reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804) › 354-1996-7 - Chapter 7 Consolidations, Mergers, and Conversions (487.3701...487.3715) › Section 487.3714 - Liability Not Impaired by Sale of Assets, Consolidation, or Conversion.

487.3714 Liability not impaired by sale of assets, consolidation, or conversion.
Sec. 714.
The liability of any savings bank, national banking association, stock association, or federal savings bank or of the shareholders, directors, or officers thereof, or the rights or remedies of the creditors thereof, or of persons transacting business with such entities, shall not be lessened or impaired by virtue of the sale of all or substantially all of the assets of such entities or by the consolidation of 2 or more organizations or the conversion of an organization.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804) › 354-1996-7 - Chapter 7 Consolidations, Mergers, and Conversions (487.3701...487.3715) › Section 487.3715 - Conversion of Mutual Savings Bank to Stock Savings Bank.

487.3715 Conversion of mutual savings bank to stock savings bank.
Sec. 715.
(1) A mutual savings bank may apply to convert to a stock savings bank. The application shall include a resolution of the board of directors authorizing the application, proposed amendments to the articles of incorporation of the mutual savings bank to authorize the issuance and sale of stock, a plan of conversion, and any other information as the commissioner may require. Within 100 days of receipt of a completed application, the commissioner shall issue his or her approval or denial of the proposed amendments to the articles of incorporation and the plan of conversion, along with his or her preliminary approval or denial of the conversion.
(2) Upon receipt of a preliminary approval to convert, a mutual savings bank shall obtain the affirmative vote of 2/3 of the votes cast.
(3) Following the approval of its membership, the mutual savings bank may request authorization of the commissioner to convert to a stock savings bank. The request shall include a certified copy of the election results of the membership along with a resolution of the board of directors requesting approval to convert to a stock savings bank. Within 30 days of receipt of a request to convert, the commissioner shall issue his or her approval or denial.
(4) The conversion of a mutual savings bank to a stock savings bank shall not release the mutual savings bank from its obligations to pay and discharge all the liabilities created by law or incurred by the mutual savings bank before becoming a stock savings bank or any tax imposed by the laws of this state up to the date of the mutual savings bank becoming a stock savings bank in proportion to the time which has elapsed since the last preceding payment or any assessment, penalty, or forfeiture imposed or incurred under the laws of this state up to the date of the mutual savings bank becoming a stock savings bank. A conversion shall not be made to defeat or defraud any of the members or creditors of the mutual savings bank.
History:
1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804) › 354-1996-8 - Chapter 8 General Provisions, Exemption From Taxation (487.3801...487.3804) › Section 487.3801 - Use of “Bank,”“banker,” or “banking.”

487.3801 Use of “bank,”“banker,” or “banking.”
Sec. 801.
(1) The use of the word "bank", "banker", or "banking", or words in any foreign language of similar meaning, as a designation or name or part of a designation or name under which business is conducted in this state, is restricted to a national bank, a savings bank subject to this act, a bank, out-of-state bank, a bank holding company, a foreign bank agency, or a foreign bank branch, that is lawfully conducting business in this state, except if the designation or name, taken as a whole, would not imply a banking business.
(2) A savings bank subject to this act may use the phrase "state savings bank" or "savings bank" as part of a designation or name.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804) › 354-1996-8 - Chapter 8 General Provisions, Exemption From Taxation (487.3801...487.3804) › Section 487.3802 - Construction of Act.

487.3802 Construction of act.
Sec. 802.
(1) The powers, privileges, duties, and restrictions conferred and imposed upon any institution existing and doing business under the laws of this state to which this act is applicable are abridged, enlarged, or modified as each particular case may require to conform to this act.
(2) This act shall not be construed to affect the legality of investments or of transactions made under any law in effect when the investments or transactions were made or to require the change of investments for those named in this act, except by the sale or redemption of the securities to prevent loss or embarrassment in the business of the institution, or unnecessary loss or injury to the borrowers on the securities.
(3) An extension of any loan or investment shall not be made by any institution, unless necessary to avoid loss or embarrassment as provided in subsection (2).
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804) › 354-1996-8 - Chapter 8 General Provisions, Exemption From Taxation (487.3801...487.3804) › Section 487.3803 - Effect of MCL 450.1 to 450.192.

