Michigan Compiled Laws - Financial Institutions

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• Adverse Claim To Bank Deposit; Notice; Restraining Order; Exception - Mich. Comp. Laws Section 487.691
  Notice to any bank or trust company doing business in this state of an adverse claim to a deposit standing on its books to ...
• Minor's Deposit; Payment; Receipt Or Acquittance Sufficient - Mich. Comp. Laws Section 487.701
  When any deposit of money shall be made in any bank or trust company by or in the name of any minor, the same ...
• Trust Deposit; Death Of Trustees; Payment Of Deposit; Receipt Or Acquittance As Release And Discharge - Mich. Comp. Laws Section 487.702
  (1) If a deposit of money shall be made in a bank or trust company by a person in trust for another, and no other ...
• Deposit In Name Of Joint Beneficiaries; Payment; Receipt Sufficient; Deposits Made Payable To Survivor; Prima Facie Evidence - Mich. Comp. Laws Section 487.703
  When a deposit shall be made, in any bank by any person in the name of such depositor or any other person, and in ...
• Short Title - Mich. Comp. Laws Section 487.711
  This act shall be known and may be cited as the "statutory joint account act". History: 1978, Act 53, Imd. Eff. Mar. 9, 1978 ...
• Meanings Of Words And Phrases - Mich. Comp. Laws Section 487.712
  For the purposes of this act, the words and phrases defined in sections 3 and 4 have the meaning ascribed to them in those ...
• Definitions - Mich. Comp. Laws Section 487.713
  (a) "Deposits" means funds on deposit in a financial institution, including interest. (b) "Joint account" means a deposit in a financial institution in which 2 ...
• Additional Definitions - Mich. Comp. Laws Section 487.714
  (a) "Financial institution" means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union ...
• Statutory Joint Account; Creation; Signing Contract; Form Of Contract; Acknowledging Receipt Of Contract; Adding Additional Parties; Modifying Form Of Contract - Mich. Comp. Laws Section 487.715
  FORM OF STATUTORY JOINT ACCOUNT CONTRACT 1. Name of financial institution: 2. Nature of Account: Check______Savings Account; ______Commercial Account; ______Certificate of Deposit; ______Other Credits ...
• Nature And Effect Of Statutory Joint Accounts; Failure To Answer Question In Contract - Mich. Comp. Laws Section 487.716
  The creation of a statutory joint account is a contract as to ownership of the deposits and is effective pursuant to its terms without ...
• Withdrawals Of Funds; Liability Of Financial Institution; Deposits Subject To Setoff - Mich. Comp. Laws Section 487.717
  (1) Financial institutions shall honor withdrawals of funds pursuant to the withdrawal provisions of the statutory joint account contract. In so doing, they shall be ...
• Deposits Subject To Rights Of Creditors; Laws Applicable To Transfers In Fraud Of Creditors; Claims Against Insolvent Estate Of Deceased Owner Of Statutory Joint Account - Mich. Comp. Laws Section 487.718
  Deposits in a statutory joint account shall be subject to the rights of creditors of the persons designated in the statutory joint account contract ...
• Payment Of Widow's Allowance Or Allowance For Dependent Children Upon Death Of Person Owning Deposits In Statutory Joint Account - Mich. Comp. Laws Section 487.719
  Upon the death of a person who in his or her lifetime owned the deposits in a statutory joint account, to the extent of ...
• Safe Deposit Box Rented To Joint Holders; Rights Of Various Holders And Survivors; Exceptions - Mich. Comp. Laws Section 487.721
  (1) Subject to subsection (3), if 2 or more persons rent a safe deposit box or compartment, any 1 of them, or the survivor or ...
• U.S. Defense Savings Bonds; Banks And Trust Companies Authorized As Issuing Agent For Sale Of; Deposit Or Pledge Of Assets - Mich. Comp. Laws Section 487.731
  Any bank, any industrial bank and any trust company is authorized to qualify as issuing agent for the sale of United States defense savings ...
• Pledging Of Assets; Limitation Of Financial Institutions Act Not Otherwise Affected - Mich. Comp. Laws Section 487.732
  This act shall not affect the limitations and restrictions of Act No. 341 of the Public Acts of 1937, as amended, with respect to ...
• National Housing Act; State Financial Institutes' Authorized Transactions; Collateral - Mich. Comp. Laws Section 487.751
  Subject to such regulations as may be prescribed by the proper state supervising authority, banks, trust companies, building and loan associations, insurance companies, finance ...
• Construction Of Act As To Effect Of State Laws - Mich. Comp. Laws Section 487.752
  No law of this state prescribing the nature, amount or form of security or deposit, or requiring security upon which loans or advances of ...
• Declaration Of Necessity - Mich. Comp. Laws Section 487.753
  This act is immediately necessary for the preservation of the public welfare, peace, health and safety. History: 1935, Act 2, Imd. Eff. Feb. 20, ...
• Certificate Of Brokers; Necessity; Filing With County Clerk; Contents; Public Inspection - Mich. Comp. Laws Section 487.801
  That no person or persons shall be engaged in the business of a broker, or of buying or selling current or uncurrent money, or ...
• Certificate Of Brokers; New Certificate, Cause, Prior Liability - Mich. Comp. Laws Section 487.802
  In case there shall be, at any time after the making and filing of said certificate, any change in the name or style of ...
• Certificate Of Brokers; Evidence Of Facts - Mich. Comp. Laws Section 487.803
  A certified copy of the said certificate on file in the county clerk's office, signed by the county clerk, and attested by the seal ...
• Violation Of Act; Penalty - Mich. Comp. Laws Section 487.804
  If any person shall carry on, or be engaged in carrying on, the business of a broker or exchange dealer, contrary to the provisions ...
• Advertisement Or Representation Of Nature Of Business; Violation, Penalty; Exception - Mich. Comp. Laws Section 487.806
  No person or firm doing business under this act shall advertise or put up signs, or use any device or contrivance whatever, tending to ...
• Violation Of Act; Procedure For Collection Of Penalties - Mich. Comp. Laws Section 487.807
  The state treasurer shall, when his attention is called to violations of any of the provisions of this act, refer the same to the ...
• Definitions - Mich. Comp. Laws Section 487.941
  (a) "Commissioner" means the commissioner of the office of financial and insurance services in the department of labor and economic growth. (b) "Emergency" means a ...
• Authorizing Or Ordering Financial Institutions To Close Offices Because Of Existing Or Impending Emergency; Duration; Advising Governor; Authorization To Close Financial Institution On Day Of National Mourning, Rejoicing, Or Other Special Observance - Mich. Comp. Laws Section 487.942
  (2) The commissioner may authorize a financial institution to close on a day designated by proclamation of the president of the United States or the ...
• Determination Not To Open Or To Close Office Of Financial Institution During Emergency - Mich. Comp. Laws Section 487.943
  History: 1978, Act 232, Imd. Eff. June 14, 1978 ;-- Am. 2006, Act 134, Imd. Eff. May 12, 2006 ...
• Notice Of Closing - Mich. Comp. Laws Section 487.944
  (2) A financial institution that closes or does not open an office or offices under section 3 shall reopen the office or offices as soon ...
• Period Financial Institution Closed As Legal Holiday - Mich. Comp. Laws Section 487.945
  History: 1978, Act 232, Imd. Eff. June 14, 1978 ;-- Am. 2006, Act 134, Imd. Eff. May 12, 2006 ...
• Obligations To Employees Not Altered - Mich. Comp. Laws Section 487.946
  History: 1978, Act 232, Imd. Eff. June 14, 1978 ;-- Am. 2006, Act 134, Imd. Eff. May 12, 2006 ...
• Short Title - Mich. Comp. Laws Section 487.1001
  History: 2006, Act 250, Imd. Eff. July 3, 2006 ...
• Definitions; A To L - Mich. Comp. Laws Section 487.1002
  (a) "Agency" means the office of financial and insurance services in the department of labor and economic growth. (b) "Applicant" means a person that files ...
• Definitions; M To T - Mich. Comp. Laws Section 487.1003
  (a) "Material litigation" means litigation that, according to generally accepted accounting principles, is significant to an applicant's or a licensee's financial health and must be ...
• Applicability Of Act - Mich. Comp. Laws Section 487.1004
  (a) The United States or a department, agency, or instrumentality of the United States. (b) Money transmission services provided by the United States postal service ...
• Money Transmission Services; License Required; Exception - Mich. Comp. Laws Section 487.1011
  (2) A person licensed under the sale of checks act, 1960 PA 136, MCL 487.901 to 487.916, on the day before the effective date of ...
• License Application; Form; Information Required - Mich. Comp. Laws Section 487.1012
  (a) The legal name and residential and business addresses of the applicant and any assumed or trade name used by the applicant in conducting its ...
• Financial Statements; Net Worth; Qualification To Do Business; Application Fee; Surety Bond; Aggregate Liability Of Surety; Limitation - Mich. Comp. Laws Section 487.1013
  (a) If subdivision (b) does not apply, show that the applicant's net worth exceeds $100,000.00. (b) If the applicant intends to engage in providing money ...
• Investigation; Completed Application; Time Period; Issuance Of License; Fee; Extension Of Time Period; Denial; Request For Hearing - Mich. Comp. Laws Section 487.1014
  (2) When the commissioner determines that an application for a license under this act is complete, the commissioner shall promptly notify the applicant in writing ...
• Fee Schedule; Expiration And Renewal Of License - Mich. Comp. Laws Section 487.1015
  (2) A license issued under this act expires on December 31 of each year unless earlier suspended, surrendered, or revoked under this act. A licensee ...
• Travel Expenses; Recovery Of Fees And Fines; Collection; Disposition - Mich. Comp. Laws Section 487.1016
  (2) If any fees or fines provided for in this act are not paid when required, the commissioner may maintain an action against the licensee ...
• Information Obtained In Examination Or Investigation; Disclosure Prohibited - Mich. Comp. Laws Section 487.1021
  History: 2006, Act 250, Imd. Eff. July 3, 2006 ...
• Joint Examination Or Investigation - Mich. Comp. Laws Section 487.1022
  (2) The commissioner may accept an examination or investigation report of a department or agency of this state or of another state or of the ...
• Changed Information; Filing; Events Requiring Filing Of Report - Mich. Comp. Laws Section 487.1023
  (2) A licensee that submits a renewal application to the commissioner shall include with the application a current list of the names and street addresses ...
• Proposed Change Of Control Of Licensee; Request For Approval; Additional Information; Approval By Commissioner; Determination - Mich. Comp. Laws Section 487.1024
  (a) Give the commissioner written notice of a proposed change of control 30 days or more before the proposed change of control. (b) Request approval ...
• Records - Mich. Comp. Laws Section 487.1025
  (a) A record of each payment instrument from the date it was created. (b) A general ledger posted at least monthly containing all asset, liability, ...
• Disclosure Of Information - Mich. Comp. Laws Section 487.1026
  (2) This section does not apply to, and does not prohibit the furnishing of information or documents to, any federal, foreign, or out-of-state regulatory agency ...
• Permissible Investments - Mich. Comp. Laws Section 487.1031
  (2) The commissioner may limit the extent to which a type of investment within a class of permissible investments is considered a permissible investment by ...
• Investments Permitted Under Mcl 487.1031; Limitation - Mich. Comp. Laws Section 487.1032
  (a) Cash, a certificate of deposit, or a senior debt obligation of a federally insured depository financial institution. (b) A banker's acceptance or bill of ...
