Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)

Section 487.3201 - Financial Institutions Bureau; Jurisdiction; Duties of Commissioner; Construction of Act. - Sec. 201. (1) The financial institutions bureau shall have jurisdiction...

Section 487.3202 - Prohibited Conduct. - Sec. 202. Unless the person is organized under this act,...

Section 487.3203 - Federal Insurance of Deposits Required. - Sec. 203. Unless the commissioner, for good cause shown, waives...

Section 487.3204 - Savings Bank; Asset Tests; Loans for Domestic Residential Housing; Failure to Satisfy Asset Tests. - Sec. 204. (1) A savings bank shall satisfy 1 of...

Section 487.3205 - Appointment of Examiners and Employees; Payment of Compensation, Travel, and Expenses. - Sec. 205. The commissioner may appoint examiners and other employees...

Section 487.3206 - Commissioner, Deputy Commissioner, or Examiner; Prohibited Conduct. - Sec. 206. (1) During his or her term of office...

Section 487.3207 - Commissioner, Deputy Commissioner, or Examiner; Civil Liability. - Sec. 207. The commissioner, deputy commissioner, examiner, or other employee...

Section 487.3208 - Rules, Orders, and Declaratory Rulings. - Sec. 208. (1) The commissioner may promulgate rules in addition...

Section 487.3209 - Savings Banks and Entities Subject to Examination by Commissioner. - Sec. 209. (1) A savings bank together with its subsidiaries,...

Section 487.3210 - Schedule of Supervisory Fees; Initial Supervisory Fee. - Sec. 210. (1) The commissioner shall periodically establish a schedule...

Section 487.3211 - Circuit Court Subpoena to Appear; Petition by Commissioner; Scope; Failure to Appear as Contempt. - Sec. 211. The commissioner may petition the circuit court for...

Section 487.3212 - Privilege Against Self-Incrimination; Perjury. - Sec. 212. (1) A person shall not be excused from...

Section 487.3213 - Confidentiality; Exception. - Sec. 213. (1) The commissioner and all deputies, agents, and...

Section 487.3214 - Application for Approval; Requirements; Appeal. - Sec. 214. (1) A savings bank that seeks the commissioner's...

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. - Sec. 215. (1) If in the opinion of the commissioner...

Section 487.3216 - Temporary Cease and Desist Order; Effective and Enforceable; Injunction to Set Aside, Limit, or Suspend Order. - Sec. 216. (1) If the commissioner determines that the violation...

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. - Sec. 217. (1) If in the opinion of the commissioner...

Section 487.3218 - Stay of Suspension or Prohibition; Application to Circuit Court. - Sec. 218. No later than 10 days after a director,...

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 Di... - Sec. 219. (1) If a director or officer of a...

Section 487.3220 - Board of Directors; Less Than Quorum. - Sec. 220. If, because of the suspension or removal of...

Section 487.3221 - Hearing; Decision; Review; Modifying, Terminating, or Setting Aside Order; Commencement of Proceedings Not as Stay of Order. - Sec. 221. (1) A hearing provided for in this chapter...

Section 487.3222 - Notice or Order; Jurisdiction of Court. - Sec. 222. The commissioner may apply to the circuit court...

Section 487.3223 - Prohibited Acts; Fine; Limitation. - Sec. 223. A director or officer, or former director or...

Section 487.3224 - Service of Notice; Intent to Issue Cease and Desist Order; Notice to Governor. - Sec. 224. (1) A service required or authorized to be...

Section 487.3225 - Proceedings Under MCL 487.3215, 487.3216(1), or 487.3217; Notice to Federal Authorities of Intent to Institute Proceedings. - Sec. 225. In connection with a proceeding under section 215,...

Section 487.3226 - Definitions. - Sec. 226. As used in sections 215 to 225: (a)...

354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)

Section 487.3301 - Corporation; Formation; Purpose. - Sec. 301. A corporation may be formed by 1 or...

Section 487.3302 - Organization of Savings Bank; Application; Forms; Notice; Publication Requirements; Waiver; Examination of Information and Statements; Approval or Disapproval of Application. - Sec. 302. (1) A person shall apply to the commissioner...

Section 487.3302a - Organization of Branch by Out-of-State Savings Bank; Proof of Federal Insurance on Deposits; Determination of Compliance; Certificate of Organization and Eligibility to Accept Deposits and Investments of Public Funds. - Sec. 302a. (1) An out-of-state savings bank may apply to...

