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Michigan Statutes, Title 487

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Michigan/Statutes

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Title 487, FINANCIAL INSTITUTIONS

31 chapters · 495 sections in this title.

All chapters in Title 487495 Ch 276-of-1999, BANKING CODE OF 1999149 Ch 354-of-1996, SAVINGS BANK ACT146 Ch 89-of-1986, MICHIGAN BIDCO ACT64 Ch 161-of-1988, CONSUMER FINANCIAL SERVICES ACT34 Ch 244-of-2005, DEFERRED PRESENTMENT SERVICE TRANSAC…33 Ch 250-of-2006, MONEY TRANSMISSION SERVICES ACT27 Ch 53-of-1978, STATUTORY JOINT ACCOUNT ACT9 Ch 160-of-1859, BROKERS AND EXCHANGE DEALERS6 Ch 232-of-1978, SUSPENSION OF BUSINESS OF BANKS AND …6 Ch 344-of-2020, FINANCIAL EXPLOITATION PREVENTION ACT6 Ch 190-of-1991, STATE EMPLOYEE PAYROLL DEDUCTION PROGRAM5 Ch 2-of-1935, LOANS UNDER NATIONAL HOUSING ACT3 Ch 248-of-1909, PAYMENT OF DEPOSITS3 Ch 146-of-1941, U.S. DEFENSE SAVINGS BONDS2

495 sections·Filtered byTitle 487✕

Mich. Comp. Laws § 487.751 National housing act; state financial institutes' authorized transactions; collateral.
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Sec. 1. Subject to such regulations as may be prescribed by the proper state supervising authority, banks, trust companies, building and loan associations, insurance companies, finance companies and other lending agencies, the character, extent or incidents of whose loans are sub…
Mich. Comp. Laws § 487.752 Construction of act as to effect of state laws.
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Sec. 2. No law of this state prescribing the nature, amount or form of security or deposit, or requiring security upon which loans or advances of credit may be made, or prescribing or limiting interest rates upon loans or advances of credit, or prescribing or limiting the period …
Mich. Comp. Laws § 487.753 Declaration of necessity.
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Sec. 3. This act is immediately necessary for the preservation of the public welfare, peace, health and safety.
Mich. Comp. Laws § 487.711 Short title.
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Sec. 1. This act shall be known and may be cited as the "statutory joint account act".

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Mich. Comp. Laws § 487.712 Meanings of words and phrases.

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Sec. 2. For the purposes of this act, the words and phrases defined in sections 3 and 4 have the meaning ascribed to them in those sections.

Mich. Comp. Laws § 487.713 Definitions.

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Sec. 3. (a) "Deposits" means funds on deposit in a financial institution, including interest. (b) "Joint account" means a deposit in a financial institution in which 2 or more persons have an interest, either by way of ownership or right of withdrawal. (c) "Statutory joint accoun…

Mich. Comp. Laws § 487.714 Additional definitions.

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Sec. 4. (a) "Financial institution" means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and which maintains a principal off…

Mich. Comp. Laws § 487.715 Statutory joint account; creation; signing contract; form of contract; acknowledging receipt of contract; adding additional parties; modifying form of contract.

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Sec. 5. One or more persons may create a statutory joint account by signing a statutory joint account contract with a financial institution that is agreeable to the contract with indicated insertions in form substantially as follows: FORM OF STATUTORY JOINT ACCOUNT CONTRACT 1. Na…

Mich. Comp. Laws § 487.716 Nature and effect of statutory joint accounts; failure to answer question in contract.

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Sec. 6. The creation of a statutory joint account is a contract as to ownership of the deposits and is effective pursuant to its terms without regard to requirements of testamentary dispositions. The rights of persons in joint accounts which are not statutory joint accounts are n…

Mich. Comp. Laws § 487.717 Withdrawals of funds; liability of financial institution; deposits subject to setoff.

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Sec. 7. (1) Financial institutions shall honor withdrawals of funds pursuant to the withdrawal provisions of the statutory joint account contract. In so doing, they shall be relieved of liability to persons having a claim to ownership of the funds. A financial institution shall n…

Mich. Comp. Laws § 487.718 Deposits subject to rights of creditors; laws applicable to transfers in fraud of creditors; claims against insolvent estate of deceased owner of statutory joint account.

