A bank may perform for others 1 or more of the following services or activities, and any other services or activities permitted by order or declaratory ruling of the commissioner:
  (a) Provide life, health, and casualty insurance for officers and employees of financial institutions and operate bonus plans and retirement benefit plans for those officers and employees.

Terms Used In Michigan Laws 487.14105

  • Bank: means a state banking corporation that is organized or reorganized under this act or organized under any law of this state enacted before March 1, 2000, including a state banking corporation that voluntarily limits its activities. See Michigan Laws 487.11201
  • Contract: A legal written agreement that becomes binding when signed.
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
  (b) Service mortgages and land contracts.
  (c) Originate and service mortgage loans, mortgages, and land contracts, on behalf of financial institutions, corporations, and state or federal agencies or instrumentalities.
  (d) Act as escrow agent or depository for other escrow agents or fiduciaries.
  (e) Conduct credit analysis, appraising, construction loan inspection, and abstracting.
  (f) Conduct research, studies, and surveys.
  (g) Develop and operate storage facilities for microfilm or other duplicate records.
  (h) Advertise, broker, and conduct other activities to procure and retain both deposits and loans, but not pool deposits or solicit or promote pooled deposits.
  (i) Provide liquidity management, investment, advisory, and consulting services.
  (j) Establish, own, lease, operate, or maintain electronic funds transfer terminals.
  (k) Purchase office supplies, furniture, and equipment.
  (l) Prepare local, state, and federal tax returns.
  (m) Perform data processing services.
  (n) Subject to applicable state or federal law, provide brokerage services for the offer, sale, or purchase of a security or commodity contract.
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