MI SB0750

Amends MCL 487.14301 to revise investment securities regulations for Michigan state banks under the Banking Code of 1999

Banks may hold without limit obligations of the United States, states, political subdivisions, Farm Credit System entities, federal home loan banks, and mortgage-related securities issued by federal agencies

Banks may underwrite investment securities including U.S. and state obligations, international development bank obligations, and obligations for housing, university, or dormitory purposes, subject to prudent banking judgment

Banks may purchase other investment securities for their own account, but holdings of any single obligor cannot exceed 25% of the bank's capital and surplus

Act takes effect 90 days after enactment (September 12, 2016) and is contingent on enactment of Senate Bills 748 and 749