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Sec. 8. Deposits in a statutory joint account shall be subject to the rights of creditors of the persons designated in the statutory joint account contract as owners of the funds to the extent of the ownership, except that the funds shall remain subject to laws applicable to tran…

Mich. Comp. Laws § 487.719 Payment of widow's allowance or allowance for dependent children upon death of person owning deposits in statutory joint account.

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Sec. 9. Upon the death of a person who in his or her lifetime owned the deposits in a statutory joint account, to the extent of the decedent's ownership immediately before his or her death, the rights of the owners of the deposits after the death shall be subject to the right of …

Mich. Comp. Laws § 487.1101 Short title.

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Sec. 101. This act shall be known and may be cited as the "Michigan BIDCO act".

Mich. Comp. Laws § 487.1102 Purposes of act.

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Sec. 102. The purposes of this act are all of the following: (a) Promote economic development by encouraging the formation of business and industrial development companies, a new type of private institution, and to help meet the financing assistance and management assistance need…

Mich. Comp. Laws § 487.1103 Meanings of words and phrases.

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Sec. 103. For the purposes of this act, unless the context clearly indicates otherwise, the words and phrases defined in sections 104 to 106 have the meaning ascribed to them in those sections.

Mich. Comp. Laws § 487.1104 Definitions; A to C.

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Sec. 104. (1) "Affiliate" means, if used with respect to a specified person other than a natural person, a person controlling or controlled by that specified person, or a person controlled by a person that also controls the specified person. (2) "BIDCO" means a business and indus…

Mich. Comp. Laws § 487.1105 Definitions; I to M.

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Sec. 105. (1) "Incorporating statute" means the business corporation act, 1972 PA 284, MCL 450.1101 to 450.2098, the nonprofit corporation act, 1982 PA 162, MCL 450.2101 to 450.3192, or the Michigan limited liability company act, 1993 PA 23, MCL 450.4101 to 450.5200. (2) "Insolve…

Mich. Comp. Laws § 487.1106 Definitions; O to T.

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Sec. 106. (1) "Officer" means either of the following: (a) If used with respect to a corporation, an individual who is appointed or designated as an officer of that corporation by or under applicable law or the articles of incorporation or bylaws of that corporation, or an indivi…

Mich. Comp. Laws § 487.1201 Administration of act; orders; rules; imposition of conditions; applications for declaratory rulings; judicial review.

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Sec. 201. (1) The commissioner shall administer this act. The commissioner may issue orders and promulgate rules that, in the opinion of the commissioner, are necessary to execute, enforce, and effectuate the purposes of this act. Any rules promulgated shall be promulgated in acc…

Mich. Comp. Laws § 487.1203 Application; form; information; business plan.

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Sec. 203. (1) An applicant for a license under this act shall file an application with the commissioner. Subject to subsection (2), the commissioner shall establish the form of the application and the information the applicant must provide on or with the application form. (2) For…

Mich. Comp. Laws § 487.1205 Investigations; purposes; oaths and affirmations; witnesses; evidence; documents or records; failure to comply with subpoena.

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Sec. 205. (1) The commissioner may make public or private investigations within or outside this state that the commissioner considers necessary to determine whether to approve an application filed with the commissioner under this act, to determine whether a person has violated or…

Mich. Comp. Laws § 487.1207 Service of process.

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Sec. 207. Service of process authorized to be made by the commissioner in connection with a noncriminal proceeding under this act may be made by registered or certified mail.

Mich. Comp. Laws § 487.1209 Establishment of annual schedule of fees; payment; action for recovery of fees or penalties; failure to submit report; disposition.

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Sec. 209. (1) The commissioner shall establish annually a schedule of fees sufficient to pay for the bureau's costs of enforcing this act. The fees shall be as follows: (a) For filing an application for a license, not less than $2,500.00 or more than $8,000.00. (b) For filing an …

Mich. Comp. Laws § 487.1211 Books, accounts, and other records of licensee; location and preservation; valuation of assets; audit report.

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Sec. 211. (1) A licensee shall make and keep books, accounts, and other records in a form and manner as the commissioner may require. These records shall be kept at a place and be preserved for a length of time as the commissioner may require. (2) The commissioner may require by …

Mich. Comp. Laws § 487.1213 Making or keeping of books, accounts, or other records by person other than licensee; applicability of act; approval of commissioner.