• Agreement Between Licensee And Authorized Delegate - Mich. Comp. Laws Section 487.1033
  (2) An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the agreement between the licensee and the ...
• Authorized Delegate; Prohibited Conduct; Duties - Mich. Comp. Laws Section 487.1034
  (2) An authorized delegate shall perform money transmission services lawfully and in accordance with the licensee's operating policies and procedures provided to the authorized delegate. ...
• Denying, Suspending, Not Renewing, Or Revoking License; Placing License In Receivership; Revoking Designation Of Authorized Delegate; Conditions - Mich. Comp. Laws Section 487.1041
  (a) The licensee violates this act, a rule promulgated under this act, an order or declaratory ruling issued under this act, or any applicable state ...
• Violations; Penalties; Restitution - Mich. Comp. Laws Section 487.1042
  (2) A person that engages in criminal fraud in the conduct of its money transmission services business is guilty of a felony punishable by imprisonment ...
• Summary Suspension Order - Mich. Comp. Laws Section 487.1043
  (2) If the commissioner issues a summary suspension order under section 92 of the administrative procedures act of 1969, 1969 PA 306, MCL 24.292, an ...
• Cease And Desist Order - Mich. Comp. Laws Section 487.1044
  (2) A cease and desist order issued under this section shall contain a statement of the facts constituting the alleged practice or violation and shall ...
• Rules - Mich. Comp. Laws Section 487.1045
  History: 2006, Act 250, Imd. Eff. July 3, 2006 ...
• Civil Fine - Mich. Comp. Laws Section 487.1046
  History: 2006, Act 250, Imd. Eff. July 3, 2006 ...
• Order Suspending Or Prohibiting Person From Being Licensee And From Being Employed By, Agent Of, Or Control Person Of Licensee - Mich. Comp. Laws Section 487.1047
  (2) A notice issued under subsection (1) shall contain a statement of the facts supporting the prohibition and, except as provided under subsection (7), set ...
• Short Title - Mich. Comp. Laws Section 487.1101
  This act shall be known and may be cited as the "Michigan BIDCO act". History: 1986, Act 89, Imd. Eff. May 1, 1986 Compiler's ...
• Purposes Of Act - Mich. Comp. Laws Section 487.1102
  The purposes of this act are all of the following: (a) Promote economic development by encouraging the formation of business and industrial development companies, ...
• Meanings Of Words And Phrases - Mich. Comp. Laws Section 487.1103
  For the purposes of this act, unless the context clearly indicates otherwise, the words and phrases defined in sections 104 to 106 have the ...
• Definitions; A To C - Mich. Comp. Laws Section 487.1104
  (1) "Affiliate" means, if used with respect to a specified person other than a natural person, a person controlling or controlled by that specified ...
• Definitions; I To M - Mich. Comp. Laws Section 487.1105
  (1) "Incorporating statute" means the business corporation act, 1972 PA 284, MCL 450.1101 to 450.2098, the nonprofit corporation act, 1982 PA 162, MCL 450.2101 ...
• Definitions; O To T - Mich. Comp. Laws Section 487.1106
  (1) "Officer" means either of the following: (a) If used with respect to a corporation, a person appointed or designated as an officer of ...
• Administration Of Act; Orders; Rules; Imposition Of Conditions; Applications For Declaratory Rulings; Judicial Review - Mich. Comp. Laws Section 487.1201
  (1) The commissioner shall administer this act. The commissioner may issue orders and promulgate rules that, in the opinion of the commissioner, are necessary to ...
• Form And Contents Of Application - Mich. Comp. Laws Section 487.1203
  An application filed with the commissioner under this act shall be in such a form and contain such information as the commissioner may require. ...
• Investigations; Purposes; Oaths And Affirmations; Witnesses; Evidence; Documents Or Records; Failure To Comply With Subpoena - Mich. Comp. Laws Section 487.1205
  (1) The commissioner may make public or private investigations within or outside this state that the commissioner considers necessary to determine whether to approve an ...
• Service Of Process - Mich. Comp. Laws Section 487.1207
  Service of process authorized to be made by the commissioner in connection with a noncriminal proceeding under this act may be made by registered ...
• Establishment Of Annual Schedule Of Fees; Payment; Action For Recovery Of Fees Or Penalties; Failure To Submit Report; Disposition - Mich. Comp. Laws Section 487.1209
  (1) The commissioner shall establish annually a schedule of fees sufficient to pay for the bureau's costs of enforcing this act. The fees shall be ...
• Books, Accounts, And Other Records Of Licensee; Location And Preservation; Valuation Of Assets; Audit Report - Mich. Comp. Laws Section 487.1211
  (1) A licensee shall make and keep books, accounts, and other records in a form and manner as the commissioner may require. These records shall ...
• Making Or Keeping Of Books, Accounts, Or Other Records By Person Other Than Licensee; Applicability Of Act; Approval Of Commissioner - Mich. Comp. Laws Section 487.1213
  (1) If a person other than a licensee makes or keeps the books, accounts, or other records of that licensee, this act applies to that ...
• Filing Reports With Commissioner; Form; Contents - Mich. Comp. Laws Section 487.1215
  Each licensee, each affiliate of a licensee, and each subsidiary of a licensee shall file with the commissioner such reports as and when the ...
• Publication And Distribution Of Information On Impact Of Act - Mich. Comp. Laws Section 487.1216
  (1) The commissioner shall publish annually and provide to the house committee on economic development and energy and senate committee on economic development, trade and ...
• Examination Of Licensee Or Subsidiary Of Licensee; Exhibiting Books, Accounts, And Other Records; Facilitating Examination; Retention Of Person To Assist Commissioner - Mich. Comp. Laws Section 487.1217
  (1) The commissioner shall examine each licensee not less than once each calendar year. (2) The commissioner may at any time examine a licensee or ...
• Application For Licensure For Bidco - Mich. Comp. Laws Section 487.1301
  A Michigan corporation or Michigan limited liability company may apply to the commissioner for licensure as a BIDCO. A person other than a Michigan ...
• Review Of Information; Approval Of Application For License; Determinations; Minimum Net Worth; Findings; Grounds - Mich. Comp. Laws Section 487.1303
  (1) After a review of information regarding the directors, officers, managers, and controlling persons of the applicant, a review of the applicant's business plan, ...
• Application For Preliminary Approval Of Application For License; Order; Conditions To Final Approval; Fee - Mich. Comp. Laws Section 487.1305
  (1) A person may apply to the commissioner for preliminary approval of an application for a license. Notwithstanding that commitments to invest in the equity ...
• Denial Of Application; Written Statement Of Explanation - Mich. Comp. Laws Section 487.1307
  If the commissioner denies an application under sections 301 to 305, the commissioner shall provide the applicant with a written statement explaining the basis ...
• License; Issuance; Posting; Nontransferable And Nonassignable - Mich. Comp. Laws Section 487.1309
  If an application for a license is approved and all conditions precedent to the issuance of that license are fulfilled, the commissioner shall issue ...
• Prohibited Representations; Permissible Acts - Mich. Comp. Laws Section 487.1311
  (1) Except as otherwise provided in subsection (2), a person transacting business in this state, other than a licensee, shall not use a name or ...
• Misrepresentation Of License - Mich. Comp. Laws Section 487.1313
  A licensee shall not misrepresent the meaning or effect of its license. History: 1986, Act 89, Imd. Eff. May 1, 1986 ...
• Michigan Corporation Or Limited Liability Company Licensed Under Another Law - Mich. Comp. Laws Section 487.1315
  (1) A Michigan corporation or Michigan limited liability company that is licensed under another law of this state or the United States may be issued ...
• Application To Commissioner To Accept Surrender Of License; Approval; Notice To Owners And Creditors; Filing Objection; Sending Copy Of Objection To Commissioner - Mich. Comp. Laws Section 487.1317
  (1) Upon approval of a 2/3 vote of its board of directors and after complying with subsection (2), a Michigan corporation licensee may apply to ...
• Name Of Licensee - Mich. Comp. Laws Section 487.1401
  The name of each licensee shall include the word "BIDCO". A licensee shall not transact business under a name other than its name. History: ...
• Board Of Directors; Number Of Directors; Meetings - Mich. Comp. Laws Section 487.1403
  (1) A licensee shall have a board of directors. The board of directors of each licensee shall consist of not less than 7 directors. If ...
• Death, Resignation, Or Removal Of Director, Officer, Or Manager; Election Of Director; Appointment Of Officer Or Manager; Notice To Commissioner; Additional Information - Mich. Comp. Laws Section 487.1405
  Within 30 days after the death, resignation, or removal of a director, officer, or manager, the election of a director, or the appointment of ...
• Dividend And Distribution Policies; Buying Back Share Of Stock Or Membership Interest - Mich. Comp. Laws Section 487.1407
  (1) A licensee shall not pay, or obligate itself to pay, a cash dividend or distribution or dividend and distribution in kind to its owners, ...
• Offices Of Licensee; Number; Location; Posting Sign Bearing Corporate Name; Personnel; Establishing, Relocating, Or Closing Office - Mich. Comp. Laws Section 487.1501
  (1) A licensee shall maintain not less than 1 office in this state. (2) A licensee shall not maintain an office at any place outside ...
• Business Of Licensee; Powers And Privileges Of Licensee - Mich. Comp. Laws Section 487.1503
  (1) The business of a licensee shall be providing financing assistance and management assistance to business firms. A licensee shall not engage in a business ...
• Forms, Terms, And Conditions Of Financing Assistance; Participation In Program Of Small Business Administration; Compliance; Scope Of Management Assistance; Purpose Of Financing Assistance Or Management Assistance; Exercise Of Incidental Powers; Extension Of Credit; Interest; Violation As Felony; Penalty; "Interest" Defined - Mich. Comp. Laws Section 487.1505
  (1) A licensee may determine the form and the terms and conditions for financing assistance provided by that licensee to a business firm including, ...
• Holding Control Of Business Firm; Order Approving Or Denying Application; "Hold Control" Defined; Plan For Acquiring And Holding Control Of Business Firm; Demonstrating Necessity To Hold Control Of Business Firm - Mich. Comp. Laws Section 487.1507
  (1) Either by itself or in concert with a director, officer, principal owner, manager, or affiliate, another licensee, or a director, officer, principal owner, ...
• Transacting Business In Safe And Sound Manner; Considering Risks; Authority Of Commissioner Not Limited - Mich. Comp. Laws Section 487.1509
  (1) A licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition. (2) In ...
• Definitions; Transactions Involving Potential Conflict Of Interest; Authority Of Commissioner To Determine Conflict Of Interest Not Limited - Mich. Comp. Laws Section 487.1511
  (1) For purposes of this section: (a) "Associate" means that term as defined as in article 8. (b) "Relative" means parent, child, sibling, spouse, father-in-law, ...
• Lien On Or Security Interest In Property Of Licensee - Mich. Comp. Laws Section 487.1513
  Except with the approval of the commissioner, a licensee shall not provide a lien on or security interest in any of its property for ...
• Acquiring Control Of Licensee; Application For Approval; Determinations By Commissioner - Mich. Comp. Laws Section 487.1601
  (1) Without the prior approval of the commissioner, a person shall not acquire control of a licensee. (2) With respect to an application for ...
• Merger Of Licensee With Another Business Firm; Conditions; Purchase By Licensee Of Business Of Another Person; Sale Of Business; Application For Approval Of Merger, Purchase, Or Sale; Determinations - Mich. Comp. Laws Section 487.1603
  (1) A licensee shall not merge with another business firm unless 1 of the following applies: (a) If the licensee is the surviving business firm, ...
