Bill Text: MI SB0772 | 2009-2010 | 95th Legislature | Introduced
Bill Title: Financial institutions; banks; account inactivity fees; prohibit. Amends sec. 4101 of 1999 PA 276 (MCL 487.14101).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2009-08-26 - Referred To Committee On Banking And Financial Institutions [SB0772 Detail]
Download: Michigan-2009-SB0772-Introduced.html
SENATE BILL No. 772
August 26, 2009, Introduced by Senator KAHN and referred to the Committee on Banking and Financial Institutions.
A bill to amend 1999 PA 276, entitled
"Banking code of 1999,"
by amending section 4101 (MCL 487.14101).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 4101. (1) Subject to the limitations and restrictions
contained in this act or in a bank's articles, the bank may engage
in the business of banking and a business related or incidental to
banking, and for that purpose, without specific mention in its
articles, shall have and exercise the powers and means appropriate
to effect the purpose for which the bank is incorporated, powers
conferred by former 1969 PA 319 and by this act, and the following
corporate powers:
(a) To make contracts.
(b) To sue and be sued, complain, and defend in its corporate
name as fully as a natural person.
(c) To make, alter, amend, and repeal bylaws not inconsistent
with its articles or with law for the administration and regulation
of the affairs of the bank.
(d) To enter into agency relationships with affiliated
depository institutions. A bank or an affiliated depository
institution in its capacity as an agent under this subdivision may
do any or all of the following:
(i) Receive deposits.
(ii) Permit withdrawals of deposits.
(iii) Renew time deposits.
(iv) Close loans.
(v) Service loans.
(vi) Receive loan payments.
(vii) Engage in any activity specifically authorized by this
act or by order or declaratory ruling of the commissioner.
(e) To contract, upon 30 days' advance written notice to the
commissioner, unless the commissioner objects in writing within 30
days after receipt of the written notice, with a person for the
person to act as an agent of the bank in an agency office and
engage in any of the activities set forth in section 4109.
(2) A bank has and may exercise the following additional
powers:
(a) As authorized by order or declaratory ruling of the
commissioner, to exercise at a branch such additional powers
consistent with the safe and sound conduct of the business of
banking as are granted by the laws of the state, territory,
protectorate, or foreign country where the branch is located.
(b) As authorized by order or declaratory ruling of the
commissioner, to exercise further powers consistent with the safe
and sound conduct of the business of banking or of a business
related or incidental to banking as are granted by the laws of the
United States or of any state or political subdivision of the
United States to financial service providers.
(c) To own and operate a messenger service or to own or invest
in an entity that operates a messenger service.
(d) To engage in any aspect of the insurance and surety
business as an agent, broker, solicitor, or insurance counselor as
provided under the insurance code of 1956, 1956 PA 218, MCL 500.100
to 500.8302, and to own an insurance agency in whole or in part as
provided under that act.
(e) To provide brokerage services for the offer, sale, or
purchase of a security or commodity contract.
(3) In addition to the powers described in this section, a
bank has the powers granted by order or declaratory ruling of the
commissioner.
(4) A bank shall not charge an account holder any fees that
are based on account inactivity.
