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
Structure Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)
354-1996-2 - Chapter 2 Administration (487.3201...487.3226)
Section 487.3202 - Prohibited Conduct.
Section 487.3203 - Federal Insurance of Deposits Required.
Section 487.3206 - Commissioner, Deputy Commissioner, or Examiner; Prohibited Conduct.
Section 487.3207 - Commissioner, Deputy Commissioner, or Examiner; Civil Liability.
Section 487.3208 - Rules, Orders, and Declaratory Rulings.
Section 487.3209 - Savings Banks and Entities Subject to Examination by Commissioner.
Section 487.3210 - Schedule of Supervisory Fees; Initial Supervisory Fee.
Section 487.3212 - Privilege Against Self-Incrimination; Perjury.
Section 487.3213 - Confidentiality; Exception.
Section 487.3214 - Application for Approval; Requirements; Appeal.
Section 487.3218 - Stay of Suspension or Prohibition; Application to Circuit Court.
Section 487.3220 - Board of Directors; Less Than Quorum.
Section 487.3222 - Notice or Order; Jurisdiction of Court.
Section 487.3223 - Prohibited Acts; Fine; Limitation.
Section 487.3224 - Service of Notice; Intent to Issue Cease and Desist Order; Notice to Governor.