{"data":{"id":"us-mi/mich.-comp.-laws-500.1101","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 500.1101","heading":"“Qualified United States financial institution” defined.","body":"Sec. 1101.\n\nFor purposes of this chapter, a \"qualified United States financial institution\" means an institution that meets either subdivision (a) or (b):\n\nIs organized, or in the case of a United States office of a foreign banking organization, is licensed, under the laws of the United States or any state in the United States, is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies, and has been determined by the commissioner to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.\n\nFor those institutions that are eligible to act as a fiduciary of a trust, is organized, or in the case of a United States branch or agency office of a foreign banking organization, is licensed, under the laws of the United States or any state in the United States, has been granted authority to operate with fiduciary powers, and is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies.","path":["MI Code","Chapter 500","Act Act-218-of-1956"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-500-1101","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"aa8c65e71f4cabd79df3414b3be6646b1e3532a6a8974e30f69e947ec74b3da2","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-500.110","next":"us-mi/mich.-comp.-laws-500.1103"},"notice":"GroundRules: Original legal text. Not legal advice."}