Section 487.3303 - Organization of Savings Bank to Serve Depository Institutions; Application. - Sec. 303. (1) Any number of depository institutions may apply...

Section 487.3304 - Organizational Expenses; Reimbursement; Review. - Sec. 304. (1) Following the date authorized by the commissioner...

Section 487.3305 - Articles of Incorporation. - Sec. 305. (1) Upon approval of the application, at least...

Section 487.3306 - Authorization to Commence Business; Conditions; Verification; Certificate With Official Seal; Application Deemed Abandoned and No Effect; First Meeting. - Sec. 306. (1) Within 30 days after the approval and...

Section 487.3307 - Required Capital; Applicability of Section to Consolidated Organization; Authorization of Stock Savings Bank or Mutual Savings Bank to Commence Business; Total Capital; Maintenance of Surplus Amount. - Sec. 307. (1) A stock savings bank organized under this...

Section 487.3308 - Stock Savings Bank; Stock Issuance. - Sec. 308. A stock savings bank may issue shares of...

Section 487.3309 - Mutual Savings Bank; Membership. - Sec. 309. The membership of a mutual savings bank shall...

Section 487.3310 - Issuance of Capital Notes, Debentures, and Other Indebtedness. - Sec. 310. (1) A savings bank, with the approval of...

Section 487.3311 - Applicability of Provisions to Voting Stock. - Sec. 311. Whenever a vote of the holders of shares...

Section 487.3312 - Issuance of Stock by Mutual Savings Bank; Conversion. - Sec. 312. Upon application and approval of the commissioner, a...

Section 487.3313 - Issuance of Certificates of Stock by Savings Bank. - Sec. 313. (1) Except as provided in subsection (2), the...

Section 487.3314 - Increase in Capital Stock. - Sec. 314. (1) By a vote of shareholders owning 2/3...

Section 487.3315 - Reduction in Capital Stock. - Sec. 315. (1) By a vote of shareholders owning 2/3...

Section 487.3316 - Declaration and Payment of Dividends. - Sec. 316. (1) The board of directors of a savings...

Section 487.3317 - Mutual Savings Bank; Meetings. - Sec. 317. (1) An annual meeting of the members of...

Section 487.3318 - Records. - Sec. 318. (1) Each savings bank shall keep correct and...

Section 487.3319 - Savings Bank; Meetings; Voting. - Sec. 319. (1) The annual meeting of the shareholders of...

Section 487.3320 - Savings Bank; Meeting Notice. - Sec. 320. The commissioner may call a meeting of the...

Section 487.3321 - Savings Bank; Stock Ledger; Designation of Transfer Agent or Registrar of Shares; List to Be Furnished Upon Request. - Sec. 321. (1) A stock savings bank shall keep and...

Section 487.3322 - Savings Bank; Election of Directors; Vacancy; Bylaws; Meetings; Chief Executive Officer; Minutes; Quorum; Notice of Meeting. - Sec. 322. (1) A savings bank shall be managed by...

Section 487.3323 - Oath. - Sec. 323. Each director prior to taking office shall take...

Section 487.3324 - Purchase or Sale of Securities by Director; Conditions. - Sec. 324. (1) A savings bank may contract for, or...

Section 487.3325 - Director or Officer of Savings Bank; Discharge of Duties; Violation; Removal; Vote. - Sec. 325. (1) A director or an officer of a...

Section 487.3326 - Indemnification of Party. - Sec. 326. (1) A savings bank may indemnify a person...

Section 487.3327 - Indemnification of Director, Officer, Employee, or Agent. - Sec. 327. (1) To the extent that a director, officer,...

Section 487.3328 - Payment or Reimbursement of Expenses Incurred in Civil or Criminal Action, Suit, or Proceeding. - Sec. 328. A savings bank may pay or reimburse the...

Section 487.3329 - Rights to Indemnification. - Sec. 329. (1) The indemnification or advancement of expenses provided...

Section 487.3330 - Insurance; Trust Fund. - Sec. 330. (1) A savings bank has the power to...

Section 487.3330a - Consolidation or Merger; Position of Director, Officer, Employee, or Agent of Depository Institution. - Sec. 330a. For purposes of this section and sections 326,...

Section 487.3331 - Articles of Incorporation; Amendment. - Sec. 331. (1) With the approval of the commissioner and...

Section 487.3332 - Definitions; Best Interests of Savings Bank, Shareholders, or Members. - Sec. 332. (1) As used in sections 325 to 331:...