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Sec. 213. (1) If a person other than a licensee makes or keeps the books, accounts, or other records of that licensee, this act applies to that person with respect to the performance of those services and with respect to those books, accounts, and other records to the same extent…

Mich. Comp. Laws § 487.1215 Filing reports with commissioner; form; contents.

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Sec. 215. Each licensee, each affiliate of a licensee, and each subsidiary of a licensee shall file with the commissioner such reports as and when the commissioner may require. A report under this section shall be in such a form and shall contain such information as the commissio…

Mich. Comp. Laws § 487.1216 Publication and distribution of information on impact of act.

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Sec. 216. (1) The commissioner shall publish annually and provide to the house committee on economic development and energy and senate committee on economic development, trade and tourism information on the impact of this act in promoting economic development in this state. At th…

Mich. Comp. Laws § 487.1217 Examination of licensee or subsidiary of licensee; exhibiting books, accounts, and other records; facilitating examination; retention of person to assist commissioner.

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Sec. 217. (1) The commissioner shall examine each licensee not less than once each calendar year. (2) The commissioner may at any time examine a licensee or subsidiary of a licensee. (3) A director, officer, manager, or employee of a licensee or of a subsidiary of a licensee bein…

Mich. Comp. Laws § 487.1301 Licensure; eligibility.

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Sec. 301. A Michigan corporation or Michigan limited liability company may apply to the commissioner for a license under this act. A person that is not a Michigan corporation or Michigan limited liability company shall not apply for, and the commissioner shall not grant, a licens…

Mich. Comp. Laws § 487.1303 Review of information; approval of application for license; determinations; net worth; findings; grounds.

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Sec. 303. (1) After a review of information regarding the directors, officers, managers, and controlling persons of the applicant, a review of the applicant's business plan, including at least 3 years of detailed financial projections and other relevant information, and a review …

Mich. Comp. Laws § 487.1304 Business development enterprise; designation; application; criteria; notification by board of Michigan strategic fund.

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Sec. 304. (1) Beginning January 1, 2012, the board of the Michigan strategic fund may designate a Michigan corporation or Michigan limited liability company as a qualified business development enterprise under this section. The commissioner shall not grant a license to an applica…

Mich. Comp. Laws § 487.1304a Reports.

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Sec. 304a. (1) A business development enterprise shall report to the Michigan strategic fund at least annually the following information for each business it supported, by providing or facilitating the securing of capital, in the preceding 5-year period: (a) The total amount of p…

Mich. Comp. Laws § 487.1305 Application for preliminary approval of application for license; order; conditions to final approval; fee.

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Sec. 305. (1) A person may apply to the commissioner for preliminary approval of an application for a license. Notwithstanding that commitments to invest in the equity of the applicant have not been obtained and that all directors, officers, and managers of the applicant have not…

Mich. Comp. Laws § 487.1307 Denial of application; written statement of explanation.

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Sec. 307. If the commissioner denies an application under sections 301 to 305, the commissioner shall provide the applicant with a written statement explaining the basis for the denial.

Mich. Comp. Laws § 487.1309 License; issuance; posting; nontransferable and nonassignable.

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Sec. 309. If an application for a license is approved and all conditions precedent to the issuance of that license are fulfilled, the commissioner shall issue a license to the applicant. A licensee shall post the license in a conspicuous place in the licensee's principal office. …

Mich. Comp. Laws § 487.1311 Prohibited representations; permissible acts.

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Sec. 311. (1) Except as otherwise provided in subsection (2), a person transacting business in this state, other than a licensee, shall not use a name or title that indicates that the person is a business and industrial development company including, but not limited to, use of th…

Mich. Comp. Laws § 487.1313 Misrepresentation of license.

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Sec. 313. A licensee shall not misrepresent the meaning or effect of its license.

Mich. Comp. Laws § 487.1315 Michigan corporation or limited liability company licensed under another law.

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Sec. 315. (1) A Michigan corporation or Michigan limited liability company that is licensed under another law of this state or the United States may be issued a license under this act unless the transaction of business as a licensee under the other law of this state or the United…

Mich. Comp. Laws § 487.1317 Application to commissioner to accept surrender of license; approval; notice to owners and creditors; filing objection; sending copy of objection to commissioner.

