reglab/housing_qa huggingface dataset:
MI Comp L § 487.12310 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-3 - Part 3 Enforcment Powers (487.12301...487.12315)|Section 487.12310 - Hearing; Decision; Review; Consent Order; Modification, Termination, or Setting Aside Order.

487.12310 Hearing; decision; review; consent order; modification, termination, or setting aside order. Sec. 2310.  (1) An administrative hearing provided for in section 2304, 2305, 2306, or 2307 shall be conducted under the administrative procedures act of 1969. The hearing shall be private, unless the commissioner, after fully considering the views of the party afforded the hearing, determines that a public hearing is necessary to protect the public interest. After the hearing and within 90 days after notifying the parties that the case has been submitted for final decision, the commissioner shall render a decision that includes findings of fact upon which the decision is predicated and issue and serve upon each party to the proceeding an order consistent with this section.  (2) Except as provided in subsection (3), a party to the proceeding, or any person required by an order issued under section 2304, 2305, 2306, or 2308 to cease and desist from any of the violations or practices stated in the order or to be suspended, removed, or prohibited from participation in the conduct of the affairs of any institution, may request a review by a court of competent jurisdiction of the order served under subsection (1). The petition for review shall be filed within 30 days from the date the order is issued.  (3) An order entered as a consent order shall be reviewed as provided in the administrative procedures act of 1969.  (4) Unless a petition for review is timely filed under subsection (2), the commissioner may, at any time, upon appropriate notice, modify, terminate, or set aside the order. If a petition is timely filed, the commissioner may modify, terminate, or set aside the order with the permission of the court.  (5) Unless otherwise specifically ordered by the court, a proceeding for review under this section does not stay an order issued by the commissioner. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.12311 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-3 - Part 3 Enforcment Powers (487.12301...487.12315)|Section 487.12311 - Enforcement Powers; Jurisdiction of Court.

487.12311 Enforcement powers; jurisdiction of court. Sec. 2311.  (1) The commissioner may apply to the circuit court of the county in which the principal office of the institution is located, or to the circuit court for Ingham county, for the enforcement of any effective and outstanding notice or order issued under section 2304, 2305, 2306, 2308, or 2310, including any temporary cease and desist order issued under section 2305(1). The court shall have jurisdiction and power to order and require compliance with the notice or order.  (2) Except as otherwise provided in this section, a court does not have jurisdiction to affect by injunction or otherwise the issuance or enforcement of any notice or order under section 2304, 2305, 2306, 2308, or 2310 or to review, modify, suspend, terminate, or set aside the notice or order. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.12312 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-3 - Part 3 Enforcment Powers (487.12301...487.12315)|Section 487.12312 - Prohibited Conduct; Fine.

487.12312 Prohibited conduct; fine. Sec. 2312.  A person, against whom there is outstanding and effective any notice or final order under section 2306(1), (2), or (3) or of section 2308, who participates in any manner in the conduct of the affairs of the institution involved, or directly or indirectly solicits or procures, or transfers or attempts to transfer, or votes or attempts to vote, any proxies, consents, or authorizations in respect of any voting rights in the institution, or, without the prior written approval of the commissioner, votes for a director or serves or acts as a director, officer, or employee of any institution shall be fined not more than $5,000.00 or imprisoned not more than 1 year, or both. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.12313 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-3 - Part 3 Enforcment Powers (487.12301...487.12315)|Section 487.12313 - Service of Notice or Order.

487.12313 Service of notice or order. Sec. 2313.  A service required or authorized to be made by the commissioner under this section or section 2304, 2305, 2306, 2308, 2310, or 2314 may be made by registered or certified mail, or in any other manner reasonably calculated to give actual notice. Copies of a notice or order served by the commissioner upon an institution or any person participating in the conduct of the institution's affairs, under section 2304, 2305, 2306, 2308, or 2310 shall also be sent to the appropriate federal and out-of-state bank, association, and savings bank regulatory agencies. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.12314 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-3 - Part 3 Enforcment Powers (487.12301...487.12315)|Section 487.12314 - Notice to Federal Supervisory Authorities.