• Action To Enjoin Violation Or Enforce Compliance; Restraining Order, Preliminary Or Permanent Injunction, Or Writ Of Mandamus; Appointment Of Receiver Or Conservator; Bond - Mich. Comp. Laws Section 487.1701
  If in the opinion of the commissioner, a person violates, or there is reasonable cause to believe that a person is about to violate ...
• Violation Of S 487.1311; Cease And Desist Order; Filing Application For Hearing On Order; Rescission Of Order; Judicial Review - Mich. Comp. Laws Section 487.1703
  (1) If the commissioner finds that a person has violated or that there is reasonable cause to believe that a person is about to violate ...
• Cease And Desist Order; Affirmative Action To Correct Condition; Application For Hearing On Order; Affirming, Modifying, Or Rescinding Order; Judicial Review - Mich. Comp. Laws Section 487.1705
  (1) If, after notice and a hearing, the commissioner determines that a licensee or a subject person of a licensee has violated or is violating, ...
• Order Removing Subject Person From Office And Prohibiting Further Participation In Business Of Licensee; Notice And Hearing; Determinations; Order Suspending Subject Person From Office And Prohibiting Further Participation In Business Of Licensee; Application For Hearing On Order; Affirming, Modifying, Or Rescinding Order; Judicial Review; "Office" Defined - Mich. Comp. Laws Section 487.1707
  (1) The commissioner may issue an order removing a subject person of a licensee from his or her office, if any, with the licensee and ...
• Crime Involving Dishonesty Or Breach Of Trust; Order Suspending Subject Person From Office And Prohibiting Further Participation In Business Of Licensee; Application For Hearing On Order; Affirming, Modifying, Or Rescinding Order; Judicial Review; Conviction Not Required; "Office" Defined - Mich. Comp. Laws Section 487.1709
  (1) If the commissioner determines that a subject person of a licensee has been indicted by a grand jury or has been bound over ...
• Disclosure To Owners - Mich. Comp. Laws Section 487.1711
  If, in the opinion of the commissioner, disclosure to owners regarding a matter is warranted, the commissioner may require a licensee, in a form ...
• Calling Meeting Of Board Of Directors Of Licensee Or Of Owners Of Licensee; Notice; Expenses - Mich. Comp. Laws Section 487.1713
  (1) If the commissioner considers it expedient, the commissioner may call a meeting of the board of directors of a licensee by giving notice of ...
• Order Directing Licensee To Refrain From Providing Additional Financing Assistance To Business Firms; Notice And Hearing; Determinations; Request For Hearing; Affirming, Modifying, Or Rescinding Order; Resumption Of Financing Assistance; Application To Modify Or Rescind Order - Mich. Comp. Laws Section 487.1715
  (1) The commissioner may issue an order directing a licensee to refrain from providing any additional financing assistance to business firms if, in the opinion ...
• Appointment Of Conservator For Licensee; Reimbursement Of Expenses Of Conservatorship; Powers And Duties Of Conservator; Liquidation Of Licensee; Appointment Of Receiver; Determinations; Manner Of Liquidation - Mich. Comp. Laws Section 487.1717
  (1) If the commissioner finds that any of the factors set forth in section 715(1) are true with respect to a licensee and that it ...
• Violation Of Act; Amount And Disposition Of Civil Penalty; Applicability Of Section; Provisions Cumulative; Liability For Certain Violations - Mich. Comp. Laws Section 487.1719
  (1) If, after notice and a hearing, the commissioner finds that a person has violated this act, the commissioner may order that person to pay ...
• Definitions - Mich. Comp. Laws Section 487.1801
  (1) As used in this article, unless the context otherwise requires: (a) "Advisor", means a person who regularly provides legal, accounting, or management services or ...
• Willful Untrue Statement Or Omission Of Material Fact In Application Or Report - Mich. Comp. Laws Section 487.1803
  A person shall not willfully make an untrue statement of a material fact in an application or report filed with the commissioner under this ...
• Willful Refusal To Allow Inspection Or Making Copies Of Books, Accounts, And Other Records - Mich. Comp. Laws Section 487.1805
  A person having custody of any of the books, accounts, or other records of a licensee shall not willfully refuse to allow the commissioner, ...
• Books, Accounts, Or Other Records; False Entries; Omission Of Required Entry; Alteration, Concealment, Or Destruction - Mich. Comp. Laws Section 487.1807
  A person shall not, with intent to deceive a director, officer, manager, employee, auditor, or attorney of a licensee, the commissioner, or a governmental ...
• Financing Assistance To Associate Of Licensee - Mich. Comp. Laws Section 487.1809
  A licensee shall not provide, directly or indirectly, financing assistance to an associate of the licensee. History: 1986, Act 89, Imd. Eff. May 1, ...
• Financing Assistance To Discharge Obligation To Associate Of Licensee; Transactions To Which Section Inapplicable - Mich. Comp. Laws Section 487.1811
  A licensee shall not provide, directly or indirectly, financing assistance to discharge, or to free other money for use in discharging, in whole or ...
• Financing Assistance To Business Firm To Which Associate Of Licensee Provides Financing Assistance; Applicability Of Section - Mich. Comp. Laws Section 487.1813
  (1) A licensee shall not provide, directly or indirectly, financing assistance to a business firm to which an associate of that licensee provides financing assistance, ...
• Compensation Of Associate Of Licensee For Procuring Or Influencing Licensee's Action With Respect To Providing Financing Assistance; Section Inapplicable To Fees Received For Bona Fide Closing Services; Criteria - Mich. Comp. Laws Section 487.1815
  An associate of a licensee shall not receive, directly or indirectly, from a person to whom that licensee provides financing assistance, compensation in connection ...
• Exemptions - Mich. Comp. Laws Section 487.1817
  (1) By such orders or rules the commissioner considers necessary and appropriate, the commissioner may exempt from sections 809 to 815, either unconditionally or upon ...
• Violation Of Article; Penalty; Applicability Of Section; Power Of State To Punish Not Limited By Act - Mich. Comp. Laws Section 487.1819
  (1) A person who knowingly commits an act which act violates this article shall be fined not more than $10,000.00 or shall be imprisoned for ...
• Liberal Construction - Mich. Comp. Laws Section 487.1901
  This act shall be liberally construed to accomplish its purposes. History: 1986, Act 89, Imd. Eff. May 1, 1986 ...
• Proceedings Subject To Administrative Procedures Act; Exemptions - Mich. Comp. Laws Section 487.1903
  A proceeding to promulgate rules or a proceeding regarding civil penalties under section 719 shall be subject to the administrative procedures act of 1969, ...
• Applicability Of Provisions Of Licensee's Incorporating Or Organizing Statute - Mich. Comp. Laws Section 487.1905
  Except as otherwise provided in this section, the provisions of a licensee's incorporating or organizing statute apply to the licensee. If a provision of ...
• Repeal Of SS 487.851 To 487.867; Certain Statutory References Considered References To Bidco - Mich. Comp. Laws Section 487.2001
  Act No. 117 of the Public Acts of 1963, being sections 487.851 to 487.867 of the Michigan Compiled Laws, is repealed. A reference in ...
• Short Title - Mich. Comp. Laws Section 487.2051
  This act shall be known and may be cited as the "consumer financial services act". History: 1988, Act 161, Eff. Sept. 1, 1988 Compiler's ...
• Definitions - Mich. Comp. Laws Section 487.2052
  (a) "Applicant" means a person that has applied to the commissioner to be licensed under this act. (b) "Bureau" means the office of financial and ...
• License Required To Engage In Business Activity; Exceptions - Mich. Comp. Laws Section 487.2053
  (1) A person shall not engage in a business activity unless the person is licensed under the appropriate financial licensing act, or by this act. ...
• License Application - Mich. Comp. Laws Section 487.2054
  An application for a license under this act shall be made in writing and under oath to the commissioner in the form the commissioner ...
• License Fee; Investigation Fee; Financial Statements; Net Worth Requirements - Mich. Comp. Laws Section 487.2055
  (a) An annual operating fee as established by the commissioner under section 11. (b) An application fee as provided in section 11. The application fee ...
• Surety Bond Or Letter Of Credit - Mich. Comp. Laws Section 487.2056
  (2) A surety bond described in subsection (1) shall be payable to the commissioner for the benefit of the people of the state of Michigan ...
• Investigation Of License Applicant By Commissioner; Issuance And Delivery Of License; Expiration Of License; Renewal Of License; Fee; Penalty For Delinquent Payment - Mich. Comp. Laws Section 487.2057
  (1) Upon the filing of an application and the payment of the required fees by an applicant, the commissioner shall investigate the applicant. If the ...
• License Certificate; Availability Of Copy; Transferability; Changing Name Or Place Of Business; Operating One Place Of Business Under Same License; Additional Place Of Business; Ceasing Business Activities - Mich. Comp. Laws Section 487.2058
  (1) Upon approval by the commissioner of an application for a license, the commissioner shall issue to the applicant a license certificate showing the name ...
• Compliance; Exemption Of Licensee From Certain Provisions Of Financial Licensing Acts; Purchase Of Certain Contracts; Loans - Mich. Comp. Laws Section 487.2059
  (1) Except as otherwise provided by subsection (2), a licensee under this act shall comply with all of the requirements of the financial licensing acts. ...
• Suspension Or Revocation Of License; Notice; Hearing; Determination; Appeal; Grounds For Suspending, Revoking, Or Refusing To Renew License; Suspension Or Revocation Of Activities; Investigations, Examinations, And Hearings; Evidence; Failure To Comply With Subpoena; Cease And Desist Order - Mich. Comp. Laws Section 487.2060
  (1) A license shall not be suspended or revoked except on not less than 10 days' notice to the licensee setting forth in writing the ...
• Request For Reconsideration - Mich. Comp. Laws Section 487.2060a
  (1) If an applicant for a license is dissatisfied with the order issued under section 10 by the commissioner, the applicant may file with the ...
• Hearing; Judicial Review - Mich. Comp. Laws Section 487.2060b
  (1) A hearing provided for in section 10 shall be conducted in accordance with the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 ...
• Enforcement Of Notice Or Order - Mich. Comp. Laws Section 487.2060c
  The commissioner may apply to the circuit court of Ingham county for the enforcement of any effective and outstanding notice or order issued under ...
• Summary Suspension; Order; Hearing; Record - Mich. Comp. Laws Section 487.2060d
  (1) After a complaint is filed or, as applicable, an investigation or administrative action against a licensee is commenced under section 10, the commissioner may ...
• Summary Suspension Order, Cease And Desist Order, Or Injunctive Relief As Additional Legal Action - Mich. Comp. Laws Section 487.2060e
  A summary suspension order, cease and desist order, or injunctive relief issued or granted in relation to a license shall be in addition to ...
• Investigation Or Examination By Commissioner; Complaint Or Action; Suspension Of License; Request For Hearing; Duration Of Suspension - Mich. Comp. Laws Section 487.2060f
  (1) As provided in section 10(4), the commissioner may investigate or conduct an examination of any person and conduct hearings as the commissioner considers necessary ...
• Fraud Or Money Laundering; Definitions - Mich. Comp. Laws Section 487.2060g
  (3) If after a hearing held under subsection (2) the commissioner finds that any of the grounds specified in the notice have been established, the ...
• Hearing; Decision; Findings; Judicial Review; Stay - Mich. Comp. Laws Section 487.2060h
  (1) A hearing under section 10 or 10g shall be conducted under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. ...
