{"data":{"id":"us-mi/mich.-comp.-laws-555.104a","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 555.104a","heading":"Audit; financial report; contents; items to be excluded from report; availability; advertising common trust fund.","body":"Sec. 4a.\n\n(1) At least once during each 12-month period, a financial institution administering a fund shall arrange for an audit of the fund by auditors responsible only to the board of directors of the financial institution.\n\n(2) At least once during each 12-month period, a financial institution administering a fund shall prepare a financial report of the fund based on the audit required in subsection (1). The report shall disclose the fund's fees and expenses, a list of investments in the fund, the cost and current market value of each investment, and a statement covering the period after the previous report that shows all of the following, organized by type of investment:\n\n(a) A summary of purchases, including costs.\n\n(b) A summary of sales, including profit or loss and any other investment changes.\n\n(c) Income to and disbursements from the fund.\n\n(d) A description of any investments in default.\n\n(3) A financial institution shall not publish in the report described in subsection (2) any predictions or representations as to future performance. In addition, with respect to common trust funds, a financial institution shall not publish the performance of individual funds other than those administered by the financial institution or its affiliates.\n\n(4) A financial institution administering a fund shall provide a copy of the report described in subsection (2), or provide notice that a copy of the report is available upon request without charge, to each person who ordinarily would receive a regular periodic accounting with respect to each participating account. The financial institution may provide a copy of the report to prospective customers and may provide a copy of the report upon request to any person for a reasonable charge.\n\n(5) A financial institution shall not advertise or publicize any common trust fund except in connection with the advertisement of the general fiduciary services of the financial institution.","path":["MI Code","Chapter 555","Act Act-174-of-1941"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-555-104a","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"93e7457d8d7c43063f983310795232635e23a31f5ea20461bde63114662d8c70","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-555.104","next":"us-mi/mich.-comp.-laws-555.105"},"notice":"GroundRules: Original legal text. Not legal advice."}