Mich. Comp. Laws § 38.1133f
This is the official text of Mich. Comp. Laws § 38.1133f, part of Michigan’s Comp. Laws — part of the compiled statutory law of Michigan, published by the state as "Comp. Laws." Browse the sections below, each linked to its official government source.
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Breach of public trust by investment fiduciary or service provider; "service provider" defined.
Official statutory text
Sec. 13f.
(1) An investment fiduciary or a service provider who is convicted of or who enters a nolo contendere plea accepted by a court for a felony or misdemeanor arising out of his or her service to a system is considered to have breached the public trust and shall reimburse the system for all costs, including legal defense fees, that were paid by the system. The system shall use reasonable efforts to collect any fees and costs recoverable under this subsection.
(2) As used in this section, "service provider" means that term as defined in section 13e.
History: Add. 2012, Act 347, Eff. Mar. 28, 2013
(1) An investment fiduciary or a service provider who is convicted of or who enters a nolo contendere plea accepted by a court for a felony or misdemeanor arising out of his or her service to a system is considered to have breached the public trust and shall reimburse the system for all costs, including legal defense fees, that were paid by the system. The system shall use reasonable efforts to collect any fees and costs recoverable under this subsection.
(2) As used in this section, "service provider" means that term as defined in section 13e.
History: Add. 2012, Act 347, Eff. Mar. 28, 2013
Status: in_force · Read it on the official government site
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