487.3803 Effect of MCL 450.1 to 450.192.
Sec. 803.
Notwithstanding any other law, a savings bank subject to the provisions of this act shall not be governed by Act No. 327 of the Public Acts of 1931, being sections 450.1 to 450.192 of the Michigan Compiled Laws.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804) › 354-1996-8 - Chapter 8 General Provisions, Exemption From Taxation (487.3801...487.3804) › Section 487.3804 - Tax Exemptions.

487.3804 Tax exemptions.
Sec. 804.
A savings bank subject to this act shall have the following tax exemptions:
(a) All mortgages or other securities held by savings banks are exempt from all municipal or other taxes under the laws of this state.
(b) All personal property owned by savings banks is exempt from taxation.
History:
1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › 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.

487.11101 Short title.
Sec. 1101.
This act shall be known and may be cited as the "banking code of 1999".
History:
1999, Act 276, Eff. Mar. 1, 2000
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › 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 487.11102 - Supervision and Regulation of Banking Organizations; State Policy.

487.11102 Supervision and regulation of banking organizations; state policy.
Sec. 1102.
It is the policy of this state that the business of all banking organizations shall be supervised and regulated in a manner that insures the safe and sound conduct of business, to conserve their assets, promote competition among banking organizations, to maintain public confidence in the business, and to protect the public interest and the interests of depositors, creditors, and shareholders.
History:
1999, Act 276, Eff. Mar. 1, 2000
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › 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 487.11103 - Filing of Documents as Constructive Notice of Contents; Limitation.

487.11103 Filing of documents as constructive notice of contents; limitation.
Sec. 1103.
The filing of documents under this act does not provide constructive notice of the contents of the documents except as to shareholders, directors, and officers of the institution or depository institution on behalf of which the documents are filed.
History:
1999, Act 276, Eff. Mar. 1, 2000
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › 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 487.11105 - Person Engaged in Business of Banking; Corporation as Fiduciary.

487.11105 Person engaged in business of banking; corporation as fiduciary.
Sec. 1105.
(1) A person shall not engage in the business of banking in this state unless authorized by this act, the laws of another state, the national bank act, the international banking act of 1978, or if engaged in the business of banking on the effective date of this act under former 1969 PA 319.
(2) Except for acting as an escrow agent, only an individual or corporation shall act as a fiduciary in this state. A corporation acting as a fiduciary shall do so only if the corporation is 1 of the following:
(a) A bank authorized to exercise trust powers under this act, or authorized to conduct trust business in this state before November 29, 1995.
(b) A state foreign bank branch authorized to exercise trust powers under this act.
(c) An out-of-state bank, that is authorized to exercise trust powers under the law of the jurisdiction where it is organized. An out-of-state bank authorized to exercise trust powers under this subdivision may do so only to the extent a bank may exercise trust powers under this act.
(d) A national bank authorized to exercise trust powers under the national bank act. A national bank authorized to exercise trust powers under this subdivision may do so only to the extent that a bank may exercise trust powers under this act.
(e) A nonbanking corporation to the extent that it may be specifically authorized to act as fiduciary in this state by another statute of this state.
History:
1999, Act 276, Eff. Mar. 1, 2000
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › 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 487.11106 - Use of Designation or Name.

487.11106 Use of designation or name.
Sec. 1106.
The use of the word "bank", "banker", or "banking" or any foreign language words of similar meaning as a designation or name, or part of a designation or name under which business is or may be conducted in this state, is restricted to a national bank, a bank subject to this act, an out-of-state bank, a bank holding company registered under the bank holding company act, a foreign bank agency, a foreign bank branch, a savings and loan holding company as defined in 12 C.F.R. 583.20, or a savings bank that is lawfully conducting business in this state, unless that designation or name, taken as a whole, would not imply a banking business. Use of the term "mortgage banker" or "mortgage banking" in the name or assumed name of a licensee or registrant under the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684, does not violate this section.
History:
1999, Act 276, Eff. Mar. 1, 2000
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › 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 487.11107 - Tax Exemptions.