487.12314 Notice to federal supervisory authorities. Sec. 2314.  In connection with a proceeding under section 2304, 2305(1), or 2306, the commissioner shall provide the appropriate federal supervisory authorities with notice of intent to institute a proceeding and the grounds for the proceedings. An institution or other party that is the subject of any notice or order issued by the commissioner under section 2304, 2305, 2306, 2308, or 2310 shall not have standing to raise the requirements of section 2313 or this section with respect to notifying federal supervisory authorities as ground for attacking the validity of any notice or order. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.12315 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-3 - Part 3 Enforcment Powers (487.12301...487.12315)|Section 487.12315 - Foreign Bank; Prohibited Conduct.

487.12315 Foreign bank; prohibited conduct. Sec. 2315.  (1) If, in the opinion of the commissioner, a foreign bank is engaging, has engaged, or is about to engage, in an unsafe or unsound practice in conducting the business of a state agency, state foreign bank branch, or foreign bank representative office, or is violating, has violated, or is about to violate, a state or federal law or a state or federal rule or regulation, the commissioner may issue and serve upon the foreign bank a notice of intent to revoke the foreign bank's authority to engage in the business of banking in this state. The notice shall contain a statement of the facts constituting the alleged unsafe or unsound practice or violation and inform the foreign bank of its right to request a hearing within 10 days.  (2) If the foreign bank timely requests a hearing, the commissioner shall hold a hearing in accordance with the administrative procedures act of 1969.  (3) Within 60 days after the date of the hearing, the commissioner shall file a written decision containing his or her findings and serve a copy upon the foreign bank. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.12401 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-4 - Part 4 Receiverships and Conservatorships (487.12401...487.12410)|Section 487.12401 - Liquidation; Receiver or Other Liquidating Agent.

487.12401 Liquidation; receiver or other liquidating agent. Sec. 2401.  (1) Except as provided in subsection (2), a bank subject to this act shall not be liquidated except as provided by this act. A receiver or other liquidating agent shall not be appointed for a bank or its assets and property except as provided in this act.  (2) If the federal deposit insurance corporation is appointed as receiver of a bank, the receivership procedures of the federal deposit insurance corporation shall govern the receivership. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.12402 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-4 - Part 4 Receiverships and Conservatorships (487.12401...487.12410)|Section 487.12402 - Appointment of Receiver; Conditions; Procedures.

487.12402 Appointment of receiver; conditions; procedures. Sec. 2402.  (1) If a bank has refused to pay its deposits or obligations in accordance with the terms under which the deposits or obligations were incurred, becomes insolvent, refuses to submit its books, papers, and records for inspection by the commissioner, or if the bank appears to the commissioner that the bank is in an unsafe or unsound condition, the commissioner shall either appoint a conservator under section 2406 or apply to the circuit court for Ingham county or for the county in which the bank is located for the appointment of a receiver for the bank.  (2) In any proceeding for the appointment of a receiver, the commissioner shall request that the court appoint the federal deposit insurance corporation as the receiver if the deposits in the bank are insured to any extent by the corporation. The court may act upon the application immediately and without notice to any person. If at any time it appears to the court that the claimed reasons for receivership do not exist, the court shall dissolve the receivership and terminate the proceedings.  (3) The federal deposit insurance corporation may act as receiver without bond. All other receivers, with the exception of the bureau employee appointed as receiver in his or her official capacity, shall post a bond in an amount to be determined by the court.  (4) If the deposits of a bank described in subsection (1) are not insured by the federal deposit insurance corporation, the commissioner may elect not to seek appointment of a receiver for the bank. If a receiver is not sought, the business corporation act, 1972 PA 284, MCL 450.1101 to 450.2098, governing insolvent business corporations, title 11 of the United States Code, being section 11 U.S.C. 101, governing bankruptcy, and sections 5201 to 5265 of the revised judicature act of 1961, MCL 600.5201 to 600.5265, governing assignments for the benefit of creditors, shall apply to the insolvent bank.  (5) The receiver shall on a regular basis report to the commissioner regarding all matters involving the receivership.  (6) If any bank has been closed and placed in receivership, and the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of the closed bank, the corporation, whether or not it has become receiver of the bank, is subrogated to all of the rights of the owners of the deposits against the closed bank in the same manner and to the same extent as subrogation of the corporation is provided for in the federal deposit insurance act. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.12403 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-4 - Part 4 Receiverships and Conservatorships (487.12401...487.12410)|Section 487.12403 - Receiver; Duties; Powers.