• Enforcement Of Order; Jurisdiction - Mich. Comp. Laws Section 487.2060i
  The commissioner may apply to the circuit court of Ingham county for the enforcement of any outstanding order issued under section 10, 10f, or ...
• Violation As Misdemeanor; Penalty - Mich. Comp. Laws Section 487.2060j
  Any current or former executive officer, director, agent, or control person who violates a final order issued under section 10g is guilty of a ...
• Violation Of Order; Exceptions - Mich. Comp. Laws Section 487.2060k
  A control person who is subject to an order issued under section 10g(6) and who meets all of the following requirements is not in ...
• Annual Schedule Of Fees; Fees Nonrefundable; Action For Recovery Of Fees Or Penalties; Disposition Of Money Received - Mich. Comp. Laws Section 487.2061
  (1) The commissioner shall annually establish a schedule of fees sufficient to pay in full the bureau's costs of administering this act. The fees are ...
• Investigation Of Business Activities; Examination Of Books, Accounts, Records, And Files; Additional Reports; Audit And Management Letter - Mich. Comp. Laws Section 487.2062
  (1) The commissioner at any time may investigate the business activities as the commissioner considers necessary, may examine the books, accounts, records, and files used ...
• Repealed. 1999, Act 275, Imd. Eff. Jan. 5, 2000 - Mich. Comp. Laws Section 487.2063
  Compiler's Notes: The repealed section pertained to disposition and use of money received. ...
• Records - Mich. Comp. Laws Section 487.2064
  (1) A licensee under this act shall maintain records relating to all transactions under this act so that the commissioner may enforce compliance with this ...
• Annual Report; Failure To File Report; Penalty - Mich. Comp. Laws Section 487.2065
  (1) A licensee shall annually on or before a date established by the commissioner file with the commissioner a report, on a form provided by ...
• Conservatorship Or Receivership - Mich. Comp. Laws Section 487.2066
  Notwithstanding licensing under this act, if a licensee engaging in the issue or sale of checks that would otherwise be subject to the sale ...
• Licensee Engaged In Loan Servicing Activities; Appointment Of Conservator Or Receiver - Mich. Comp. Laws Section 487.2066a
  If the commissioner determines that a licensee engaging in loan servicing activities, intentionally or as a result of gross or wanton negligence, is not ...
• Powers And Duties Of Conservator Or Receiver - Mich. Comp. Laws Section 487.2066b
  (1) The conservator, under the direction of the commissioner, or the receiver, subject to the approval of the appointing court, shall take possession of the ...
• Prohibited Activities Or Practices - Mich. Comp. Laws Section 487.2067
  A licensee under this act shall not do any of the following: (a) Engage in the business of a real estate broker or real ...
• Rules - Mich. Comp. Laws Section 487.2068
  The commissioner shall promulgate rules that are necessary for the enforcement of this act in accordance with the administrative procedures act of 1969, Act ...
• Obligation Of Contract Party Not Impaired Or Affected - Mich. Comp. Laws Section 487.2069
  This act shall not be construed to impair or affect the obligation of any party to a contract entered into under a provision of ...
• Action By Person, County Prosecuting Attorney, Or Attorney General - Mich. Comp. Laws Section 487.2070
  A person, county prosecuting attorney, or the attorney general may bring an action to: (a) Obtain a declaratory judgment that a method, act, or ...
• Effective Date - Mich. Comp. Laws Section 487.2071
  This act shall take effect September 1, 1988. History: 1988, Act 161, Eff. Sept. 1, 1988 Compiler's Notes: For transfer of authority, powers, duties, ...
• Conditional Effective Date - Mich. Comp. Laws Section 487.2072
  This act shall not take effect unless all of the following bills of the 84th Legislature are enacted into law: (a) House Bill No. ...
• Definitions - Mich. Comp. Laws Section 487.2101
  As used in this act: (a) "College or university" means a state-supported college or university. (b) "Department" means the department of treasury. (c) "Financial ...
• Enrollment In Distribution System For Direct Deposit Of Retirement Benefit With Financial Institution; Electronic Fund Transfer Of State College And University Payments - Mich. Comp. Laws Section 487.2102
  (1) The bureau of retirement systems in the department of management and budget shall enroll recipients of a state retirement benefit who elect enrollment in ...
• Establishment Of Criteria And Distribution System For Participation By Financial Institution - Mich. Comp. Laws Section 487.2103
  The department and the department of management and budget shall establish criteria and the distribution system by which a financial institution may participate in ...
• Rules; Participation Prohibited Under Certain Conditions - Mich. Comp. Laws Section 487.2104
  (1) The department shall promulgate rules to implement this act pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts ...
• Fee; Limitation; Prohibition - Mich. Comp. Laws Section 487.2105
  (1) Beginning January 1, 1994, the department may charge a participating financial institution a reasonable fee not greater than the actual costs of administering the ...
• Short Title - Mich. Comp. Laws Section 487.2121
  History: 2005, Act 244, Imd. Eff. Nov. 28, 2005 ...
• Definitions - Mich. Comp. Laws Section 487.2122
  (a) "Applicant" means a person seeking a license to engage in the business of providing deferred presentment service transactions under this act. (b) "Check" means ...
• Business Of Providing Deferred Presentment Service Transactions; License Required; Scope Of Act; Application Process And Timeline; Bulletin, Order, Or Rule - Mich. Comp. Laws Section 487.2131
  (2) This act does not apply to a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, ...
• Licensure Requirements - Mich. Comp. Laws Section 487.2132
  (a) Have and maintain net worth of at least $50,000.00 for each licensed location, subject to a maximum of $250,000.00 in required net worth for ...
• Application; Writing; Oath; Form; Information; Fee - Mich. Comp. Laws Section 487.2133
  (a) The name, street address, and telephone number of the business location within this state from which the applicant will offer deferred presentment service transactions, ...
• License Fees; Disposition; Surety Bond - Mich. Comp. Laws Section 487.2134
  (2) The commissioner shall annually establish a schedule of license fees based upon each licensee's business volume, number of locations, and any other business factors ...
• Issuance Of License Upon Investigation That Requirements Satisfied; Posting Copy Of License - Mich. Comp. Laws Section 487.2135
  (2) A licensee shall post a copy of its license in a conspicuous location at the place of business of the licensee. History: 2005, Act ...
• Denial Of Application Or Failure To Act Within Certain Time Period; Hearing - Mich. Comp. Laws Section 487.2136
  (2) If the commissioner denies an application, or if the commissioner fails to act on an application within 60 days after the filing of a ...
• License Not Transferable Or Assignable; Change In Control; Duties Of Licensee; Request For Information Or Documentation; "Control" Defined - Mich. Comp. Laws Section 487.2137
  (2) The prior written approval of the commissioner is required for the continued operation of a licensee if there is a change in control of ...
• Report Describing Certain Event - Mich. Comp. Laws Section 487.2138
  History: 2005, Act 244, Imd. Eff. Nov. 28, 2005 ...
• Expiration And Renewal Of License - Mich. Comp. Laws Section 487.2139
  (2) Before October 1, 2006, the commissioner may issue a license to an applicant under this article that is for a period longer than 12 ...
• Enforcement And Implementation Of Act; Issuance Of Orders And Rules; Correction Of Inaccurate Information; Duties Of Licensee If Database Not Operational; Examination Of Business, Books, And Records - Mich. Comp. Laws Section 487.2140
  (2) If any information previously submitted to the commissioner by a licensee under this act is no longer accurate, the licensee shall promptly file in ...
• Books, Accounts, And Records; Preservation - Mich. Comp. Laws Section 487.2141
  History: 2005, Act 244, Imd. Eff. Nov. 28, 2005 ...
• Development, Implementation, And Maintenance Of Database - Mich. Comp. Laws Section 487.2142
  (2) The commissioner may operate the database described in subsection (1) or may select and contract with a single third party provider to operate the ...
• Notice; Posting; Form - Mich. Comp. Laws Section 487.2151
  "1. A deferred presentment service transaction is not intended to meet long-term financial needs. We can only defer cashing your check for up to 31 ...
• Written Deferred Presentment Service Agreement; Signatures; Provisions; Arbitration - Mich. Comp. Laws Section 487.2152
  (2) A licensee shall include all of the following in the written deferred presentment service agreement: (a) The name of the customer. (b) The name, ...
• Transaction; Limitation On Amount; Service Fee; Conditions Prohibiting Entering Transaction; Duties Of Licensee; Prohibited Conduct; Sign - Mich. Comp. Laws Section 487.2153
  (a) An amount that does not exceed the aggregate of the following, as applicable: (i) Fifteen percent of the first $100.00 of the deferred presentment ...
• Customer Eligibility; Verification; Use Of Database; Fee; Submission Of Information To Database; Closure Of Transaction - Mich. Comp. Laws Section 487.2154
  (a) If the commissioner has not implemented a database under section 22 or the database described in section 22 is not fully operational, as determined ...
• Renewal Or Extension Of Agreement; Repayment Option; Conditions; Terms; Notice; Satisfaction Of Drawer's Obligation - Mich. Comp. Laws Section 487.2155
  (2) If a drawer enters into 8 deferred presentment service transactions with any licensee in any 12-month period, the licensee shall provide the drawer an ...
• Violation Of Act - Mich. Comp. Laws Section 487.2156
  (2) At any time before signing a new deferred presentment service agreement with a licensee, a drawer who believes that the licensee has violated this ...
• Rescission Of Agreement; Redemption Of Check By Drawer - Mich. Comp. Laws Section 487.2157
  (2) A drawer may redeem a check from the licensee holding the check in a deferred presentment service transaction at any time before the maturity ...
• Endorsement Of Check; Returned Check Charge; Liability For Dishonored Check - Mich. Comp. Laws Section 487.2158
  (2) A licensee may contract for and collect a returned check charge that does not exceed the maximum returned check charge determined under subsection (3) ...
• Agreements; Maintenance; Availability For Examination; Rejected Applications - Mich. Comp. Laws Section 487.2159
  (2) A licensee shall preserve and keep available for examination by the commissioner all documents pertaining to a rejected application for a deferred presentment service ...
• Prohibited Conduct - Mich. Comp. Laws Section 487.2160
  (a) Enter into a tying arrangement through which the licensee conditions the sale of 1 financial service to a consumer on the agreement by the ...
• Customer Complaint; Filing; Investigation Or Examination By Commissioner; Subpoena; Noncompliance - Mich. Comp. Laws Section 487.2165
  (2) The commissioner may investigate or conduct examinations of a licensee and conduct hearings as the commissioner considers necessary to determine whether a licensee or ...
• Cease And Desist Order - Mich. Comp. Laws Section 487.2166
  (2) A licensee that fails to appear at a hearing under subsection (1) consents to the issuance of a cease and desist order. If a ...
• Suspension, Revocation, Or Termination Of License - Mich. Comp. Laws Section 487.2167
  (a) Failed to pay the annual license fee, an examination fee, or any other fee imposed by the commissioner under this act. (b) Committed any ...
• Violations; Civil Fines - Mich. Comp. Laws Section 487.2168
  (2) A civil fine assessed under subsection (1) may be sued for and recovered by and in the name of the commissioner and may be ...
• Fraud - Mich. Comp. Laws Section 487.2169
  (2) A notice issued under subsection (1) shall contain a statement of the facts supporting the prohibition and, except as provided under subsection (7), set ...