487.11107 Tax exemptions.
Sec. 1107.
All mortgages or other securities held by banks are exempt from all municipal or other taxes under the laws of this state, and all personal property owned by banks is exempt from taxation.
History:
1999, Act 276, Eff. Mar. 1, 2000
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 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) › 276-1999-2-1 - Part 1 Administration (487.12101...487.12109) › Section 487.12101 - Financial Institutions Bureau; Creation; Jurisdiction; Commissioner; Appointment; Duties; Seal; Other Employment.

487.12101 Financial institutions bureau; creation; jurisdiction; commissioner; appointment; duties; seal; other employment.
Sec. 2101.
(1) A financial institutions bureau is created within the department of consumer and industry services, and the bureau shall have jurisdiction over and administer the laws relating to financial institutions transacting business in this state.
(2) The head of the financial institutions bureau is the commissioner who shall be appointed by the governor, with the advice and consent of the senate, to serve at the pleasure of the governor.
(3) Before assuming the duties of office, the commissioner shall take and subscribe the constitutional oath of office and file it with the secretary of state.
(4) The commissioner shall approve a seal for the use of the bureau. A description and impression of the seal shall be filed with the secretary of state.
(5) The commissioner is prohibited for a period of 6 months from the date he or she leaves office from accepting employment with a state chartered depository financial institution regulated by the bureau.
History:
1999, Act 276, Eff. Mar. 1, 2000
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 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) › 276-1999-2-1 - Part 1 Administration (487.12101...487.12109) › Section 487.12102 - Purpose of Act.

487.12102 Purpose of act.
Sec. 2102.
This act shall be implemented by the commissioner to maximize the capacity of banks to offer convenient and efficient financial services, to promote economic development, and to ensure that banks remain competitive with other types of financial service providers.
History:
1999, Act 276, Eff. Mar. 1, 2000
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 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) › 276-1999-2-1 - Part 1 Administration (487.12101...487.12109) › Section 487.12103 - Powers and Duties Vested Under Former Act; Transfer of Property, Books, and Other Papers; Effect of Orders and Rules.

487.12103 Powers and duties vested under former act; transfer of property, books, and other papers; effect of orders and rules.
Sec. 2103.
(1) The powers and duties vested by law in the financial institutions bureau under former 1969 PA 319 are vested in the bureau under this act. Any hearing or other proceeding pending before the bureau before the effective date of this act shall not abate but is transferred to the bureau under this act and shall be conducted and determined by the bureau in accordance with the provisions of the law governing such hearing or proceeding.
(2) All property, credits, books, correspondence, funds, appropriations, records, files, and other papers belonging to the financial institutions bureau under former 1969 PA 319 are transferred to the bureau under this act. All orders and rules which have been issued under law by the commissioner under former 1969 PA 319, and which are in effect shall continue in effect until modified, suspended, revoked, or repealed by the commissioner.
History:
1999, Act 276, Eff. Mar. 1, 2000
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 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) › 276-1999-2-1 - Part 1 Administration (487.12101...487.12109) › Section 487.12104 - Deputies; Appointment by Commissioner; Duties; Revocation.

487.12104 Deputies; appointment by commissioner; duties; revocation.
Sec. 2104.
(1) The commissioner shall appoint a chief deputy who shall perform the duties of the commissioner during the commissioner's absence from the bureau. The commissioner may appoint other deputies as he or she considers appropriate and may delegate general or specific responsibilities under this act to the other deputies. The commissioner may designate that 1 or more of the other deputies perform the duties of the commissioner when both the commissioner and the chief deputy commissioner are absent from the bureau. The chief deputy and other deputies shall take and subscribe the constitutional oath of office and file it with the secretary of state.
(2) The commissioner may, at any time, revoke an appointment, designation, or delegation made under this section.
History:
1999, Act 276, Eff. Mar. 1, 2000
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 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) › 276-1999-2-1 - Part 1 Administration (487.12101...487.12109) › Section 487.12105 - Employees; Appointment by Commissioner; Compensation; Duties; Revocation.