Section 487.3333 - Liquidation; Notice; Certificate of Termination; Designation of Liquidating Agent or Committee; Bond; Reports; Removal; Appointment of New Agent or Committee; Examination by Commissioner; Publication of Notice; Filing and Forwardin... - Sec. 333. (1) A solvent savings bank may go into...

Section 487.3334 - Commencement of Voluntary Liquidation Procedures; Savings Bank as Body Corporate; Actions, Suits, or Proceedings Begun Prior to Liquidation Proceeding; Powers of Surviving Directors. - Sec. 334. (1) Except as provided in subsection (2), a...

Section 487.3335 - Savings Bank; Expiration of Term by Limitation; Extension; Renewal. - Sec. 335. (1) A savings bank whose term will expire...

Section 487.3336 - Sale or Purchase of Assets; Consideration; Purpose; Filing Certified Copies of Proceedings; Liability; Maintenance of Principal Office or Branches. - Sec. 336. (1) With the approval of the commissioner, based...

Section 487.3337 - Sale or Purchase of Branches; Notice. - Sec. 337. (1) A savings bank may sell 1 or...

Section 487.3338 - Unlimited Amounts or Share of Deposits. - Sec. 338. There shall be no limit upon the amount...

Section 487.3339 - Compliance Review Committee; Construction of Section. - Sec. 339. (1) A compliance review committee shall evaluate and...

354-1996-4 - Chapter 4 Powers (487.3401...487.3436)

Section 487.3401 - Savings Bank; Powers. - Sec. 401. (1) Except as otherwise provided by this act,...

Section 487.3402 - Purchase, Design, Manufacture, Construction, Repair, Modification, or Improvement of Real Property; Use of Loan Proceeds; Liability for Defect. - Sec. 402. A savings bank that makes a loan the...

Section 487.3403 - Purchase of Corporation Stock by Savings Bank; Limitation on Aggregate Investments. - Sec. 403. Except as otherwise provided by this act, with...

Section 487.3404 - Purchase of Stock, or Loans To, Michigan Business Development Corporation. - Sec. 404. Except as otherwise provided by this act or...

Section 487.3405 - Venture Capital Investments; “Professional Investor” and “Venture Capital” Defined. - Sec. 405. (1) Except as otherwise provided by this act...

Section 487.3406 - “Investment Security” and “Secretary” Defined; Purchase of Investment Securities. - Sec. 406. (1) As used in this section: (a) "Investment...

Section 487.3407 - Acquisition, Development, or Improvement of Real Estate; Limitation on Investment of Assets; Powers of Savings Bank. - Sec. 407. A savings bank may invest not more than...

Section 487.3408 - Services Performed by Savings Bank. - Sec. 408. A savings bank may perform 1 or more...

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. - Sec. 409. (1) A savings bank that engages directly in...

Section 487.3410 - Investment in Service Entities. - Sec. 410. (1) Upon 30 days' notice to the commissioner,...

Section 487.3411 - Powers Granted in MCL 487.3401 and 487.3403 Construed. - Sec. 411. The powers granted in sections 401 and 403...

Section 487.3412 - Change in Location of Principal Office. - Sec. 412. (1) Upon prior written notice to the commissioner,...

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. - Sec. 413. (1) A savings bank shall not engage in...

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. - Sec. 414. (1) A savings bank possessing a capital and...

Section 487.3415 - Savings Bank With Branch Offices in Foreign Country. - Sec. 415. (1) Notwithstanding section 1105 of the uniform commercial...

Section 487.3416 - Savings Bank as Owner or Lessor of Personal Property; Lease Payments as Rent; Taxes; Prohibition. - Sec. 416. (1) A savings bank may become the owner...

Section 487.3417 - Savings Bank With Branch in Another State. - Sec. 417. (1) A savings bank may establish and operate...

Section 487.3418 - Loan Production Offices. - Sec. 418. (1) Without notice to or approval of the...

Section 487.3419 - Purchase or Assumption of National or State Chartered Bank, Savings Bank, or Association; Operation as New Branch. - Sec. 419. Notwithstanding any other provision of this act, a...

Section 487.3420 - Discontinuing Operations of Branch or Agency Office; Transfer of Functions. - Sec. 420. If a savings bank permanently discontinues the operations...

Section 487.3421 - Trust Powers; Conditions, Limitations, and Restrictions. - Sec. 421. (1) Upon application, the commissioner may grant to...

Section 487.3422 - Definitions; Trust Service Agreements. - Sec. 422. (1) As used in this section: (a) "Banking...