• Hearing - Mich. Comp. Laws Section 487.2170
  (2) Any administrative proceedings under this act are subject to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. History: 2005, ...
• Rules; Report - Mich. Comp. Laws Section 487.2171
  (2) By July 31, 2007, the commissioner shall submit a report to the standing committees of the senate and house of representatives concerned with regulatory ...
• Person Providing Services Before Effective Date Of Act; Compliance - Mich. Comp. Laws Section 487.2172
  History: 2005, Act 244, Imd. Eff. Nov. 28, 2005 ...
• Civil Cause Of Action; Damages - Mich. Comp. Laws Section 487.2173
  History: 2005, Act 244, Imd. Eff. Nov. 28, 2005 ...
• Short Title - Mich. Comp. Laws Section 487.3101
  This act shall be known and may be cited as the "savings bank act". History: 1996, Act 354, Imd. Eff. July 1, 1996 Compiler's ...
• Definitions; A To I - Mich. Comp. Laws Section 487.3102
  As used in this act: (a) "Agency office" means a place at which the business of a savings bank is conducted other than by ...
• Definitions; L To W - Mich. Comp. Laws Section 487.3103
  As used in this act: (a) "LLC member" means a person with ownership interest under the Michigan limited liability company act, 1993 PA 23, ...
• Financial Institutions Bureau; Jurisdiction; Duties Of Commissioner; Construction Of Act - Mich. Comp. Laws Section 487.3201
  (1) The financial institutions bureau shall have jurisdiction over and execute the laws relating to savings banks transacting business in this state. (2) The commissioner ...
• Prohibited Conduct - Mich. Comp. Laws Section 487.3202
  Unless the person is organized under this act, a person shall not transact business under this act, do business under any name or title, ...
• Federal Insurance Of Deposits Required - Mich. Comp. Laws Section 487.3203
  Unless the commissioner, for good cause shown, waives the requirement, a savings bank shall secure insurance of its deposit accounts backed by the full ...
• Savings Bank; Asset Tests; Loans For Domestic Residential Housing; Failure To Satisfy Asset Tests - Mich. Comp. Laws Section 487.3204
  (1) A savings bank shall satisfy 1 of the following asset tests: (a) An asset test requiring that not less than 50% of the total ...
• Appointment Of Examiners And Employees; Payment Of Compensation, Travel, And Expenses - Mich. Comp. Laws Section 487.3205
  The commissioner may appoint examiners and other employees for the carrying out of this act. The compensation, travel, and other expenses of the commissioner, ...
• Commissioner, Deputy Commissioner, Or Examiner; Prohibited Conduct - Mich. Comp. Laws Section 487.3206
  (1) During his or her term of office or employment, the commissioner, a deputy commissioner, or an examiner of the bureau shall not be a ...
• Commissioner, Deputy Commissioner, Or Examiner; Civil Liability - Mich. Comp. Laws Section 487.3207
  The commissioner, deputy commissioner, examiner, or other employee of the bureau shall not be liable in any civil action for damages for any act ...
• Rules, Orders, And Declaratory Rulings - Mich. Comp. Laws Section 487.3208
  (1) The commissioner may promulgate rules in addition to those specifically provided for by this act as he or she may consider necessary to effectuate ...
• Savings Banks And Entities Subject To Examination By Commissioner - Mich. Comp. Laws Section 487.3209
  (1) A savings bank together with its subsidiaries, service entities, and entities the controlling interests of which are more than 50% owned by subsidiaries or ...
• Schedule Of Supervisory Fees; Initial Supervisory Fee - Mich. Comp. Laws Section 487.3210
  (1) The commissioner shall periodically establish a schedule of supervisory fees to be paid by savings banks. Except for a minimum fee consistent with subsection ...
• Circuit Court Subpoena To Appear; Petition By Commissioner; Scope; Failure To Appear As Contempt - Mich. Comp. Laws Section 487.3211
  The commissioner may petition the circuit court for the county in which the examination is being carried on to issue a subpoena on behalf ...
• Privilege Against Self-Incrimination; Perjury - Mich. Comp. Laws Section 487.3212
  (1) A person shall not be excused from testifying or from producing any books, papers, records, or memoranda in any examination when ordered to do ...
• Confidentiality; Exception - Mich. Comp. Laws Section 487.3213
  (1) The commissioner and all deputies, agents, and employees of the bureau shall keep secret all facts and information obtained in the course of their ...
• Application For Approval; Requirements; Appeal - Mich. Comp. Laws Section 487.3214
  (1) A savings bank that seeks the commissioner's approval under section 302, 303, 312, 336, 412, 421, 701, 709, 710, 711, 711a, 712, 712a, or ...
• Unsafe Or Unsound Practice Or Violation; Notice Of Charges; Hearing; Order To Cease And Desist; Effect And Enforcement; Out-Of-State Bank Branch - Mich. Comp. Laws Section 487.3215
  (1) If in the opinion of the commissioner a savings bank is engaging, has engaged, or is about to engage in an unsafe or unsound ...
• Temporary Cease And Desist Order; Effective And Enforceable; Injunction To Set Aside, Limit, Or Suspend Order - Mich. Comp. Laws Section 487.3216
  (1) If the commissioner determines that the violation or unsafe or unsound practice specified in the notice of charges served upon the savings bank under ...
• Intent By Commissioner To Remove Director Or Officer From Office; Notice; Suspension Or Prohibition; Effective Date; Service Of Copies Of Notice; Statement Of Facts; Hearing; Issuance Of Order; Effect And Enforcement - Mich. Comp. Laws Section 487.3217
  (1) If in the opinion of the commissioner a director or officer of a savings bank has committed a violation of law or rule or ...
• Stay Of Suspension Or Prohibition; Application To Circuit Court - Mich. Comp. Laws Section 487.3218
  No later than 10 days after a director, officer, or other person has been suspended from office or prohibited from participation in the conduct ...
• Felony Charge Involving Dishonesty Or Breach Of Trust By Director Or Officer; Suspension Or Prohibition; Duration; Entry Of Conviction; Order Of Removal From Office Or Prohibition; Service Of Copy; Finding Of Not Guilty Or Other Disposition - Mich. Comp. Laws Section 487.3219
  (1) If a director or officer of a savings bank or other person participating in the conduct of the affairs of a savings bank is ...
• Board Of Directors; Less Than Quorum - Mich. Comp. Laws Section 487.3220
  If, because of the suspension or removal of 1 or more directors under this act, the board of directors of a savings bank has ...
• Hearing; Decision; Review; Modifying, Terminating, Or Setting Aside Order; Commencement Of Proceedings Not As Stay Of Order - Mich. Comp. Laws Section 487.3221
  (1) A hearing provided for in this chapter shall be conducted in accordance with the administrative procedures act of 1969, Act No. 306 of the ...
• Notice Or Order; Jurisdiction Of Court - Mich. Comp. Laws Section 487.3222
  The commissioner may apply to the circuit court of the county in which the home office of the savings bank is located, or in ...
• Prohibited Acts; Fine; Limitation - Mich. Comp. Laws Section 487.3223
  A director or officer, or former director or officer, of a savings bank or any other person against whom there is outstanding and effective ...
• Service Of Notice; Intent To Issue Cease And Desist Order; Notice To Governor - Mich. Comp. Laws Section 487.3224
  (1) A service required or authorized to be made by the commissioner under sections 215 to 225 may be made by registered or certified mail, ...
• Proceedings Under S 487.3215, 487.3216(1), Or 487.3217; Notice To Federal Authorities Of Intent To Institute Proceedings - Mich. Comp. Laws Section 487.3225
  In connection with a proceeding under section 215, 216(1), or 217, the commissioner shall provide the appropriate federal supervisory authorities with notice of intent ...
• Definitions - Mich. Comp. Laws Section 487.3226
  As used in sections 215 to 225: (a) "Cease and desist order which has become final" and "order which has become final" mean a ...
• Corporation; Formation; Purpose - Mich. Comp. Laws Section 487.3301
  A corporation may be formed by 1 or more persons in accordance with the laws of this state for the purpose of conducting a ...
• Organization Of Savings Bank; Application; Forms; Notice; Publication Requirements; Waiver; Examination Of Information And Statements; Approval Or Disapproval Of Application - Mich. Comp. Laws Section 487.3302
  (1) A person shall apply to the commissioner for permission to organize a savings bank under this act. The application shall be on forms prescribed ...
• Organization Of Branch By Out-Of-State Savings Bank; Proof Of Federal Insurance On Deposits; Determination Of Compliance; Certificate Of Organization And Eligibility To Accept Deposits And Investments Of Public Funds - Mich. Comp. Laws Section 487.3302a
  (1) An out-of-state savings bank may apply to organize a branch in this state under this act by providing to the commissioner proof that its ...
• Organization Of Savings Bank To Serve Depository Institutions; Application - Mich. Comp. Laws Section 487.3303
  (1) Any number of depository institutions may apply to organize a savings bank exclusively to serve depository institutions or their officers, directors, employees, and affiliates. ...
• Organizational Expenses; Reimbursement; Review - Mich. Comp. Laws Section 487.3304
  (1) Following the date authorized by the commissioner for the savings bank to commence business, the savings bank may reimburse the organizers for reasonable and ...
• Articles Of Incorporation - Mich. Comp. Laws Section 487.3305
  (1) Upon approval of the application, at least 2 original articles of incorporation executed by a majority of the applicants shall be submitted to the ...
• Authorization To Commence Business; Conditions; Verification; Certificate With Official Seal; Application Deemed Abandoned And No Effect; First Meeting - Mich. Comp. Laws Section 487.3306
  (1) Within 30 days after the approval and filing of its articles of incorporation, or such later time not to exceed 1 year as approved ...
• Required Capital; Applicability Of Section To Consolidated Organization; Authorization Of Stock Savings Bank Or Mutual Savings Bank To Commence Business; Total Capital; Maintenance Of Surplus Amount - Mich. Comp. Laws Section 487.3307
  (1) A stock savings bank organized under this act shall have capital in an amount as the commissioner considers adequate. (2) This section does not ...
• Stock Savings Bank; Stock Issuance - Mich. Comp. Laws Section 487.3308
  A stock savings bank may issue shares of common stock and preferred stock that may be divided into classes and the classes into series. ...
• Mutual Savings Bank; Membership - Mich. Comp. Laws Section 487.3309
  The membership of a mutual savings bank shall consist solely of every depositor or holder of a deposit account issued by the savings bank. ...
• Issuance Of Capital Notes, Debentures, And Other Indebtedness - Mich. Comp. Laws Section 487.3310
  (1) A savings bank, with the approval of shareholders owning 2/3 of the stock of a stock savings bank who are entitled to vote, or ...
• Applicability Of Provisions To Voting Stock - Mich. Comp. Laws Section 487.3311
  Whenever a vote of the holders of shares of stock is required by this act, those provisions shall apply only to the voting stock ...
• Issuance Of Stock By Mutual Savings Bank; Conversion - Mich. Comp. Laws Section 487.3312
  Upon application and approval of the commissioner, a mutual savings bank may amend its articles of incorporation to authorize the issuance of stock and ...
• Issuance Of Certificates Of Stock By Savings Bank - Mich. Comp. Laws Section 487.3313
  (1) Except as provided in subsection (2), the shares of a savings bank shall be represented by certificates of stock that shall be issued to ...
• Increase In Capital Stock - Mich. Comp. Laws Section 487.3314
  (1) By a vote of shareholders owning 2/3 of each class of the stock entitled to vote, a savings bank may amend its articles to ...
