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Can you summarize MICL, Act 276 of 1999?
FINANCIAL INSTITUTIONS > BANKING CODE OF 1999 (487.11101 - 487.15105)
Short Summary
This section of the Michigan Banking Code of 1999 governs the establishment and operation of state agency or state foreign bank branch by a foreign bank. It outlines the requirements for a foreign bank to establish and operate a state agency or state foreign bank branch in Michigan, including being authorized by its charter or articles of incorporation to engage in banking, complying with the laws of its home country, and not operating a federal agency in Michigan. Additionally, if establishing a state foreign bank branch, the foreign bank must not have previously designated any other state as its home state under the international banking act of 1978. The commissioner is responsible for examining the application and conducting necessary investigations regarding the financial and managerial resources of the applicant. The commissioner also considers whether there is an opportunity for a Michigan-based bank to conduct business in the foreign country where the applicant is chartered or incorporated. Furthermore, the section allows a foreign bank to establish and operate a foreign bank representative office in Michigan upon written notification to the commissioner, provided it is authorized by its charter or articles of incorporation and has complied with the applicable laws of its jurisdiction. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Foreign banks seeking to establish and operate a state agency or state foreign bank branch in Michigan
What does it govern?
The establishment and operation of state agency or state foreign bank branch by a foreign bank
What are exemptions?
No specific exemptions are mentioned in this section
What are the Penalties?
No specific penalties are mentioned in this section
Jurisdiction
Michigan