Michigan Compiled Laws § 38.1133f Breach Of Public Trust By Investment Fiduciary Or Service Provider;

38.1133f Breach of public trust by investment fiduciary or service provider; "service provider" defined.

Sec. 13f.

(1) An investment fiduciary or a service provider who is convicted of or who enters a nolo contendere plea accepted by a court for a felony or misdemeanor arising out of his or her service to a system is considered to have breached the public trust and shall reimburse the system for all costs, including legal defense fees, that were paid by the system. The system shall use reasonable efforts to collect any fees and costs recoverable under this subsection.

(2) As used in this section, "service provider" means that term as defined in section 13e.

History: Add. 2012, Act 347, Eff. Mar. 28, 2013

Section: Previous  38.1132f  38.1133  38.1133a  38.1133b-38.1133c  38.1133c  38.1133d  38.1133e  38.1133f  38.1133g  38.1134  38.1135  38.1136  38.1137  38.1138  38.1139  Next

Last modified: October 10, 2016