Michigan Compiled Laws Act 232 Of 1978 Suspension Of Business Of Banks And Savings And Loan Associations (487.941 - 487.946)

AN ACT to permit financial institutions to suspend business in the event of an existing or impending emergency; to prescribe the powers and duties of financial institution officers and certain state agencies and officials; and to declare the legal effect of the suspensions of business authorized by this act.

History: 1978, Act 232, Imd. Eff. June 14, 1978 ;-- Am. 2006, Act 134, Imd. Eff. May 12, 2006

Section 487.941 Definitions.
As used in this act: (a) "Commissioner" means the commissioner of the office of financial and insurance services in the department of labor and...
Section 487.942 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.
(1) The commissioner may authorize or order a financial institution to close an office or offices if the commissioner determines that the action is...
Section 487.943 Determination Not To Open Or To Close Office Of Financial Institution During Emergency.
If the commissioner has not made a determination under section 2(1) and the chief executive officer of a financial institution or another officer designated...
Section 487.944 Notice Of Closing.
(1) A financial institution closing or not opening an office or offices under section 3 shall give notice to the commissioner and any other...
Section 487.945 Period Financial Institution Closed As Legal Holiday.
The period during which a financial institution is closed under this act is a legal holiday. History: 1978, Act 232, Imd. Eff. June 14,...
Section 487.946 Obligations To Employees Not Altered.
This act does not alter any of the obligations under law of a financial institution to its employees or to the employees of another...

Last modified: October 10, 2016