under this act, and the office of financial and insurance services shall conduct and determine the proceeding as follows:  (a) If the commissioner determines that this act establishes an identical or substantially similar proceeding for the conduct or act that was the basis of the proceeding under former 1925 PA 285, the office of financial and insurance services shall conduct and determine the proceeding under this act.  (b) If the commissioner determines that this act does not establish an identical or substantially similar proceeding for the conduct or act that was the basis of the proceeding under former 1925 PA 285, the office of financial and insurance services shall conduct and determine the proceeding in the manner described in former 1925 PA 285.  (2) The office of financial and insurance services shall retain all of its property, credits, books, correspondence, funds, appropriations, records, files, and other papers acquired or retained under former 1925 PA 285.  (3) An order or declaratory ruling issued by the commissioner under former 1925 PA 285 that is in effect on the effective date of this act shall continue in effect until modified, suspended, revoked, or repealed by the commissioner. History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2004, Act 471, Imd. Eff. Dec. 28, 2004
MI Comp L § 490.204 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 2 - Supervision by Commissioner (490.201...490.251)|215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221)|Section 490.204 - Immunity.

490.204 Immunity. Sec. 204.  The commissioner and the other employees of the office of financial and insurance services are not liable in any civil action for damages for any act done or omitted in performing the functions of their office under this act to the same extent protected by the immunity conferred by 1964 PA 170, MCL 691.1401 to 691.1415. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.205 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 2 - Supervision by Commissioner (490.201...490.251)|215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221)|Section 490.205 - Disclosure of Information.

490.205 Disclosure of information. Sec. 205.  (1) The commissioner and all deputies, agents, and employees of the office of financial and insurance services shall keep secret all facts and information obtained in the course of their duties, except if the person is required under law to report upon, take official action, or testify in any proceedings regarding the affairs of a credit union. This subsection applies to all former commissioners, deputies, agents, and employees of the office of financial and insurance services.  (2) This section does not apply to, and does not prohibit the furnishing of information or documents to, any federal, foreign, or out-of-state credit union regulatory agencies, and is not applicable to disclosures made in the public interest by the commissioner, at his or her discretion. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.206 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 2 - Supervision by Commissioner (490.201...490.251)|215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221)|Section 490.206 - Rules; Orders; Declaratory Rulings.

490.206 Rules; orders; declaratory rulings. Sec. 206.  The commissioner may promulgate rules or issue orders or declaratory rulings for the enforcement and administration of this act. The commissioner shall promulgate rules and issue orders and declaratory rulings pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. History: 2003, Act 215, Eff. June 1, 2004