Michigan Compiled Laws 354-1996-4 Chapter 4 Powers (487.3401...487.3436)

• Section 487.3401 Savings Bank; Powers.
  (1) Except as otherwise provided by this act, a savings bank may engage in the business of banking and exercise all powers incidental to...
• Section 487.3402 Purchase, Design, Manufacture, Construction, Repair, Modification, Or Improvement Of Real Property; Use Of Loan Proceeds; Liability For Defect.
  A savings bank that makes a loan the proceeds of which are used or may be used by the borrower to finance the purchase,...
• Section 487.3403 Purchase Of Corporation Stock By Savings Bank; Limitation On Aggregate Investments.
  Except as otherwise provided by this act, with the approval of the commissioner, a savings bank may purchase the shares of stock of any...
• Section 487.3404 Purchase Of Stock, Or Loans To, Michigan Business Development Corporation.
  Except as otherwise provided by this act or in its articles of incorporation, a savings bank may purchase the shares of stock of, or...
• Section 487.3405 Venture Capital Investments; “professional Investor” And “venture Capital” Defined.
  (1) Except as otherwise provided by this act and in its articles of incorporation, a savings bank may make venture capital investments, or may...
• Section 487.3406 “investment Security” And “secretary” Defined; Purchase Of Investment Securities.
  (1) As used in this section: (a) “Investment security” means a marketable obligation in the form of a bond, note, or debenture, commonly regarded...
• Section 487.3407 Acquisition, Development, Or Improvement Of Real Estate; Limitation On Investment Of Assets; Powers Of Savings Bank.
  A savings bank may invest not more than 10% of its total assets in the acquisition and development of real estate for sale, or...
• Section 487.3408 Services Performed By Savings Bank.
  A savings bank may perform 1 or more of the following services, and any other services permitted by order or declaratory ruling of the...
• Section 487.3409 Savings Bank Engaged In Real Estate Brokerage Business; Notice Of Licensure Or Ownership; Prohibited Acts; Disclosure To Credit Applicant; Violation Of Section; Orders; Limitation.
  (1) A savings bank that engages directly in the real estate brokerage business or owns in whole or in part a real estate brokerage...
• Section 487.3410 Investment In Service Entities.
  (1) Upon 30 days' notice to the commissioner, a savings bank may invest in service entities that engage in activities described in subsections (4)...
• Section 487.3411 Powers Granted In Mcl 487.3401 And 487.3403 Construed.
  The powers granted in sections 401 and 403 shall not be construed as limiting any grant of authority made elsewhere by this act except...
• Section 487.3412 Change In Location Of Principal Office.
  (1) Upon prior written notice to the commissioner, a savings bank may change the location of its principal office to any existing branch location...
• Section 487.3413 Transactions Relating To Capital Stock Of Corporation; Authorization; Purchase And Sale Of Securities And Stock; Loan Or Discount; Purchase Or Holding Of Own Stock.
  (1) A savings bank shall not engage in any transaction with respect to shares of the capital stock of any corporation unless specifically authorized...
• Section 487.3414 Savings Bank Possessing Capital And Surplus More Than $1,000,000.00; Powers; Application; Savings Bank Operating Foreign Branches; Restrictions And Limitations; Further Powers.
  (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...
• Section 487.3415 Savings Bank With Branch Offices In Foreign Country.
  (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...
• Section 487.3416 Savings Bank As Owner Or Lessor Of Personal Property; Lease Payments As Rent; Taxes; Prohibition.
  (1) A savings bank may become the owner or lessor of personal property for the purpose of leasing the property or obtaining an assignment...
• Section 487.3417 Savings Bank With Branch In Another State.
  (1) A savings bank may establish and operate a branch or branches within any state, the District of Columbia, a territory or protectorate of...
• Section 487.3418 Loan Production Offices.
  (1) Without notice to or approval of the commissioner, a savings bank may establish and operate a loan production office or loan production offices....
• Section 487.3419 Purchase Or Assumption Of National Or State Chartered Bank, Savings Bank, Or Association; Operation As New Branch.
  Notwithstanding any other provision of this act, a savings bank that purchases or assumes all or substantially all of the assets or liabilities of...
• Section 487.3420 Discontinuing Operations Of Branch Or Agency Office; Transfer Of Functions.
  If a savings bank permanently discontinues the operations of any branch or agency office, all bills, checks, and notes otherwise presentable for acceptance or...
• Section 487.3421 Trust Powers; Conditions, Limitations, And Restrictions.
  (1) Upon application, the commissioner may grant to a savings bank full trust powers, as provided in this section, but subject to the conditions,...
• Section 487.3422 Definitions; Trust Service Agreements.
  (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,...
• Section 487.3423 Separation Of Trust Department Business From Commercial Bank Business; Commingled And Consolidated Funds; Limitation; Lien On Securities In Event Of Savings Bank Failure.
  (1) A savings bank exercising a trust power under sections 421 to 427 shall segregate all assets held in a fiduciary capacity from the...
• Section 487.3424 Fiduciary Powers; Considerations.
  (1) In passing upon applications for permission to exercise full fiduciary powers under section 421, the commissioner shall take into consideration the following, and...
• Section 487.3425 Repealed. 2000, Act 482, Imd. Eff. Jan. 11, 2001.
  Compiler's Notes: The repealed section pertained to commencement of trust powers.
• Section 487.3426 Fund Or Property Held By Savings Bank As Fiduciary; Investments; “registered Investment Company” Defined; Funds Considered As Held In Fiduciary Capacity.
  (1) Funds or property held by a savings bank as fiduciary and available for investment shall be invested at the time and in the...
• Section 487.3427 Enforcement Of Mcl 487.3421 To 487.3426; Orders Or Declaratory Rulings.
  The commissioner may issue orders or declaratory rulings to enforce sections 421 to 426. History: 1996, Act 354, Imd. Eff. July 1, 1996
• Section 487.3428 Safe Deposit And Storage Department.
  (1) If a savings bank operates a safe deposit and storage department, the legal liability of the savings bank on account of any loss...
• Section 487.3429 Lease, Purchase, Holding, And Conveyance Of Real Estate.
  (1) A savings bank may lease, purchase, hold, and convey real estate for any of the following purposes: (a) For the convenient transaction of...
• Section 487.3430 Interest And Charges On Loans And Credit Extensions.
  (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...
• Section 487.3431 Drafts Or Bills Of Exchange.
  (1) A savings bank may accept drafts or bills of exchange drawn upon it having not more than 6 months' sight to run, exclusive...
• Section 487.3432 Loans And Extensions Of Credit And Leases; Limitations; Exceptions; Definitions.
  (1) Except as otherwise provided in this section or by order or declaratory ruling of the commissioner, the total loans and extensions of credit...
• Section 487.3433 Loans And Extensions Of Credit; Exceptions To Limitations.
  All of the following loans and extensions of credit are not subject to a limitation based upon capital and surplus, or total capital under...
• Section 487.3434 Capital And Surplus; Limitations.
  All of the following limitations based upon capital and surplus shall apply: (a) Loans and extensions of credit to a customer secured by bills...
• Section 487.3436 Automatic Teller Machine Located On Premises Of Casino, Casino Enterprise, Liquor Store, Or Adult Entertainment Establishment; Preventing Access To Cash Benefits From Michigan Bridge Card; Definitions.
  (1) A savings bank that owns, operates, or manages an automated teller machine located on the premises of a casino, casino enterprise, liquor store,...

Last modified: October 10, 2016