Investment in Service Entity - Mich. Comp. Laws Section 487.14310
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Michigan Laws > Financial Institutions > Investment in Service Entity - Mich. Comp. Laws Section 487.14310
487.14310 Investment in service entity.
Sec. 4310.
(1) As authorized by order or declaratory ruling of the commissioner, a bank may invest in service entities that engage in activities in which a bank is not authorized to engage.
(2) The maximum aggregate investment by a bank in service entities shall be the lesser of 5% of the bank's total assets or 75% of its capital and surplus.
(3) The commissioner shall give notice to all banks of orders and declaratory rulings issued under this section.
(4) For purposes of subsection (2), investment in a service entity shall include loans by a bank or its subsidiary to a service entity.
(5) Subject to the investment limit in subsection (2), a bank or its subsidiary that has made an initial investment in a service entity may make additional investments in that service entity without notice to the commissioner.
History: 1999, Act 276, Eff. Mar. 1, 2000
Section: 487.14303 487.14304 487.14305 487.14306 487.14307 487.14308 487.14309 487.14310 487.14401 487.14402 487.14403 487.14404 487.14405 487.15101 487.15102
Last modified: March 17, 2013
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