487.12105 Employees; appointment by commissioner; compensation; duties; revocation.
Sec. 2105.
(1) The commissioner may appoint employees to carry out specific functions under this act. The compensation, travel, and other expenses of the commissioner, deputy commissioners, and employees shall be paid in the manner provided by law for other state officers and employees, within the appropriations made by the legislature.
(2) The commissioner may delegate to employees duties authorized to the commissioner under this act.
(3) The commissioner may, at any time, revoke any delegation made under this section.
History:
1999, Act 276, Eff. Mar. 1, 2000
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 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) › 276-1999-2-1 - Part 1 Administration (487.12101...487.12109) › Section 487.12107 - Liability; Immunity.

487.12107 Liability; immunity.
Sec. 2107.
The commissioner or any other employee of the bureau shall not be liable in any civil action for damages for any act done or omitted in good faith in performing the functions of his or her office.
History:
1999, Act 276, Eff. Mar. 1, 2000
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 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) › 276-1999-2-1 - Part 1 Administration (487.12101...487.12109) › Section 487.12108 - Annual Report.

487.12108 Annual report.
Sec. 2108.
For each calendar year the commissioner shall compile and publish an annual report in the form and containing information the commissioner determines necessary to reasonably summarize the operations of the bureau during the year.
History:
1999, Act 276, Eff. Mar. 1, 2000
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 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) › 276-1999-2-1 - Part 1 Administration (487.12101...487.12109) › Section 487.12109 - Confidentiality; Disclosures.

487.12109 Confidentiality; disclosures.
Sec. 2109.
(1) The commissioner and all deputies, agents, and employees of the bureau 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 an institution. This subsection applies to all former commissioners, deputies, agents, and employees of the bureau.
(2) This section does not apply to, and does not prohibit the furnishing of information or documents to, the federal, foreign, or out-of-state bank, association, or savings bank regulatory agencies, and is not applicable to disclosures made in the public interest by the commissioner, at his or her discretion.
History:
1999, Act 276, Eff. Mar. 1, 2000
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 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) › 276-1999-2-2 - Part 2 General Powers (487.12201...487.12204) › Section 487.12201 - Rules.

487.12201 Rules.
Sec. 2201.
The commissioner may promulgate rules under the administrative procedures act of 1969 as he or she considers necessary to effectuate the purposes and to enforce this act.
History:
1999, Act 276, Eff. Mar. 1, 2000
2023 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) › 276-1999-2-2 - Part 2 General Powers (487.12201...487.12204) › Section 487.12204 - Declaratory Rulings, Orders, or Determinations.

487.12204 Declaratory rulings, orders, or determinations.
Sec. 2204.
(1) The commissioner may issue declaratory rulings in accordance with the administrative procedures act of 1969, or issue orders on applications by 1 or more banks to exercise powers not specifically authorized by this act that will authorize banks to exercise powers appropriate and necessary to compete with other providers of financial services.
(2) In the exercise of the discretion permitted by this section, the commissioner shall consider the ability of banks to exercise any additional power in a safe and sound manner, the authority of depository institutions operating under state or federal law or regulation, the powers of other competing entities providing financial services, and any specific limitations on bank powers contained in this act or in any other law of this state. The commissioner shall give notice, at least quarterly, to all banks of declaratory rulings, orders, or determinations issued during the preceding quarter under this section.
History:
1999, Act 276, Eff. Mar. 1, 2000
2023 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 487.12301 - Subpoena Powers.

487.12301 Subpoena powers.
Sec. 2301.
The commissioner may petition the circuit court for the county of Ingham or the circuit court in the jurisdiction where an examination is being conducted to issue a subpoena on behalf of the bureau which shall require the person subpoenaed to appear and testify under oath to any matter related to the examination and to produce any relevant documents.
History:
1999, Act 276, Eff. Mar. 1, 2000
2023 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 487.12302 - Application.

