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
Michigan Legal Code