• Reduction In Capital Stock - Mich. Comp. Laws Section 487.3315
  (1) By a vote of shareholders owning 2/3 of the stock entitled to vote of the savings bank, a savings bank may reduce its capital ...
• Declaration And Payment Of Dividends - Mich. Comp. Laws Section 487.3316
  (1) The board of directors of a savings bank may declare and pay dividends on the common stock of the savings bank subject to the ...
• Mutual Savings Bank; Meetings - Mich. Comp. Laws Section 487.3317
  (1) An annual meeting of the members of a mutual savings bank shall be held at a time and place designated by or in the ...
• Records - Mich. Comp. Laws Section 487.3318
  (1) Each savings bank shall keep correct and complete books and records of accounts. (2) Each mutual savings bank shall maintain membership records which shall ...
• Savings Bank; Meetings; Voting - Mich. Comp. Laws Section 487.3319
  (1) The annual meeting of the shareholders of every stock savings bank shall be held at a time and place designated by or in the ...
• Savings Bank; Meeting Notice - Mich. Comp. Laws Section 487.3320
  The commissioner may call a meeting of the members or shareholders of a savings bank for any purpose by giving a notice of the ...
• Savings Bank; Stock Ledger; Designation Of Transfer Agent Or Registrar Of Shares; List To Be Furnished Upon Request - Mich. Comp. Laws Section 487.3321
  (1) A stock savings bank shall keep and maintain a stock ledger in which shall be correctly entered the name and address of each shareholder ...
• Savings Bank; Election Of Directors; Vacancy; Bylaws; Meetings; Chief Executive Officer; Minutes; Quorum; Notice Of Meeting - Mich. Comp. Laws Section 487.3322
  (1) A savings bank shall be managed by a board of not less than 5 nor more than 25 directors who shall be elected in ...
• Oath - Mich. Comp. Laws Section 487.3323
  Each director prior to taking office shall take and subscribe an oath that he or she will diligently and honestly perform his or her ...
• Purchase Or Sale Of Securities By Director; Conditions - Mich. Comp. Laws Section 487.3324
  (1) A savings bank may contract for, or purchase from, any of its directors, or from any person of which any of the savings bank's ...
• Director Or Officer Of Savings Bank; Discharge Of Duties; Violation; Removal; Vote - Mich. Comp. Laws Section 487.3325
  (1) A director or an officer of a savings bank shall discharge the duties of his or her position in good faith and with that ...
• Indemnification Of Party - Mich. Comp. Laws Section 487.3326
  (1) A savings bank may indemnify a person who was or is a party or is threatened to be made a party to a threatened, ...
• Indemnification Of Director, Officer, Employee, Or Agent - Mich. Comp. Laws Section 487.3327
  (1) To the extent that a director, officer, employee, or agent of a savings bank has been successful on the merits or otherwise in defense ...
• Payment Or Reimbursement Of Expenses Incurred In Civil Or Criminal Action, Suit, Or Proceeding - Mich. Comp. Laws Section 487.3328
  A savings bank may pay or reimburse the reasonable expenses incurred by a director, officer, employee, or agent who is a party or threatened ...
• Rights To Indemnification - Mich. Comp. Laws Section 487.3329
  (1) The indemnification or advancement of expenses provided by or granted under this act is not exclusive of other rights to which a person seeking ...
• Insurance; Trust Fund - Mich. Comp. Laws Section 487.3330
  (1) A savings bank has the power to purchase and maintain insurance, including insurance issued by an affiliated insurer and insurance for which premiums may ...
• Consolidation Or Merger; Position Of Director, Officer, Employee, Or Agent Of Depository Institution - Mich. Comp. Laws Section 487.3330a
  For purposes of this section and sections 326, 327, 328, 329, 330, and 332, a person who is or was a director, officer, employee, ...
• Articles Of Incorporation; Amendment - Mich. Comp. Laws Section 487.3331
  (1) With the approval of the commissioner and by vote of a majority of members or voting shares of the savings bank, a savings bank ...
• Definitions; Best Interests Of Savings Bank, Shareholders, Or Members - Mich. Comp. Laws Section 487.3332
  (1) As used in sections 325 to 331: (a) "Fines" shall include any excise taxes assessed on a person with respect to an employee benefit ...
• Liquidation; Notice; Certificate Of Termination; Designation Of Liquidating Agent Or Committee; Bond; Reports; Removal; Appointment Of New Agent Or Committee; Examination By Commissioner; Publication Of Notice; Filing And Forwarding Certificate Of Termination - Mich. Comp. Laws Section 487.3333
  (1) A solvent savings bank may go into liquidation and be closed upon expiration of its corporate charter or by the vote of a 2/3 ...
• Commencement Of Voluntary Liquidation Procedures; Savings Bank As Body Corporate; Actions, Suits, Or Proceedings Begun Prior To Liquidation Proceeding; Powers Of Surviving Directors - Mich. Comp. Laws Section 487.3334
  (1) Except as provided in subsection (2), a savings bank that commences voluntary liquidation proceedings under section 333 shall continue to be a body corporate ...
• Savings Bank; Expiration Of Term By Limitation; Extension; Renewal - Mich. Comp. Laws Section 487.3335
  (1) A savings bank whose term will expire by limitation, at any time preceding the expiration of such term, by amendment of its articles, may ...
• Sale Or Purchase Of Assets; Consideration; Purpose; Filing Certified Copies Of Proceedings; Liability; Maintenance Of Principal Office Or Branches - Mich. Comp. Laws Section 487.3336
  (1) With the approval of the commissioner, based upon an examination or other appropriate analysis of either the buying or selling organization, or both, and ...
• Sale Or Purchase Of Branches; Notice - Mich. Comp. Laws Section 487.3337
  (1) A savings bank may sell 1 or more of its branches to a bank, out-of-state bank, national bank, association, or savings bank located in ...
• Unlimited Amounts Or Share Of Deposits - Mich. Comp. Laws Section 487.3338
  There shall be no limit upon the amount or share of deposits held or controlled in this state by any savings bank or holding ...
• Compliance Review Committee; Construction Of Section - Mich. Comp. Laws Section 487.3339
  (1) A compliance review committee shall evaluate and seek to improve all of the following: (a) Loan policies or underwriting standards. (b) Asset quality. (c) ...
• Savings Bank; Powers - Mich. Comp. Laws Section 487.3401
  (1) Except as otherwise provided by this act, a savings bank may engage in the business of banking and exercise all powers incidental to the ...
• Purchase, Design, Manufacture, Construction, Repair, Modification, Or Improvement Of Real Property; Use Of Loan Proceeds; Liability For Defect - Mich. Comp. Laws Section 487.3402
  A savings bank that makes a loan the proceeds of which are used or may be used by the borrower to finance the purchase, ...
• Purchase Of Corporation Stock By Savings Bank; Limitation On Aggregate Investments - Mich. Comp. Laws Section 487.3403
  Except as otherwise provided by this act, with the approval of the commissioner, a savings bank may purchase the shares of stock of any ...
• Purchase Of Stock, Or Loans To, Michigan Business Development Corporation - Mich. Comp. Laws Section 487.3404
  Except as otherwise provided by this act or in its articles of incorporation, a savings bank may purchase the shares of stock of, or ...
• Venture Capital Investments; "Professional Investor" And "Venture Capital" Defined - Mich. Comp. Laws Section 487.3405
  (1) Except as otherwise provided by this act and in its articles of incorporation, a savings bank may make venture capital investments, or may invest ...
• "Investment Security" And "Secretary" Defined; Purchase Of Investment Securities - Mich. Comp. Laws Section 487.3406
  (1) As used in this section: (a) "Investment security" means a marketable obligation in the form of a bond, note, or debenture, commonly regarded as ...
• Acquisition, Development, Or Improvement Of Real Estate; Limitation On Investment Of Assets; Powers Of Savings Bank - Mich. Comp. Laws Section 487.3407
  A savings bank may invest not more than 10% of its total assets in the acquisition and development of real estate for sale, or ...
• Services Performed By Savings Bank - Mich. Comp. Laws Section 487.3408
  A savings bank may perform 1 or more of the following services, and any other services permitted by order or declaratory ruling of the ...
• Savings Bank Engaged In Real Estate Brokerage Business; Notice Of Licensure Or Ownership; Prohibited Acts; Disclosure To Credit Applicant; Violation Of Section; Orders; Limitation - Mich. Comp. Laws Section 487.3409
  (1) A savings bank that engages directly in the real estate brokerage business or owns in whole or in part a real estate brokerage business ...
• Investment In Service Entities - Mich. Comp. Laws Section 487.3410
  (1) Upon 30 days' notice to the commissioner, a savings bank may invest in service entities that engage in activities described in subsections (4) and ...
• Powers Granted In SS 487.3401 And 487.3403 Construed - Mich. Comp. Laws Section 487.3411
  The powers granted in sections 401 and 403 shall not be construed as limiting any grant of authority made elsewhere by this act except ...
• Change In Location Of Principal Office - Mich. Comp. Laws Section 487.3412
  (1) Upon prior written notice to the commissioner, a savings bank may change the location of its principal office to any existing branch location of ...
• Transactions Relating To Capital Stock Of Corporation; Authorization; Purchase And Sale Of Securities And Stock; Loan Or Discount; Purchase Or Holding Of Own Stock - Mich. Comp. Laws Section 487.3413
  (1) A savings bank shall not engage in any transaction with respect to shares of the capital stock of any corporation unless specifically authorized by ...
• Savings Bank Possessing Capital And Surplus More Than $1,000,000.00; Powers; Application; Savings Bank Operating Foreign Branches; Restrictions And Limitations; Further Powers - Mich. Comp. Laws Section 487.3414
  (1) A savings bank possessing a capital and surplus of $1,000,000.00 or more may file application with the commissioner for permission to exercise, upon conditions ...
• Savings Bank With Branch Offices In Foreign Country - Mich. Comp. Laws Section 487.3415
  (1) Notwithstanding section 1105 of the uniform commercial code, Act No. 174 of the Public Acts of 1962, being section 440.1105 of the Michigan Compiled ...
• Savings Bank As Owner Or Lessor Of Personal Property; Lease Payments As Rent; Taxes; Prohibition - Mich. Comp. Laws Section 487.3416
  (1) A savings bank may become the owner or lessor of personal property for the purpose of leasing the property or obtaining an assignment of ...
• Savings Bank With Branch In Another State - Mich. Comp. Laws Section 487.3417
  (1) A savings bank may establish and operate a branch or branches within any state, the District of Columbia, a territory or protectorate of the ...
• Loan Production Offices - Mich. Comp. Laws Section 487.3418
  (1) Without notice to or approval of the commissioner, a savings bank may establish and operate a loan production office or loan production offices. (2) ...
• Purchase Or Assumption Of National Or State Chartered Bank, Savings Bank, Or Association; Operation As New Branch - Mich. Comp. Laws Section 487.3419
  Notwithstanding any other provision of this act, a savings bank that purchases or assumes all or substantially all of the assets or liabilities of ...
• Discontinuing Operations Of Branch Or Agency Office; Transfer Of Functions - Mich. Comp. Laws Section 487.3420
  If a savings bank permanently discontinues the operations of any branch or agency office, all bills, checks, and notes otherwise presentable for acceptance or ...
• Trust Powers; Conditions, Limitations, And Restrictions - Mich. Comp. Laws Section 487.3421
  (1) Upon application, the commissioner may grant to a savings bank full trust powers, as provided in this section, but subject to the conditions, limitations, ...