487.12302 Application.
Sec. 2302.
(1) A bank that seeks the commissioner's approval under section 2204, 3102, 3103, 3701, 3707, 3709, 4106, 4310, 4401, 5101, or 5102 shall submit an application to the bureau.
(2) The application shall contain information and be accompanied by documents as required by the bureau.
(3) If an application is considered incomplete by the bureau, it will either be returned for completion or the applicant will be requested to submit additional information as necessary to make the application complete.
(4) When the application is considered complete by the bureau, it shall be accepted and the process of reviewing its contents for a decision will begin on that date.
(5) The statutory period, as set forth in this section, regarding the issuance of orders by the commissioner shall commence on the date of acceptance of the application.
(6) If, subsequent to the date of acceptance, the applicant wishes to amend the application or supplement or provide additional material in connection with the application, the commissioner may suspend processing of the application or proceed with the statutory period for the issuance of an order.
(7) In connection with an application, the commissioner may consider additional information from any source.
(8) The commissioner shall approve or disapprove an application in writing within 100 days after the date of acceptance of an application, or the last amendment to the application. An order disapproving an application shall state the basis for disapproval.
(9) An applicant who is dissatisfied with an order of the commissioner, or an institution that is dissatisfied with an objection issued under section 3711 or 3713, may submit a written request for a reconsideration of the order or objection stating the reasons for the request. The request must be received by the bureau within 5 days after the date of the order or objection. The commissioner, within 10 days of receiving the request for reconsideration, shall render a decision on the request for reconsideration. If a petition for reconsideration is granted, the commissioner shall grant the applicant 10 days to file written arguments or briefs. The commissioner may allow for oral argument after granting a petition for reconsideration. The oral argument shall be held within 10 days after granting the petition. The commissioner shall issue a final order, objection, or withdrawal of an objection within 20 days after granting the petition for reconsideration.
(10) Appeal of an order or objection shall not be made by an applicant without first requesting a reconsideration of the order or objection.
History:
1999, Act 276, Eff. Mar. 1, 2000
2023 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 487.12303 - Reconsideration of Order, Ruling, or Finding; Hearing.

487.12303 Reconsideration of order, ruling, or finding; hearing.
Sec. 2303.
(1) Except with respect to rules promulgated under section 2201, a cease and desist order made under sections 2304 to 2314, an order made on an application seeking approval of the commissioner under section 2302(1), or an objection issued under section 3711 or 3713, an institution that is dissatisfied with an order, ruling, or finding issued by the commissioner may request a reconsideration of the order, ruling, or finding within 10 days after the issuance of the order, ruling, or finding. The commissioner may conduct a formal hearing before the issuance of an order, ruling, or finding. Within 30 days after the receipt of a written request for reconsideration, the commissioner shall hold a formal hearing unless a formal hearing has been held before the issuance of the order, ruling, or finding.
(2) A hearing held under subsection (1) shall be conducted under the administrative procedures act of 1969.
History:
1999, Act 276, Eff. Mar. 1, 2000
2023 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 487.12304 - Notice of Charges; Hearing; Issuance of Order to Cease and Desist; Enforcement; Notice to Comptroller of Currency and Attorney General.

487.12304 Notice of charges; hearing; issuance of order to cease and desist; enforcement; notice to comptroller of currency and attorney general.
Sec. 2304.
(1) If in the opinion of the commissioner an institution is engaging, has engaged, or is about to engage in an unsafe or unsound practice in conducting the business of the institution or is violating, has violated, or is about to violate a law or rule, the commissioner may issue and serve upon the institution a notice of charges. The notice shall contain a statement of the facts constituting the alleged unsafe or unsound practice or violation, and shall fix a time and place for a hearing to determine whether an order to cease and desist should issue. The hearing shall be not earlier than 30 days nor later than 60 days after service of the notice unless an earlier or later date is set by the commissioner at the request of the institution. If the institution does not appear at the hearing by a duly authorized representative, it shall be considered to have consented to the issuance of a cease and desist order.
(2) In the event of consent, or if upon the record made at the hearing the commissioner finds that an unsafe or unsound practice or violation specified in the notice of charges has been established, the commissioner may issue and serve upon the institution an order to cease and desist from the practice or violation. The order may require the institution and its directors, officers, employees, and agents to cease and desist from the practice or violation and to take affirmative action to correct the conditions resulting from the practice or violation.
(3) A cease and desist order becomes effective 30 days after the service of the order upon the institution, except in the case of an order issued upon consent which shall become effective at the time specified in the order, and shall remain effective and enforceable as provided in the order, except to the extent it is stayed, modified, terminated, or set aside by action of the commissioner or a reviewing court.
(4) If the commissioner determines that an out-of-state bank branch located in this state is acting in violation of the laws of this state or that the activities of the branch are being conducted in an unsafe and unsound manner, the commissioner may undertake enforcement actions and proceedings as would be permitted if the branch were a bank.
(5) If the commissioner determines that a national bank is acting in violation of the laws of this state, the commissioner shall notify the comptroller of the currency and the attorney general.
History:
1999, Act 276, Eff. Mar. 1, 2000
2023 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 487.12305 - Temporary Cease and Desist Order.

