Sec. 418.
(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) A savings bank may perform any of the following activities through a loan production office:
(a) Receive loan applications.
(b) Process loans.
(c) Assemble information related to the approval of loans.
(d) Close loans.
(e) Disburse loan proceeds approved by the principal office or a branch.
(f) Receive loan payments.
(g) Any other activities as approved by rule, order, or declaratory ruling of the commissioner.
History: 1996, Act 354, Imd. Eff. July 1, 1996
Last modified: October 10, 2016