Mich. Comp. Laws § 38.1133f

Current through Public Act 57 of the 2024 Legislative Session
Section 38.1133f - Breach of public trust by investment fiduciary or service provider; "service provider" defined
(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.

MCL 38.1133f

Added by 2012, Act 347,s 5, eff. 3/28/2013.