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Declaratory Rulings

Declaratory Rulings

Declaratory Rulings

August 15, 2019 - Rescission Memorandum
In the matter of a Request by Rodney D. Martin on Behalf of National City Bank for a Declaratory Ruling on the Applicability of the Motor Vehicle Sales Finance Act to Certain Transactions (January 1, 2000)

December 28, 2018 - Rescission Memorandum
Rescission of Declaratory Ruling No. 86-8561-M Re: Reporting of salaries and compensation by health maintenance organizations

December 19, 2018 - Declaratory Ruling No. 18-077-M
In the Matter of Michigan Cannabis Risk and Financial Association and Specialty Agriculture Insurance Co. of Michigan's Request for a Declaratory Ruling

November 26, 2018 - Rescission Memorandum
Rescission of Declaratory Ruling No. 94-293-M Re: Holding Company Act Forms and Instructions - Penalties for Failing to File

November 15, 2010 - Declaratory Ruling No. 10-096-M

In the Matter of a Request for a Declaratory Ruling Related to the Closing of Residential Mortgage Loans and Provision of Title Settlement Services

June 7, 2006 - Declaratory Ruling No. 06-021-M

Request of Priority Health regarding Small Employer Group Health Coverage (Rescinded by Order Number 16-045-M)

October 6, 2005 - Declaratory Ruling No. 05-048-M
In the matter of the declaratory ruling request of the Assisted Housing Risk Management Association.

September 6, 2005 - Declaratory Ruling No. 05-044-BT
Authorizing banks to accept and to transfer stock warrants held as additional consideration for loans.

September 6, 2005 - Declaratory Ruling No. 05-043-BT
Establishing limits on the holding of bank-owned life insurance.

June 18, 2004 - Declaratory Ruling No. 04-053-M
In the matter of the sale of debt cancellation contracts and debt suspension agreements by depository institutions.

June 1, 2004 - Declaratory Ruling No. 04-049-M
In the matter of domestic credit unions making deposits in, making loans to, making investments pursuant to MCL 490.431 in, or purchasing shares of, credit unions, including corporate credit unions, chartered in other states, the territories of the United States, or the United States and purchasing shares of savings banks.

September 10, 2003 - Declaratory Ruling No. 03-062-BT
In the matter of request by Martin Werner, Werner & Blank, LLC, for a declaratory ruling on an alternative asset test under the Michigan Savings Bank Act.

May 8, 2002 - Declaratory Ruling No. 02-017-BT
In the matter of a request by Sandra Traicoff, Howard & Howard, for a declaratory ruling on investment by state-chartered banks in trust preferred securities.

February 14, 2001 - Declaratory Ruling No. 2001-012-M
Automobile dealer referral of customers to an insurance agency

January 1, 2000

In the matter of a request by Rodney D. Martin on behalf of National City Bank for a Declaratory Ruling on the applicability of the Motor Vehicle Sales Finance Act to certain transactions. (Rescinded by the Rescission Memorandum, August 15, 2019)

April 23, 1999
In Re: Request by Kenneth J. Rojc of Nisen & Elliott for a declaratory ruling on whether an installment seller licensed under the Motor Vehicle Sales Finance Act may finance negative equity under an installment sale contract.

March 8, 1999
In the matter of Citizens First Savings Bank investing in a subsidiary which will engage in the business of performing real estate surveys pursuant to section 401(2) of Michigan's Savings Bank Act, as amended.

February 6, 1998
In the Matter of the Request by Michael S. Freud/Connie Holzer/Tom Holzer for a Ruling on the applicability of the Motor Vehicle Sales Finance Act to certain transactions.

June 13, 1997
In the Matter of the Request by ChoiceOne Bank, Sparta, Michigan, for a Ruling on whether the bank may own and operate a travel agency.

December 13, 1996
In Re: Request by Willingham & Cote / Raymond J. Foresman, Jr. for a Declaratory Ruling on the applicability of the Motor Vehicle Sales Finance Act to certain transactions.

October 7, 1996 - Declaratory Ruling No. 96-179-M
Payment of commissions to salaried sales employees who place policies through the Automobile Insurance Placement Facility

January 9, 1996
In Re: Request by NBD Bank, Detroit, for a Declaratory Ruling on the applicability of Section 191(b) of the Michigan Banking Code of 1969 to certain credit card transactions.

April 28, 1995 - Declaratory Ruling No. 95-301-M
Group credit insurance coverage of utility bills

April 25, 1995
In Re: Request by Oak Brook/Cash Now Partners d/b/a Cash Connection for a Declaratory Ruling on the applicability of the Regulatory Loan Act of 1963, as amended, to certain transactions.

