{"data":{"id":"us-mi/mich.-comp.-laws-38.1140e","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 38.1140e","heading":"Loan of securities by investment fiduciary.","body":"Sec. 20e.\n\nAn investment fiduciary may loan bonds, stocks, or other securities if at the time the loan is executed, at least 102% of the full market value of the security loaned is secured by collateral of cash to be invested in 1 or more of the following:\n\nSecurities graded in the top 4 major grades as determined by at least 1 national rating service, but not graded below the top 4 grades as determined by any of the national rating services, or determined by the investment fiduciary to be of comparable quality in the case of unrated securities.\n\nRepurchase agreements collateralized by securities graded in the top 4 major grades as determined by at least 1 national rating service, but not graded below the top 4 grades as determined by any of the national rating services, or determined by the investment fiduciary to be of comparable quality in the case of unrated securities.\n\nIrrevocable bank letters of credit.\n\nSecurities issued or guaranteed by the United States government or an agency of the United States government.\n\nAt all times during the term of a loan under subsection (1), the collateral shall be equal to not less than 100% of the full market value of the security loaned.","path":["MI Code","Chapter 38","Act Act-314-of-1965"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-38-1140e","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"a33c0130bca5b0de8bfd3d5b822bc7ec857ca7232d29e042c126b8901d63bde4","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-38.1140d","next":"us-mi/mich.-comp.-laws-38.1140f"},"notice":"GroundRules: Original legal text. Not legal advice."}