487.12305 Temporary cease and desist order.
Sec. 2305.
(1) If the commissioner determines that the violation or threatened violation or the unsafe or unsound practice or practices, specified in the notice of charges served upon the institution under section 2304(1), or the continuation of the violation or practice, is likely to cause insolvency or substantial dissipation of assets or earnings of the institution, or is likely to otherwise seriously prejudice the interests of its depositors, the commissioner may issue a temporary order requiring the institution to cease and desist from any violation or practice. The order shall become effective upon service upon the institution and, unless set aside, limited, or suspended by a court in proceedings authorized by subsection (2), shall remain effective and enforceable pending the completion of the proceedings under section 2304.
(2) Within 10 days after the institution has been served with a temporary cease and desist order, the institution may apply to the circuit court for the county in which the principal office of the institution is located for an injunction setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the order pending the completion of the proceedings under section 2304. The court shall have jurisdiction to issue the injunction.
History:
1999, Act 276, Eff. Mar. 1, 2000
2023 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 487.12307 - Stay of Suspension or Prohibition; Issuance by Court.

487.12307 Stay of suspension or prohibition; issuance by court.
Sec. 2307.
Within 10 days after the date a person has been suspended from office or prohibited from participation in the conduct of the affairs of any institution under section 2306(3), the person may apply to the Ingham county circuit court or the circuit court for the county in which the principal office of the institution is located for a stay of the suspension or prohibition pending the completion of the administrative proceedings pursuant to the notice served upon the person under section 2306(1) or (2) and the court shall have jurisdiction to stay the suspension or prohibition.
History:
1999, Act 276, Eff. Mar. 1, 2000
2023 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 487.12308 - Conduct Involving Felony or Misdemeanor Charge; Order of Removal or Prohibition.

487.12308 Conduct involving felony or misdemeanor charge; order of removal or prohibition.
Sec. 2308.
If any person participating in the conduct of the affairs of an institution is charged in any information, indictment, warrant, or complaint by a county, state, or federal authority with the commission of, or participation in, a felony or misdemeanor that involves fraud, dishonesty, or breach of trust, the director, by written notice served upon the person may suspend the person from office or prohibit the person from further participation in any manner in the conduct of the affairs of the institution. A copy of the notice shall also be served upon the institution. The suspension or prohibition is in effect until the information, indictment, warrant, or complaint is finally disposed of or until terminated by the director. If a judgment of conviction with respect to the offense is entered against the person, and when the judgment is not subject to further appellate review, the director may issue an order removing the person from office or prohibiting the person from further participation in the conduct of the affairs of the institution except with the consent of the director. The person shall cease to be a director or officer of the institution when a copy of the order is served upon the institution. A finding of not guilty or other disposition of the charge shall not preclude the director from instituting proceedings to suspend or remove the person from office or to prohibit further participation in institution affairs under section 2306(1), (2), or (3).
History:
1999, Act 276, Eff. Mar. 1, 2000 ;-- Am. 2016, Act 175, Eff. Sept. 12, 2016
2023 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 487.12309 - Quorum of Board of Directors.

487.12309 Quorum of board of directors.
Sec. 2309.
If at any time, because of the suspension or removal of 1 or more directors under this act, the board of directors of an institution has less than a quorum of directors, all powers and functions vested in or exercisable by the board shall vest in and be exercisable by the directors on the board not suspended or removed, until there is a quorum of the board of directors. If all of the directors of an institution are suspended or removed under this act, the commissioner shall appoint persons to serve temporarily as directors pending the termination of the suspensions or removals, or until their successors are duly elected and take office.
History:
1999, Act 276, Eff. Mar. 1, 2000
2023 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
2023 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
2023 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
2023 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
2023 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