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Sec. 317. (1) Upon approval of a 2/3 vote of its board of directors and after complying with subsection (2), a Michigan corporation licensee may apply to the commissioner to have the commissioner accept the surrender of the licensee's license. If a Michigan limited liability comp…

Mich. Comp. Laws § 487.1401 Name of licensee; inclusion of word "BIDCO."

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Sec. 401. (1) Except as provided in subsection (2), the name of each licensee shall include the word "BIDCO". (2) A business development enterprise is not required to include the word "BIDCO" in its name. (3) A licensee shall not transact business under a name other than its name…

Mich. Comp. Laws § 487.1403 Board of directors; number of directors; membership; meetings.

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Sec. 403. (1) A licensee shall have a board of directors. (2) The board of directors of a licensee that is not a business development enterprise shall consist of at least 7 directors. All of the following apply to the board of directors of a licensee that is a business developmen…

Mich. Comp. Laws § 487.1405 Death, resignation, or removal of director, officer, or manager; election of director; appointment of officer or manager; notice to commissioner; additional information.

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Sec. 405. Within 30 days after the death, resignation, or removal of a director, officer, or manager, the election of a director, or the appointment of an officer or manager, the licensee shall notify the commissioner in writing of the event and shall provide any additional infor…

Mich. Comp. Laws § 487.1407 Dividend and distribution policies; buying back share of stock or membership interest.

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Sec. 407. (1) A licensee shall not pay, or obligate itself to pay, a cash dividend or distribution or dividend and distribution in kind to its owners, unless that payment is consistent with a dividend and distribution policy that has been adopted by the licensee and approved by t…

Mich. Comp. Laws § 487.1501 Offices of licensee; number; location; posting sign bearing corporate name; personnel; establishing, relocating, or closing office.

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Sec. 501. (1) A licensee shall maintain not less than 1 office in this state. (2) A licensee shall not maintain an office at any place outside this state. (3) Each office of a licensee shall be located in a place which is reasonably accessible to the public. (4) A licensee shall …

Mich. Comp. Laws § 487.1503 Business of licensee; powers and privileges of licensee.

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Sec. 503. (1) The business of a licensee shall be providing financing assistance and management assistance to business firms. A licensee shall not engage in a business other than the business of providing financing assistance and management assistance to business firms. (2) In ad…

Mich. Comp. Laws § 487.1505 Forms, terms, and conditions of financing assistance; participation in program of small business administration; compliance; scope of management assistance; purpose of financing assistance or management assistance; exercise of incidental powers; extension of credit; interest; violation as felony; penalty; “interest” defined.

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Sec. 505. (1) A licensee may determine the form and the terms and conditions for financing assistance provided by that licensee to a business firm including, but not limited to, forms such as loans, purchase of debt instruments, straight equity investments such as purchase of com…

Mich. Comp. Laws § 487.1507 Holding control of business firm; order approving or denying application; “hold control” defined; plan for acquiring and holding control of business firm; demonstrating necessity to hold control of business firm.

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Sec. 507. (1) Either by itself or in concert with a director, officer, principal owner, manager, or affiliate, another licensee, or a director, officer, principal owner, manager, or affiliate of another licensee, a licensee shall not hold control of a business firm, except as fol…

Mich. Comp. Laws § 487.1509 Transacting business in safe and sound manner; considering risks; authority of commissioner not limited.

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Sec. 509. (1) A licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition. (2) In determining whether a licensee is transacting business in a safe and sound manner or has committed an unsafe or unsound act, the commiss…

Mich. Comp. Laws § 487.1511 Definitions; transactions involving potential conflict of interest; authority of commissioner to determine conflict of interest not limited.

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Sec. 511. (1) For purposes of this section: (a) "Associate" means that term as defined as in article 8. (b) "Relative" means parent, child, sibling, spouse, father-in-law, mother-in-law, son-in-law, brother-in-law, daughter-in-law, sister-in-law, grandparent, grandchild, nephew, …

Mich. Comp. Laws § 487.1513 Lien on or security interest in property of licensee.

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Sec. 513. Except with the approval of the commissioner, a licensee shall not provide a lien on or security interest in any of its property for the purpose of securing an obligation of, or an obligation incurred for the benefit of, another person.