• Definitions; Trust Service Agreements - Mich. Comp. Laws Section 487.3422
  (1) As used in this section: (a) "Banking office" means a main office or authorized branch of a bank, out-of-state bank, national bank, association, or ...
• Separation Of Trust Department Business From Commercial Bank Business; Commingled And Consolidated Funds; Limitation; Lien On Securities In Event Of Savings Bank Failure - Mich. Comp. Laws Section 487.3423
  (1) A savings bank exercising a trust power under sections 421 to 427 shall segregate all assets held in a fiduciary capacity from the general ...
• Fiduciary Powers; Considerations - Mich. Comp. Laws Section 487.3424
  (1) In passing upon applications for permission to exercise full fiduciary powers under section 421, the commissioner shall take into consideration the following, and he ...
• Repealed. 2000, Act 482, Imd. Eff. Jan. 11, 2001 - Mich. Comp. Laws Section 487.3425
  Compiler's Notes: The repealed section pertained to commencement of trust powers. ...
• Fund Or Property Held By Savings Bank As Fiduciary; Investments; "Registered Investment Company" Defined; Funds Considered As Held In Fiduciary Capacity - Mich. Comp. Laws Section 487.3426
  (1) Funds or property held by a savings bank as fiduciary and available for investment shall be invested at the time and in the manner ...
• Enforcement Of SS 487.3421 To 487.3426; Orders Or Declaratory Rulings - Mich. Comp. Laws Section 487.3427
  The commissioner may issue orders or declaratory rulings to enforce sections 421 to 426. History: 1996, Act 354, Imd. Eff. July 1, 1996 ...
• Safe Deposit And Storage Department - Mich. Comp. Laws Section 487.3428
  (1) If a savings bank operates a safe deposit and storage department, the legal liability of the savings bank on account of any loss to ...
• Lease, Purchase, Holding, And Conveyance Of Real Estate - Mich. Comp. Laws Section 487.3429
  (1) A savings bank may lease, purchase, hold, and convey real estate for any of the following purposes: (a) For the convenient transaction of its ...
• Interest And Charges On Loans And Credit Extensions - Mich. Comp. Laws Section 487.3430
  (1) Savings banks may collect interest and charges on loans and extensions of credit, including open-end credit to any person, as follows: (a) As permitted ...
• Drafts Or Bills Of Exchange - Mich. Comp. Laws Section 487.3431
  (1) A savings bank may accept drafts or bills of exchange drawn upon it having not more than 6 months' sight to run, exclusive of ...
• Loans And Extensions Of Credit And Leases; Limitations; Exceptions; Definitions - Mich. Comp. Laws Section 487.3432
  (1) Except as otherwise provided in this section or by order or declaratory ruling of the commissioner, the total loans and extensions of credit and ...
• Loans And Extensions Of Credit; Exceptions To Limitations - Mich. Comp. Laws Section 487.3433
  All of the following loans and extensions of credit are not subject to a limitation based upon capital and surplus, or total capital under ...
• Capital And Surplus; Limitations - Mich. Comp. Laws Section 487.3434
  All of the following limitations based upon capital and surplus shall apply: (a) Loans and extensions of credit to a customer secured by bills ...
• Impairment Of Capital - Mich. Comp. Laws Section 487.3501
  (1) If, in the opinion of the commissioner, the capital of a savings bank has become impaired, the commissioner shall notify the savings bank of ...
• Violations; Liability Of Directors Or Officers - Mich. Comp. Laws Section 487.3502
  If the directors or officers of a savings bank knowingly violate or knowingly permit any of the agents, officers, or directors of a savings ...
• Officer Or Employee As Agent In Sale Of Stock Or Securities; Prohibition - Mich. Comp. Laws Section 487.3503
  An officer or employee of a savings bank, in his or her individual capacity, shall not act as agent in the sale of stock ...
• Receipt Of Consideration Or Gratuity Prohibited - Mich. Comp. Laws Section 487.3504
  An officer, director, or employee of a savings bank shall not receive any consideration or gratuity from a borrower for procuring a loan from ...
• Surety Bonds; Protection Against Insurable Losses - Mich. Comp. Laws Section 487.3505
  (1) The board of directors shall require every employee concerned in the handling of money, accounts, or securities of the savings bank, who can be ...
• Reports; Penalty For Failure To Report - Mich. Comp. Laws Section 487.3506
  (1) The commissioner may require reports from a savings bank whenever, in the commissioner's judgment, they are necessary to inform the commissioner fully as to ...
• Regulation And Prescription Of Terms, Conditions, Bylaws, And Rules By Board Of Directors - Mich. Comp. Laws Section 487.3507
  Notwithstanding any other provision of law, the board of directors of a savings bank, with the approval of the commissioner, may regulate and prescribe ...
• Pledge Of Assets - Mich. Comp. Laws Section 487.3508
  (1) Except as otherwise provided in this section, a savings bank or savings bank officer shall not give preference to a depositor or creditor by ...
• Deposit By Savings Bank; Limitation - Mich. Comp. Laws Section 487.3509
  Except where required or permitted under the federal reserve act, chapter 6, 38 Stat. 251, or the federal home loan bank act, chapter 522, ...
• Insolvency; Transfer Of Assets Null And Void - Mich. Comp. Laws Section 487.3510
  A transfer of any assets of a savings bank to its shareholders or members, or to its creditors made after the commission of an ...
• Property Or Casualty Insurance As Condition To Mortgage Loan - Mich. Comp. Laws Section 487.3511
  (1) Except as provided in subsection (2), a savings bank that requires a mortgagor to maintain property or casualty insurance as a condition to receiving ...
• Overdrafts - Mich. Comp. Laws Section 487.3512
  (1) An overdraft existing for 90 days shall be charged off to the profit and loss account of the savings bank at the expiration of ...
• Repealed. 2005, Act 192, Imd. Eff. Nov. 7, 2005 - Mich. Comp. Laws Section 487.3514
  Compiler's Notes: The repealed section pertained to filing of a supicious activity report by a savings bank with a federal government agency. ...
• Receiver; Appointment - Mich. Comp. Laws Section 487.3601
  (1) If a savings bank has refused to pay its deposits or obligations in accordance with the terms under which the deposits or obligations were ...
• Receiver; Powers; Report To Commissioner - Mich. Comp. Laws Section 487.3602
  (1) Subject to court approval, a receiver may do any of the following: (a) Take possession of the books, records, and assets of the savings ...
• Procedures For Liquidation; Limitation - Mich. Comp. Laws Section 487.3603
  The full and exclusive procedures for the liquidation of a savings bank under this act shall be the procedures prescribed in this act and ...
• Rights Of Depositors And Creditors Of Closed Savings Bank - Mich. Comp. Laws Section 487.3604
  (1) If a savings bank has been closed and placed in receivership, and the federal deposit insurance corporation pays or makes available for payment the ...
• Conservator; Appointment; Powers; Duties - Mich. Comp. Laws Section 487.3605
  (1) If any of the grounds set forth in section 601 authorizing the appointment of a receiver exist or whenever the commissioner considers it necessary ...
• Affairs Of Savings Bank Turned Back To Board Of Directors; Notice - Mich. Comp. Laws Section 487.3606
  (1) After 15 days from the date upon which the affairs of a savings bank have been turned back to its board of directors by ...
• Orders Or Declaratory Rulings As To Receivers And Conservators; Compensation And Expenses To Reimburse Bureau - Mich. Comp. Laws Section 487.3607
  (1) The commissioner may issue orders or declaratory rulings he or she considers necessary in order to carry out the provisions of this chapter as ...
• Reorganization Of Savings Bank - Mich. Comp. Laws Section 487.3608
  (1) In a reorganization of a savings bank under a plan of a kind that requires the consent of depositors and other creditors or of ...
• Consolidated Savings Bank - Mich. Comp. Laws Section 487.3701
  (1) Subject to approval by the commissioner, a savings bank may consolidate with any number of consolidating organizations to form a consolidated savings bank. (2) ...
• Consolidated Organization - Mich. Comp. Laws Section 487.3702
  Sec. 702. A savings bank may consolidate with any number of consolidating organizations to form a consolidated organization in accordance with the laws under which ...
• Consolidated Savings Bank; Rights, Interests, Privileges, Powers, Restrictions, Disabilities, Liabilities, And Duties - Mich. Comp. Laws Section 487.3703
  (1) When the approval and certification of the consolidation agreement as required by section 701 have been completed, the corporate existence of each consolidating organization ...
• Consolidated Organization; Service Of Process; Prosecution - Mich. Comp. Laws Section 487.3704
  (1) Whether it maintains a presence in this state, a consolidated organization or any of its successors in interest are subject to service of process ...
• Operation Of Branches Of Consolidated Or Acquired Savings Bank - Mich. Comp. Laws Section 487.3705
  (1) A savings bank, an out-of-state bank, or a national bank that consolidates its operations with 1 or more banks, out-of-state banks, national banks, ...
• Definitions; Consolidation - Mich. Comp. Laws Section 487.3706
  (1) As used in this section: (a) "Existing association" means a stock association engaged in the savings and loan business or federal savings bank business ...
• Definitions; Reorganization Of Existing Mutual Savings Bank To Mutual Holding Company; Requirements; Organization And Incorporation Of New Savings Bank Subsidiary; Approval - Mich. Comp. Laws Section 487.3706a
  (1) As used in this section: (a) "Existing mutual savings bank" means a mutual savings bank engaged in the savings bank business before reorganization under ...
• Definitions; Terms And Conditions Of Conversion Or Exchange - Mich. Comp. Laws Section 487.3707
  (1) As used in this section: (a) "Consolidation agreement" means an agreement entered into among an existing bank or an existing association, a new bank, ...
• Conversion Of Savings Bank Into Stock Association Or National Banking Association; Conversion Of Mutual Savings Bank Into State Or Federal Mutual Savings And Loan Association - Mich. Comp. Laws Section 487.3708
  (1) Upon the affirmative vote of the majority of votes cast of each class of its outstanding capital stock, a savings bank may be converted ...
• Conversion Of Federally Chartered Shareholder-Owned Financial Institution Into Savings Bank - Mich. Comp. Laws Section 487.3709
  (1) With the approval of the commissioner, and upon the affirmative vote of the majority of the votes cast of each class of its outstanding ...
• Conversion Of State Chartered Shareholder-Owned Financial Institution Into Savings Bank - Mich. Comp. Laws Section 487.3710
  (1) With the approval of the commissioner, and upon the affirmative vote of the majority of the votes cast of each class of its outstanding ...
• Conversion Of Member-Owned Federally Chartered Financial Institution Into Mutual Savings Bank - Mich. Comp. Laws Section 487.3711
  (1) With the approval of the commissioner, and upon the affirmative vote of the majority of the votes cast, a mutual federal savings and loan ...
• Conversion Of Mutual Federal Savings And Loan Association, Mutual Federal Savings Bank, Or Other Member-Owned Federally Chartered Financial Institution Into Stock Savings Bank - Mich. Comp. Laws Section 487.3711a
  (1) With the approval of the commissioner, and upon the affirmative vote of 2/3 of votes cast, a mutual federal savings and loan association, mutual ...
• Conversion Of Member-Owned State Chartered Financial Institution Into Mutual Savings Bank - Mich. Comp. Laws Section 487.3712
  (1) With the approval of the commissioner, and upon the affirmative vote of 2/3 of the votes cast, a mutual state savings and loan association ...
