Michigan law criminalizes fraudulent deposit-taking by bank officials when the bank is insolvent, with penalties up to 5 years in prison. It also prohibits aiding violations of financial institution laws, blasphemy, and profane swearing by religious figures, with misdemeanors and specific prosecution timeframes. These statutes aim to protect financial integrity and public morality.
It involves bank officials knowingly accepting deposits or issuing certificates of investment when they are aware the bank is insolvent, with intent to defraud, punishable by up to 5 years in prison.
Any officer, clerk, or employee of a financial institution who knowingly aids or assists in violating the act can be prosecuted, with penalties up to 5 years in prison or a $2,500 fine.
Willfully blaspheming or reproaching God is considered a misdemeanor, with penalties determined by the court.
Charges must be initiated within 5 days of the offense, which involves profanely cursing or swearing by the name of God, Jesus Christ, or the Holy Ghost.