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. - Sec. 423. (1) A savings bank exercising a trust power...

Section 487.3424 - Fiduciary Powers; Considerations. - Sec. 424. (1) In passing upon applications for permission to...

Section 487.3425 - Repealed. 2000, Act 482, Imd. Eff. Jan. 11, 2001. - Compiler's Notes: The repealed section pertained to commencement of trust...

Section 487.3426 - Fund or Property Held by Savings Bank as Fiduciary; Investments; “Registered Investment Company” Defined; Funds Considered as Held in Fiduciary Capacity. - Sec. 426. (1) Funds or property held by a savings...

Section 487.3427 - Enforcement of MCL 487.3421 to 487.3426; Orders or Declaratory Rulings. - Sec. 427. The commissioner may issue orders or declaratory rulings...

Section 487.3428 - Safe Deposit and Storage Department. - Sec. 428. (1) If a savings bank operates a safe...

Section 487.3429 - Lease, Purchase, Holding, and Conveyance of Real Estate. - Sec. 429. (1) A savings bank may lease, purchase, hold,...

Section 487.3430 - Interest and Charges on Loans and Credit Extensions. - Sec. 430. (1) Savings banks may collect interest and charges...

Section 487.3431 - Drafts or Bills of Exchange. - Sec. 431. (1) A savings bank may accept drafts or...

Section 487.3432 - Loans and Extensions of Credit and Leases; Limitations; Exceptions; Definitions. - Sec. 432. (1) Except as otherwise provided in this section...

Section 487.3433 - Loans and Extensions of Credit; Exceptions to Limitations. - Sec. 433. All of the following loans and extensions of...

Section 487.3434 - Capital and Surplus; Limitations. - Sec. 434. All of the following limitations based upon capital...

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. - Sec. 436. (1) A savings bank that owns, operates, or...

354-1996-5 - Chapter 5 Regulation (487.3501...487.3514)

Section 487.3501 - Impairment of Capital. - Sec. 501. (1) If, in the opinion of the commissioner,...

Section 487.3502 - Violations; Liability of Directors or Officers. - Sec. 502. If the directors or officers of a savings...

Section 487.3503 - Officer or Employee as Agent in Sale of Stock or Securities; Prohibition. - Sec. 503. An officer or employee of a savings bank,...

Section 487.3504 - Receipt of Consideration or Gratuity Prohibited. - Sec. 504. An officer, director, or employee of a savings...

Section 487.3505 - Surety Bonds; Protection Against Insurable Losses. - Sec. 505. (1) The board of directors shall require every...

Section 487.3506 - Reports; Penalty for Failure to Report. - Sec. 506. (1) The commissioner may require reports from a...

Section 487.3507 - Regulation and Prescription of Terms, Conditions, Bylaws, and Rules by Board of Directors. - Sec. 507. Notwithstanding any other provision of law, the board...

Section 487.3508 - Pledge of Assets. - Sec. 508. (1) Except as otherwise provided in this section,...

Section 487.3509 - Deposit by Savings Bank; Limitation. - Sec. 509. Except where required or permitted under the federal...

Section 487.3510 - Insolvency; Transfer of Assets Null and Void. - Sec. 510. A transfer of any assets of a savings...

Section 487.3511 - Property or Casualty Insurance as Condition to Mortgage Loan. - Sec. 511. (1) Except as provided in subsection (2), a...

Section 487.3512 - Overdrafts. - Sec. 512. (1) An overdraft existing for 90 days shall...

Section 487.3514 - Repealed. 2005, Act 192, Imd. Eff. Nov. 7, 2005. - Compiler's Notes: The repealed section pertained to filing of a...

354-1996-6 - Chapter 6 Receiverships and Conservatorships (487.3601...487.3608)

Section 487.3601 - Receiver; Appointment. - Sec. 601. (1) If a savings bank has refused to...

Section 487.3602 - Receiver; Powers; Report to Commissioner. - Sec. 602. (1) Subject to court approval, a receiver may...

Section 487.3603 - Procedures for Liquidation; Limitation. - Sec. 603. The full and exclusive procedures for the liquidation...

Section 487.3604 - Rights of Depositors and Creditors of Closed Savings Bank. - Sec. 604. (1) If a savings bank has been closed...

Section 487.3605 - Conservator; Appointment; Powers; Duties. - Sec. 605. (1) If any of the grounds set forth...