• Conversion Of Mutual State Savings And Loan Association, Or Mutual State Savings Bank, Or Other Member-Owned State Chartered Financial Institution Into Stock Savings Bank - Mich. Comp. Laws Section 487.3712a
  (1) With the approval of the commissioner, and upon the affirmative vote of 2/3 of the votes cast, a mutual state savings and loan association, ...
• Rights, Obligations, And Relations Of Converted And Converting Organization - Mich. Comp. Laws Section 487.3713
  If a conversion becomes effective under this act, all of the following shall apply: (a) The converted organization shall be considered a continuation of ...
• Liability Not Impaired By Sale Of Assets, Consolidation, Or Conversion - Mich. Comp. Laws Section 487.3714
  The liability of any savings bank, national banking association, stock association, or federal savings bank or of the shareholders, directors, or officers thereof, or ...
• Conversion Of Mutual Savings Bank To Stock Savings Bank - Mich. Comp. Laws Section 487.3715
  (1) A mutual savings bank may apply to convert to a stock savings bank. The application shall include a resolution of the board of directors ...
• Use Of "Bank,""Banker," Or "Banking." - Mich. Comp. Laws Section 487.3801
  (1) The use of the word "bank", "banker", or "banking", or words in any foreign language of similar meaning, as a designation or name or ...
• Construction Of Act - Mich. Comp. Laws Section 487.3802
  (1) The powers, privileges, duties, and restrictions conferred and imposed upon any institution existing and doing business under the laws of this state to which ...
• Effect Of SS 450.1 To 450.192 - Mich. Comp. Laws Section 487.3803
  Notwithstanding any other law, a savings bank subject to the provisions of this act shall not be governed by Act No. 327 of the ...
• Tax Exemptions - Mich. Comp. Laws Section 487.3804
  A savings bank subject to this act shall have the following tax exemptions: (a) All mortgages or other securities held by savings banks are ...
• Short Title - Mich. Comp. Laws Section 487.11101
  This act shall be known and may be cited as the "banking code of 1999". History: 1999, Act 276, Eff. Mar. 1, 2000 Compiler's ...
• Supervision And Regulation Of Banking Organizations; State Policy - Mich. Comp. Laws Section 487.11102
  It is the policy of this state that the business of all banking organizations shall be supervised and regulated in a manner that insures ...
• Filing Of Documents As Constructive Notice Of Contents; Limitation - Mich. Comp. Laws Section 487.11103
  The filing of documents under this act does not provide constructive notice of the contents of the documents except as to shareholders, directors, and ...
• Remedies; Construction Of Act - Mich. Comp. Laws Section 487.11104
  (1) This act does not impair or affect an act done, offense committed, or right accruing, accrued, or acquired, or liability, penalty, forfeiture, or punishment ...
• Person Engaged In Business Of Banking; Corporation As Fiduciary - Mich. Comp. Laws Section 487.11105
  (1) A person shall not engage in the business of banking in this state unless authorized by this act, the laws of another state, the ...
• Use Of Designation Or Name - Mich. Comp. Laws Section 487.11106
  The use of the word "bank", "banker", or "banking" or any foreign language words of similar meaning as a designation or name, or part ...
• Tax Exemptions - Mich. Comp. Laws Section 487.11107
  All mortgages or other securities held by banks are exempt from all municipal or other taxes under the laws of this state, and all ...
• Definitions; A To F - Mich. Comp. Laws Section 487.11201
  As used in this act: (a) "Administrative expense" means any of the following: (i) An expense designated as an administrative expense by this act ...
• Definitions; F To P - Mich. Comp. Laws Section 487.11202
  As used in this act: (a) "Financial institution" means an organization licensed, chartered, or regulated by the financial institutions bureau under the laws of ...
• Definitions; S To V - Mich. Comp. Laws Section 487.11203
  As used in this act: (a) "Savings bank" means a savings bank organized under the savings bank act, 1996 PA 354, MCL 487.3101 to ...
• Financial Institutions Bureau; Creation; Jurisdiction; Commissioner; Appointment; Duties; Seal; Other Employment - Mich. Comp. Laws Section 487.12101
  (1) A financial institutions bureau is created within the department of consumer and industry services, and the bureau shall have jurisdiction over and administer the ...
• Purpose Of Act - Mich. Comp. Laws Section 487.12102
  This act shall be implemented by the commissioner to maximize the capacity of banks to offer convenient and efficient financial services, to promote economic ...
• Powers And Duties Vested Under Former Act; Transfer Of Property, Books, And Other Papers; Effect Of Orders And Rules - Mich. Comp. Laws Section 487.12103
  (1) The powers and duties vested by law in the financial institutions bureau under former 1969 PA 319 are vested in the bureau under this ...
• Deputies; Appointment By Commissioner; Duties; Revocation - Mich. Comp. Laws Section 487.12104
  (1) The commissioner shall appoint a chief deputy who shall perform the duties of the commissioner during the commissioner's absence from the bureau. The commissioner ...
• Employees; Appointment By Commissioner; Compensation; Duties; Revocation - Mich. Comp. Laws Section 487.12105
  (1) The commissioner may appoint employees to carry out specific functions under this act. The compensation, travel, and other expenses of the commissioner, deputy commissioners, ...
• Commissioner, Deputy Commissioner, Or Examiner; Prohibited Conduct - Mich. Comp. Laws Section 487.12106
  (1) During his or her term of office or employment, the commissioner, a deputy commissioner, or an examiner of the bureau shall not be a ...
• Liability; Immunity - Mich. Comp. Laws Section 487.12107
  The commissioner or any other employee of the bureau shall not be liable in any civil action for damages for any act done or ...
• Annual Report - Mich. Comp. Laws Section 487.12108
  For each calendar year the commissioner shall compile and publish an annual report in the form and containing information the commissioner determines necessary to ...
• Confidentiality; Disclosures - Mich. Comp. Laws Section 487.12109
  (1) The commissioner and all deputies, agents, and employees of the bureau shall keep secret all facts and information obtained in the course of their ...
• Rules - Mich. Comp. Laws Section 487.12201
  The commissioner may promulgate rules under the administrative procedures act of 1969 as he or she considers necessary to effectuate the purposes and to ...
• Examination Of Institution, Its Subsidiaries, And Service Entities - Mich. Comp. Laws Section 487.12202
  (1) Each institution together with its subsidiaries and service entities shall be subject to examination of its condition and affairs by the commissioner or the ...
• Fees - Mich. Comp. Laws Section 487.12203
  (1) The commissioner shall periodically establish a schedule of supervisory fees to be paid by banks. Except for a minimum fee consistent with subsection (2), ...
• Declaratory Rulings, Orders, Or Determinations - Mich. Comp. Laws Section 487.12204
  (1) The commissioner may issue declaratory rulings in accordance with the administrative procedures act of 1969, or issue orders on applications by 1 or more ...
• Subpoena Powers - Mich. Comp. Laws Section 487.12301
  The commissioner may petition the circuit court for the county of Ingham or the circuit court in the jurisdiction where an examination is being ...
• Application - Mich. Comp. Laws Section 487.12302
  (1) A bank that seeks the commissioner's approval under section 2204, 3102, 3103, 3701, 3707, 3709, 4106, 4310, 4401, 5101, or 5102 shall submit an ...
• Reconsideration Of Order, Ruling, Or Finding; Hearing - Mich. Comp. Laws Section 487.12303
  (1) Except with respect to rules promulgated under section 2201, a cease and desist order made under sections 2304 to 2314, an order made on ...
• Notice Of Charges; Hearing; Issuance Of Order To Cease And Desist; Enforcement; Notice To Comptroller Of Currency And Attorney General - Mich. Comp. Laws Section 487.12304
  (1) If in the opinion of the commissioner an institution is engaging, has engaged, or is about to engage in an unsafe or unsound practice ...
• Temporary Cease And Desist Order - Mich. Comp. Laws Section 487.12305
  (1) If the commissioner determines that the violation or threatened violation or the unsafe or unsound practice or practices, specified in the notice of charges ...
• Conduct Constituting Breach Of Fiduciary Duty; Order Of Removal Or Prohibition - Mich. Comp. Laws Section 487.12306
  (1) If in the opinion of the commissioner any director or officer of an institution has committed any violation of law or rule or of ...
• Stay Of Suspension Or Prohibition; Issuance By Court - Mich. Comp. Laws Section 487.12307
  Within 10 days after the date a person has been suspended from office or prohibited from participation in the conduct of the affairs of ...
• Conduct Involving Felony Charge; Order Of Removal Or Prohibition - Mich. Comp. Laws Section 487.12308
  If any person participating in the conduct of the affairs of an institution is charged in any information, indictment, warrant, or complaint by a ...
• Quorum Of Board Of Directors - Mich. Comp. Laws Section 487.12309
  If at any time, because of the suspension or removal of 1 or more directors under this act, the board of directors of an ...
• Hearing; Decision; Review; Consent Order; Modification, Termination, Or Setting Aside Order - Mich. Comp. Laws Section 487.12310
  (1) An administrative hearing provided for in section 2304, 2305, 2306, or 2307 shall be conducted under the administrative procedures act of 1969. The hearing ...
• Enforcement Powers; Jurisdiction Of Court - Mich. Comp. Laws Section 487.12311
  (1) The commissioner may apply to the circuit court of the county in which the principal office of the institution is located, or to the ...
• Prohibited Conduct; Fine - Mich. Comp. Laws Section 487.12312
  A person, against whom there is outstanding and effective any notice or final order under section 2306(1), (2), or (3) or of section 2308, ...
• Service Of Notice Or Order - Mich. Comp. Laws Section 487.12313
  A service required or authorized to be made by the commissioner under this section or section 2304, 2305, 2306, 2308, 2310, or 2314 may ...
• Notice To Federal Supervisory Authorities - Mich. Comp. Laws Section 487.12314
  In connection with a proceeding under section 2304, 2305(1), or 2306, the commissioner shall provide the appropriate federal supervisory authorities with notice of intent ...
• Foreign Bank; Prohibited Conduct - Mich. Comp. Laws Section 487.12315
  (1) If, in the opinion of the commissioner, a foreign bank is engaging, has engaged, or is about to engage, in an unsafe or unsound ...
• Liquidation; Receiver Or Other Liquidating Agent - Mich. Comp. Laws Section 487.12401
  (1) Except as provided in subsection (2), a bank subject to this act shall not be liquidated except as provided by this act. A receiver ...
• Appointment Of Receiver; Conditions; Procedures - Mich. Comp. Laws Section 487.12402
  (1) If a bank has refused to pay its deposits or obligations in accordance with the terms under which the deposits or obligations were incurred, ...
• Receiver; Duties; Powers - Mich. Comp. Laws Section 487.12403
  (1) Subject to court approval, a receiver shall do all of the following: (a) Take possession of the books, records, and assets of the bank ...
• Lien On Property Or Assets; Voidable Transfer - Mich. Comp. Laws Section 487.12404
  (1) A transfer of or lien on the property or assets of the bank is voidable by the receiver if the transfer or lien was ...
• Records - Mich. Comp. Laws Section 487.12405
  (1) On approval by the court, the receiver may dispose of records of the bank in receivership that are obsolete and unnecessary to the continued ...
• Conservator; Appointment; Bond And Security; Qualifications; Expenses - Mich. Comp. Laws Section 487.12406
  (1) If any of the grounds under section 2402 authorizing the appointment of a receiver exist or if the commissioner considers it necessary in order ...