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Authority to Offer Indexed Certificates of Deposit - State of Michigan - michigan

Authority to Offer Indexed Certificates of Deposit - State of Michigan - michigan 2025

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The document is a response from the Michigan Office of Financial and Insurance Services addressing inquiries about the legality and regulations surrounding an indexed certificate of deposit (ICD) program proposed by a financial firm. It confirms that state-chartered banks can sell equity-linked CDs, outlines permissible investment practices involving OTC options as risk management tools, and emphasizes the need for banks to evaluate risks and adopt appropriate policies when participating in such programs.

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What is the Michigan Public Act 20?

AN ACT relative to the investment of funds of public corporations of the state; and to validate certain investments.

What is the deposit law in Michigan?

Limits on Security Deposit Amounts Michigan law sets a limit on security deposits. The most you can ask for a security deposit is one-and-one-half times the monthly rent.

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