March 30, 1995 - Declaratory Ruling No. 95-254-M
Original equipment manufacturer warranty programs not insurance

January 24 1995 - Declaratory Ruling No 95-113-M
Original equipment manufacturer warranty not insurance

September 12, 1994 - Declaratory Ruling No. 94-293-M

Holding company act, forms and instructions -- penalties for failing to file (Rescinded by the Rescission Memorandum, November 26, 2018)

December 22, 1993 - Declaratory Ruling No. 93-15918-M
1993 PA 143 -- Validity of Referendum and effective date

May 10, 1991
In Re: Application of Michigan National Corporation, Farmington Hills, Michigan for permission to engage in interstate banking activities through the acquisition of Lockwood Banc Group, Houston, Texas.

March 27, 1991 - Declaratory Ruling No. 91-11498-M
Soliciting insurance by offering to rebate premiums in another state

March 23, 1990 - Declaratory Ruling No. 90-10919-M
Michigan surplus lines premium tax -- liability of group self-insurance basis

June 27, 1989 - Declaratory Ruling No. 89-10141-M
Proposed Employee Life Insurance Program

November 21, 1988 - Declaratory Ruling No. 88-9907-M
Operation of Self-Insurance -- certificates of authority

September 13, 1988
In Re: Request by Michigan National Corporation for a Declaratory Ruling on whether Michigan Bank - Midwest may acquire the stock of Michigan Bank - Mid-South for the purpose of a merger and simultaneous sale of the merged bank.

July 18, 1988 - Declaratory Ruling No. 88-9721-M
Prohibited rebate of commission for counseling client and implementing policy

February 29, 1988 - Declaratory Ruling No. 88-9459-M
Payment of pre-judgment interest on covered claims

October 23, 1987
In Re: Request by Banc One Financial Services, Inc. for a Declaratory Ruling on whether a licensee under Act No. 21 of the Public Acts of 1939 is permitted to make a loan that is consummated through the United States Mail.

July 6, 1987 - Declaratory Ruling No. 87-9017-M
Operation of self-insurance trusts -- certificates of authority

June 25, 1987
Application of Blue Cross Blue Shield Employees Credit Union to Invest in a Service Organization providing certain services and supplies to credit unions, credit union employees, and their members.

June 16, 1987 - Declaratory Ruling No. 87-8986-M
Applicability of managerial-level conference and review process to audits of providers

January 30, 1987
Request by Michigan Services Credit Union and The Michigan Credit Union League for a declaratory ruling that a credit union may invest in or continue an investment in a service organization engaged in activities approved by the commissioner under the law as it existed prior to 1986 P.A. 278. (1).

September 30, 1986 - Declaratory Ruling No. 86-8561-M

Reporting of salaries and compensation by health maintenance organizations (Rescinded by the Rescission Memorandum, December 28, 2018)

September 29, 1986
In Re: Request by Household Finance Corporation for a Declaratory Ruling on the authority of licensees under the Secondary Mortgage Loan Act, (M.S.A. Sec. 26.568(1) et seq.) to make fixed rate and variable rate real estate secured revolving (open-end) loans pursuant to Title VIII of the Garn-St. Germain Depository Institutions Act of 1982, entitled "Alternative Mortgage Transactions Parity Act of 1982" (12 U.S.C. Section 3801 et seq.).

June 26, 1986
In Re: Request by First Union Mortgage Corporation for a Declaratory Ruling on whether sections 802-804 of the Garn-St. Germain Depository Institutions Act of 1982 preempt state law restrictions on alternative mortgage transactions made by non-federally chartered housing creditors contained in Section 23 (1)(C) of the Secondary Mortgage Act.

June 17, 1986
In Re: Request by Michigan National Bank for a Declaratory Ruling on whether a late charge for a delinquent credit card payment or other default in payment constitutes "interest" or "interest and charges" and therefore is to be included in the calculation of the interest rate.

March 14, 1986 - Declaratory Ruling No. 86-8263-M
Certificate of insurance for self-insured parent corporations and subsidiaries

Bulletin 1986-1
Informational and Interpretive Statement on Open-End Second Mortgage Loans.

April 10, 1985
In Re: Request by Finance America Corporation for a Declaratory Ruling on the interpretation of Section 1(e) of Act 379 of the Public Acts of 1984.

January 13, 1983
In Re: Request by Household Finance Corporation for a Declaratory Ruling on the interpretation of Sec. 21 of Act No. 125 of the Public Acts of 1981, as amended by 1982 PA 361.

July 16, 1981 - Declaratory Ruling No. 81-2738-M
Continuation of coverage for handicapped dependent children

October 23, 1981
Request by a local finance Corporation for a Declaratory Ruling on the applicability of MCLA 493.15 to the purchase of regulatory loan contracts from other regulatory loan licensees

October 16, 1978 - Declaratory Ruling No. 78-1235-M
Distribution of infant car seats by insurance companies

1974
Request by Michigan Bankers' Association a Declaratory Ruling on the applicability of MCLA 490.1, et seq; MSA 23.481, et seq, to share drafts offered by credit unions