Michigan Compiled Laws 354-1996-5 Chapter 5 Regulation (487.3501...487.3514)

• Section 487.3501 Impairment Of Capital.
  (1) If, in the opinion of the commissioner, the capital of a savings bank has become impaired, the commissioner shall notify the savings bank...
• Section 487.3502 Violations; Liability Of Directors Or Officers.
  If the directors or officers of a savings bank knowingly violate or knowingly permit any of the agents, officers, or directors of a savings...
• Section 487.3503 Officer Or Employee As Agent In Sale Of Stock Or Securities; Prohibition.
  An officer or employee of a savings bank, in his or her individual capacity, shall not act as agent in the sale of stock...
• Section 487.3504 Receipt Of Consideration Or Gratuity Prohibited.
  An officer, director, or employee of a savings bank shall not receive any consideration or gratuity from a borrower for procuring a loan from...
• Section 487.3505 Surety Bonds; Protection Against Insurable Losses.
  (1) The board of directors shall require every employee concerned in the handling of money, accounts, or securities of the savings bank, who can...
• Section 487.3506 Reports; Penalty For Failure To Report.
  (1) The commissioner may require reports from a savings bank whenever, in the commissioner's judgment, they are necessary to inform the commissioner fully as...
• Section 487.3507 Regulation And Prescription Of Terms, Conditions, Bylaws, And Rules By Board Of Directors.
  Notwithstanding any other provision of law, the board of directors of a savings bank, with the approval of the commissioner, may regulate and prescribe...
• Section 487.3508 Pledge Of Assets.
  (1) Except as otherwise provided in this section, a savings bank or savings bank officer shall not give preference to a depositor or creditor...
• Section 487.3509 Deposit By Savings Bank; Limitation.
  Except where required or permitted under the federal reserve act, chapter 6, 38 Stat. 251, or the federal home loan bank act, chapter 522,...
• Section 487.3510 Insolvency; Transfer Of Assets Null And Void.
  A transfer of any assets of a savings bank to its shareholders or members, or to its creditors made after the commission of an...
• Section 487.3511 Property Or Casualty Insurance As Condition To Mortgage Loan.
  (1) Except as provided in subsection (2), a savings bank that requires a mortgagor to maintain property or casualty insurance as a condition to...
• Section 487.3512 Overdrafts.
  (1) An overdraft existing for 90 days shall be charged off to the profit and loss account of the savings bank at the expiration...
• Section 487.3514 Repealed. 2005, Act 192, Imd. Eff. Nov. 7, 2005.
  Compiler's Notes: The repealed section pertained to filing of a supicious activity report by a savings bank with a federal government agency.

Last modified: October 10, 2016