§ 750.98Private banks

Sec. 98.
    Private banks—On and after the effective date of this act, it shall be unlawful for any
 individual person, or unincorporated association of individual persons, to engage in the
 business of banking, as defined in Act No. 66 of the Public Acts of 1929, being sections 11898


                                                                   Michigan Compiled Laws Complete Through PA 91 of 2026
Rendered Sunday, September 6, 2026                Page 63 of 465                            Courtesy of legislature.mi.gov

 to 11970 inclusive of the Compiled Laws of 1929, and other laws of this state relating to banks
 and banking: Provided, That this section shall not apply to any individual person or
 unincorporated association of individual persons engaged in the business of banking at the
 time of the passage of this act.
    From and after the passage of this act, no person or association of persons, not incorporated
 under the banking laws of this state and not now engaged in the private banking business, shall
 open up or attempt to operate any private bank, and any such operation or attempt shall be a
 violation of this section, and the persons so operating or attempting to operate shall be guilty
 of a felony: Provided, That nothing in this section contained shall be construed to prohibit the
 surviving partner or partners of a copartnership from continuing the operation of any private
 bank operated by such copartnership at the time this act shall take effect.