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
Michigan Legal Code