Michigan Compiled Laws 354-1996-2 Chapter 2 Administration (487.3201...487.3226)

• Section 487.3201 Financial Institutions Bureau; Jurisdiction; Duties Of Commissioner; Construction Of Act.
  (1) The financial institutions bureau shall have jurisdiction over and execute the laws relating to savings banks transacting business in this state. (2) The...
• Section 487.3202 Prohibited Conduct.
  Unless the person is organized under this act, a person shall not transact business under this act, do business under any name or title,...
• Section 487.3203 Federal Insurance Of Deposits Required.
  Unless the commissioner, for good cause shown, waives the requirement, a savings bank shall secure insurance of its deposit accounts backed by the full...
• Section 487.3204 Savings Bank; Asset Tests; Loans For Domestic Residential Housing; Failure To Satisfy Asset Tests.
  (1) A savings bank shall satisfy 1 of the following asset tests: (a) An asset test requiring that not less than 50% of the...
• Section 487.3205 Appointment Of Examiners And Employees; Payment Of Compensation, Travel, And Expenses.
  The commissioner may appoint examiners and other employees for the carrying out of this act. The compensation, travel, and other expenses of the commissioner,...
• Section 487.3206 Commissioner, Deputy Commissioner, Or Examiner; Prohibited Conduct.
  (1) During his or her term of office or employment, the commissioner, a deputy commissioner, or an examiner of the bureau shall not be...
• Section 487.3207 Commissioner, Deputy Commissioner, Or Examiner; Civil Liability.
  The commissioner, deputy commissioner, examiner, or other employee of the bureau shall not be liable in any civil action for damages for any act...
• Section 487.3208 Rules, Orders, And Declaratory Rulings.
  (1) The commissioner may promulgate rules in addition to those specifically provided for by this act as he or she may consider necessary to...
• Section 487.3209 Savings Banks And Entities Subject To Examination By Commissioner.
  (1) A savings bank together with its subsidiaries, service entities, and entities the controlling interests of which are more than 50% owned by subsidiaries...
• Section 487.3210 Schedule Of Supervisory Fees; Initial Supervisory Fee.
  (1) The commissioner shall periodically establish a schedule of supervisory fees to be paid by savings banks. Except for a minimum fee consistent with...
• Section 487.3211 Circuit Court Subpoena To Appear; Petition By Commissioner; Scope; Failure To Appear As Contempt.
  The commissioner may petition the circuit court for the county in which the examination is being carried on to issue a subpoena on behalf...
• Section 487.3212 Privilege Against Self-incrimination; Perjury.
  (1) A person shall not be excused from testifying or from producing any books, papers, records, or memoranda in any examination when ordered to...
• Section 487.3213 Confidentiality; Exception.
  (1) The commissioner and all deputies, agents, and employees of the bureau shall keep secret all facts and information obtained in the course of...
• Section 487.3214 Application For Approval; Requirements; Appeal.
  (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,...
• Section 487.3215 Unsafe Or Unsound Practice Or Violation; Notice Of Charges; Hearing; Order To Cease And Desist; Effect And Enforcement; Out-of-state Bank Branch.
  (1) If in the opinion of the commissioner a savings bank is engaging, has engaged, or is about to engage in an unsafe or...
• Section 487.3216 Temporary Cease And Desist Order; Effective And Enforceable; Injunction To Set Aside, Limit, Or Suspend Order.
  (1) If the commissioner determines that the violation or unsafe or unsound practice specified in the notice of charges served upon the savings bank...
• Section 487.3217 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.
  (1) If in the opinion of the commissioner a director or officer of a savings bank has committed a violation of law or rule...
• Section 487.3218 Stay Of Suspension Or Prohibition; Application To Circuit Court.
  No later than 10 days after a director, officer, or other person has been suspended from office or prohibited from participation in the conduct...
• Section 487.3219 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.
  (1) If a director or officer of a savings bank or other person participating in the conduct of the affairs of a savings bank...
• Section 487.3220 Board Of Directors; Less Than Quorum.
  If, because of the suspension or removal of 1 or more directors under this act, the board of directors of a savings bank has...
• Section 487.3221 Hearing; Decision; Review; Modifying, Terminating, Or Setting Aside Order; Commencement Of Proceedings Not As Stay Of Order.
  (1) A hearing provided for in this chapter shall be conducted in accordance with the administrative procedures act of 1969, Act No. 306 of...
• Section 487.3222 Notice Or Order; Jurisdiction Of Court.
  The commissioner may apply to the circuit court of the county in which the home office of the savings bank is located, or in...
• Section 487.3223 Prohibited Acts; Fine; Limitation.
  A director or officer, or former director or officer, of a savings bank or any other person against whom there is outstanding and effective...
• Section 487.3224 Service Of Notice; Intent To Issue Cease And Desist Order; Notice To Governor.
  (1) A service required or authorized to be made by the commissioner under sections 215 to 225 may be made by registered or certified...
• Section 487.3225 Proceedings Under Mcl 487.3215, 487.3216(1), Or 487.3217; Notice To Federal Authorities Of Intent To Institute Proceedings.
  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...
• Section 487.3226 Definitions.
  As used in sections 215 to 225: (a) “Cease and desist order which has become final” and “order which has become final” mean a...

Last modified: October 10, 2016