487.12403 Receiver; duties; powers. Sec. 2403.  (1) Subject to court approval, a receiver shall do all of the following:  (a) Take possession of the books, records, and assets of the bank and collect all debts, dues, and claims belonging to the bank.  (b) Sue and defend, compromise, and settle all claims involving the bank.  (c) Sell all real and personal property.  (d) Exercise all fiduciary functions of the bank as of the date of the commencement of the receivership.  (e) Pay all administrative expenses of the receivership which shall be a first charge upon the assets of the bank and shall be fully paid before any final distribution or payment of dividends to creditors or shareholders.  (f) Pay ratably any and all debts of the bank, except that debts not exceeding $500.00 in amount may be paid in full but the holders of such debt shall not be entitled to interest on the debt.  (g) Repay ratably any amount which may have been paid in by any shareholder by reason of assessments made upon the stock of the bank by order of the commissioner in accordance with this act.  (h) Pay ratably to the shareholders of the bank in proportion to the number of shares held and owned by each the balance of the net assets of the bank after payment or provision for payments as provided in subdivisions (e), (f), and (g).  (i) Have all the powers of the directors, officers, and shareholders of the bank as necessary to support an action taken on behalf of the bank.  (j) Hold title to all the bank's property, contracts, and rights of action beginning on the date the bank is ordered in receivership.  (2) Subject to court approval, a receiver may do any of the following:  (a) Borrow money as necessary or expedient in aiding the liquidation of the bank and secure these borrowings by the pledge, hypothecation, or mortgage of the assets of the bank.  (b) Employ agents, legal counsel, accountants, appraisers, consultants, and other personnel the receiver considers necessary to assist in the performance of the receiver's duties. With the prior written approval of the commissioner, the receiver may employ personnel of the bureau if the receiver considers the employment to be advantageous or desirable. The expense of employing bureau personnel is an administrative expense of the liquidation that is payable to the bureau.  (c) Exercise other powers and duties as may be provided by the court under the laws of this state applicable to the appointment of receivers by the circuit court. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.12404 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-4 - Part 4 Receiverships and Conservatorships (487.12401...487.12410)|Section 487.12404 - Lien on Property or Assets; Voidable Transfer.

