Michigan Laws 487.3339 – Compliance review committee; construction of section
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(1) A compliance review committee shall evaluate and seek to improve all of the following:
(a) Loan policies or underwriting standards.
Terms Used In Michigan Laws 487.3339
- Compliance review committee: means both of the following:
(i) One or more persons assigned by management or appointed by the board of directors or other governing body of a depository institution, or of a subsidiary of a depository institution, or of a service corporation or other service entity of a depository institution, for the purposes set forth in section 339. See Michigan Laws 487.3102Compliance review documents: means documents prepared in connection with a review or evaluation conducted by or for a compliance review committee. See Michigan Laws 487.3102 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. 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 Testify: Answer questions in court. Testimony: Evidence presented orally by witnesses during trials or before grand juries.
(b) Asset quality.
(c) Financial reporting to federal or state government or regulatory agencies.
(d) Compliance with federal or state statutory or regulatory requirements.
(2) Except as provided in subsection (3), all of the following apply to a compliance review committee:
(a) Compliance review documents are confidential and are not subject to discovery or admissible in evidence in a civil action.
(b) Individuals serving on a compliance review committee or acting under the direction of a compliance review committee shall not be required to testify in a civil action about the contents of a compliance review document or conclusions of a compliance review committee or about the actions taken by a compliance review committee.
(c) Compliance review documents delivered to individuals who are not members of the compliance review committee, or to other entities including state, federal, or foreign governmental or regulatory agencies, shall remain confidential and are not discoverable or admissible in evidence in a civil action.
(3) This section does not apply to any civil action initiated by a federal or state regulatory agency.
(4) This section shall not be construed to limit the testimony that can be required about matters other than the contents of a compliance review document or conclusions or actions of a compliance review committee. This section does not limit the discovery or admissibility in a civil action of any documents other than compliance review documents.