Section 487.3606 - Affairs of Savings Bank Turned Back to Board of Directors; Notice. - Sec. 606. (1) After 15 days from the date upon...

Section 487.3607 - Orders or Declaratory Rulings as to Receivers and Conservators; Compensation and Expenses to Reimburse Bureau. - Sec. 607. (1) The commissioner may issue orders or declaratory...

Section 487.3608 - Reorganization of Savings Bank. - Sec. 608. (1) In a reorganization of a savings bank...

354-1996-7 - Chapter 7 Consolidations, Mergers, and Conversions (487.3701...487.3715)

Section 487.3701 - Consolidated Savings Bank. - Sec. 701. (1) Subject to approval by the commissioner, a...

Section 487.3702 - Consolidated Organization. - ***** 487.3702 SUBDIVISION (a) DOES NOT APPLY AFTER MAY 31,...

Section 487.3703 - Consolidated Savings Bank; Rights, Interests, Privileges, Powers, Restrictions, Disabilities, Liabilities, and Duties. - Sec. 703. (1) When the approval and certification of the...

Section 487.3704 - Consolidated Organization; Service of Process; Prosecution. - Sec. 704. (1) Whether it maintains a presence in this...

Section 487.3705 - Operation of Branches of Consolidated or Acquired Savings Bank. - Sec. 705. (1) A savings bank, an out-of-state bank, or...

Section 487.3706 - Definitions; Consolidation. - Sec. 706. (1) As used in this section: (a) "Existing...

Section 487.3706a - Definitions; Reorganization of Existing Mutual Savings Bank to Mutual Holding Company; Requirements; Organization and Incorporation of New Savings Bank Subsidiary; Approval. - Sec. 706a. (1) As used in this section: (a) "Existing...

Section 487.3707 - Definitions; Terms and Conditions of Conversion or Exchange. - Sec. 707. (1) As used in this section: (a) "Consolidation...

Section 487.3708 - Conversion of Savings Bank Into Stock Association or National Banking Association; Conversion of Mutual Savings Bank Into State or Federal Mutual Savings and Loan Association. - Sec. 708. (1) Upon the affirmative vote of the majority...

Section 487.3709 - Conversion of Federally Chartered Shareholder-Owned Financial Institution Into Savings Bank. - Sec. 709. (1) With the approval of the commissioner, and...

Section 487.3710 - Conversion of State Chartered Shareholder-Owned Financial Institution Into Savings Bank. - Sec. 710. (1) With the approval of the commissioner, and...

Section 487.3711 - Conversion of Member-Owned Federally Chartered Financial Institution Into Mutual Savings Bank. - Sec. 711. (1) With the approval of the commissioner, and...

Section 487.3711a - Conversion of Mutual Federal Savings and Loan Association, Mutual Federal Savings Bank, or Other Member-Owned Federally Chartered Financial Institution Into Stock Savings Bank. - Sec. 711a. (1) With the approval of the commissioner, and...

Section 487.3712 - Conversion of Member-Owned State Chartered Financial Institution Into Mutual Savings Bank. - Sec. 712. (1) With the approval of the commissioner, and...

Section 487.3712a - Conversion of Mutual State Savings and Loan Association, or Mutual State Savings Bank, or Other Member-Owned State Chartered Financial Institution Into Stock Savings Bank. - Sec. 712a. (1) With the approval of the commissioner, and...

Section 487.3713 - Rights, Obligations, and Relations of Converted and Converting Organization. - Sec. 713. If a conversion becomes effective under this act,...

Section 487.3714 - Liability Not Impaired by Sale of Assets, Consolidation, or Conversion. - Sec. 714. The liability of any savings bank, national banking...

Section 487.3715 - Conversion of Mutual Savings Bank to Stock Savings Bank. - Sec. 715. (1) A mutual savings bank may apply to...

354-1996-8 - Chapter 8 General Provisions, Exemption From Taxation (487.3801...487.3804)

Section 487.3801 - Use of “Bank,”“banker,” or “banking.” - Sec. 801. (1) The use of the word "bank", "banker",...

Section 487.3802 - Construction of Act. - Sec. 802. (1) The powers, privileges, duties, and restrictions conferred...

Section 487.3803 - Effect of MCL 450.1 to 450.192. - Sec. 803. Notwithstanding any other law, a savings bank subject...

Section 487.3804 - Tax Exemptions. - Sec. 804. A savings bank subject to this act shall...

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Michigan Compiled Laws Chapter 487 - Financial Institutions Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)

Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)