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MCL 555.105a Interest In Fund Other Than Fiduciary; Prohibition; Restrictions
Library | Michigan Statutes |
Edition | 2023 |
Currency | Current through Public Act 321 of the 2023 Legislative Session |
Year | 2023 |
Citation | MCL 555.105a |
(1) A financial institution administering a fund shall not have an interest in that fund other than in its fiduciary capacity. If, because of a creditor relationship or otherwise, a financial institution acquires an interest in a participating account, the financial institution shall withdraw the participating account from the fund on the next withdrawal date. However, a financial institution may invest assets that it holds as fiduciary for its own employees in a fund.
(2) A financial institution administering a common trust fund or a collective investment fund shall not make any loan secured by a participant's interest in the fund. An unsecured advance to a fiduciary account participating in the fund until the time of the next valuation date does not constitute the acquisition of an interest in a participating account by the financial institution.
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