Michigan Compiled Laws § 487.3203 Federal Insurance Of Deposits Required.

487.3203 Federal insurance of deposits required.

Sec. 203.

Unless the commissioner, for good cause shown, waives the requirement, a savings bank shall secure insurance of its deposit accounts backed by the full faith and credit of the United States government prior to commencing business.

History: 1996, Act 354, Imd. Eff. July 1, 1996

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Last modified: October 10, 2016