487.12404 Lien on property or assets; voidable transfer. Sec. 2404.  (1) A transfer of or lien on the property or assets of the bank is voidable by the receiver if the transfer or lien was 1 or more of the following:  (a) Made or created within 1 year before the date the bank is ordered in receivership if the receiving transferee or lien holder was at the time an affiliate, officer, director, employee, or principal shareholder of the bank or an affiliate of the bank.  (b) Made or created on or within 90 days before the date the bank is ordered in receivership with the intent of giving to a creditor or depositor, or enabling a creditor or depositor to obtain, a greater percentage of the claimant's debt than is given or obtained by another claimant of the same class.  (c) Accepted after the bank is ordered in receivership by a creditor or depositor having reasonable cause to believe that a preference will occur.  (d) Voidable by the bank and the bank may recover the property transferred or its value from the person to whom it was transferred or from a person who has received it, unless the transferee or recipient was a bona fide holder for value before the date the bank was ordered in receivership.  (2) For purposes of this section, "preference" means a transfer or grant of an interest in the property or assets of the bank that is either of the following:  (a) Made or incurred with the intent to hinder, delay, or defraud an entity to which, on or after the date that the transfer or grant of interest was made, the bank was or became indebted.  (b) Made or incurred for less than a reasonably equivalent value in exchange for the transfer or grant of interest if the bank was insolvent on the date that the transfer or grant of interest was made or became insolvent as a result of the transfer or grant of interest.  (3) A person acting on behalf of the bank, who knowingly has participated in implementing a voidable transfer or lien, and each person receiving property or the benefit of property of the bank as a result of the voidable transfer or lien, is personally liable for the property or benefit received and shall account to the receiver for the benefit of the bank.  (4) Notwithstanding any other provisions of this act, an otherwise voidable transfer under this section will not be voided by the receiver, if any of the following apply:  (a) The transfer or lien does not exceed the value of $1,000.00.  (b) The transfer or lien was received in good faith by a person, who is not a person described in subsection (1)(a), who gave value.  (c) The transfer of lien was intended by the bank and the transferee or lien holder to be, and in fact substantially was, a contemporaneous exchange for new value given to the bank. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.12405 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-4 - Part 4 Receiverships and Conservatorships (487.12401...487.12410)|Section 487.12405 - Records.

487.12405 Records. Sec. 2405.  (1) On approval by the court, the receiver may dispose of records of the bank in receivership that are obsolete and unnecessary to the continued administration of the receivership proceeding and retain the remaining records of the bank and the receivership for a period of time as ordered by the court.  (2) The receiver may devise a method for the effective, efficient, and economical maintenance of the records of the bank and of the receiver's office, including maintaining those records on any medium approved by the court.  (3) The receiver may reserve assets of an estate, deposit them in an account, and use them to maintain the records of a liquidated bank after the closing of the receivership proceeding. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.12406 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-4 - Part 4 Receiverships and Conservatorships (487.12401...487.12410)|Section 487.12406 - Conservator; Appointment; Bond and Security; Qualifications; Expenses.

487.12406 Conservator; appointment; bond and security; qualifications; expenses. Sec. 2406.  (1) If any of the grounds under section 2402 authorizing the appointment of a receiver exist or if the commissioner considers it necessary in order to conserve the assets of a bank for the benefit of the depositors and other creditors of the bank, the commissioner may appoint a conservator for the bank and require of the conservator a bond and security as determined by the commissioner.  (2) The commissioner may appoint as conservator an employee of the bureau or any other competent and disinterested person. The bureau shall be reimbursed out of the assets of the conservatorship for all sums expended by it in connection with the conservatorship as expenses. All expenses of any conservatorship shall be paid out of the assets of the bank, upon the approval of the commissioner, and shall be a first charge upon the assets and paid in full before any final distribution or payment of dividends to creditors or shareholders. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.12407 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-4 - Part 4 Receiverships and Conservatorships (487.12401...487.12410)|Section 487.12407 - Conservator; Rights, Powers, and Privileges.

487.12407 Conservator; rights, powers, and privileges. Sec. 2407.  (1) The conservator, under the direction of the commissioner, shall take possession of the books, records, and assets of the bank, and take any action necessary to conserve the assets of the bank pending further disposition of its business as provided by law. The conservator shall have all the rights, powers, and privileges of receivers of banks appointed under this act and shall be subject to the obligations and penalties to which receivers are subject which are not inconsistent with this act with respect to conservators.  (2) During the time that the conservator remains in possession of the bank, the rights of all parties with respect to the bank, subject to the other provisions of this act with respect to conservators, shall be the same as if a receiver had been appointed. The conservator may execute the discharge of any real estate mortgage held as part of the assets of the bank. History: 1999, Act 276, Eff. Mar. 1, 2000