MCL - Index of Act 354 of 1996

NOTE: Dates reflect any modification to item, not necessarily a change in law.
Title Subject
Act 354 of 1996 SAVINGS BANK ACT (487.3101 - 487.3804)
***** 487.3702 SUBDIVISION (a) DOES NOT APPLY AFTER MAY 31, 1997: See subdivision (a) of 487.3702 *****
354-1996-1 CHAPTER 1 SHORT TITLE AND DEFINITIONS (487.3101...487.3103)
Section 487.3101 Short title.
Section 487.3102 Definitions; A to I.
Section 487.3103 Definitions; L to W.
354-1996-2 CHAPTER 2 ADMINISTRATION (487.3201...487.3226)
Section 487.3201 Financial institutions bureau; jurisdiction; duties of commissioner; construction of act.
Section 487.3202 Prohibited conduct.
Section 487.3203 Federal insurance of deposits required.
Section 487.3204 Savings bank; asset tests; loans for domestic residential housing; failure to satisfy asset tests.
Section 487.3205 Appointment of examiners and employees; payment of compensation, travel, and expenses.
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 487.3211 Circuit court subpoena to appear; petition by commissioner; scope; failure to appear as contempt.
Section 487.3212 Privilege against self-incrimination; perjury.
Section 487.3213 Confidentiality; exception.
Section 487.3214 Application for approval; requirements; appeal.
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.
Section 487.3216 Temporary cease and desist order; effective and enforceable; injunction to set aside, limit, or suspend order.
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.
Section 487.3218 Stay of suspension or prohibition; application to circuit court.
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.
Section 487.3220 Board of directors; less than quorum.
Section 487.3221 Hearing; decision; review; modifying, terminating, or setting aside order; commencement of proceedings not as stay of order.
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.
Section 487.3225 Proceedings under MCL 487.3215, 487.3216(1), or 487.3217; notice to federal authorities of intent to institute proceedings.
Section 487.3226 Definitions.
354-1996-3 CHAPTER 3 CORPORATE STRUCTURE (487.3301...487.3339)
Section 487.3301 Corporation; formation; purpose.
Section 487.3302 Organization of savings bank; application; forms; notice; publication requirements; waiver; examination of information and statements; approval or disapproval of application.
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.
Section 487.3303 Organization of savings bank to serve depository institutions; application.
Section 487.3304 Organizational expenses; reimbursement; review.
Section 487.3305 Articles of incorporation.
Section 487.3306 Authorization to commence business; conditions; verification; certificate with official seal; application deemed abandoned and no effect; first meeting.
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.
Section 487.3308 Stock savings bank; stock issuance.
Section 487.3309 Mutual savings bank; membership.
Section 487.3310 Issuance of capital notes, debentures, and other indebtedness.
Section 487.3311 Applicability of provisions to voting stock.
Section 487.3312 Issuance of stock by mutual savings bank; conversion.
Section 487.3313 Issuance of certificates of stock by savings bank.
Section 487.3314 Increase in capital stock.
Section 487.3315 Reduction in capital stock.
Section 487.3316 Declaration and payment of dividends.
Section 487.3317 Mutual savings bank; meetings.
Section 487.3318 Records.
Section 487.3319 Savings bank; meetings; voting.
Section 487.3320 Savings bank; meeting notice.
Section 487.3321 Savings bank; stock ledger; designation of transfer agent or registrar of shares; list to be furnished upon request.
Section 487.3322 Savings bank; election of directors; vacancy; bylaws; meetings; chief executive officer; minutes; quorum; notice of meeting.
Section 487.3323 Oath.
Section 487.3324 Purchase or sale of securities by director; conditions.
Section 487.3325 Director or officer of savings bank; discharge of duties; violation; removal; vote.
Section 487.3326 Indemnification of party.
Section 487.3327 Indemnification of director, officer, employee, or agent.
Section 487.3328 Payment or reimbursement of expenses incurred in civil or criminal action, suit, or proceeding.
Section 487.3329 Rights to indemnification.
Section 487.3330 Insurance; trust fund.
Section 487.3330a Consolidation or merger; position of director, officer, employee, or agent of depository institution.
Section 487.3331 Articles of incorporation; amendment.
Section 487.3332 Definitions; best interests of savings bank, shareholders, or members.
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 forwarding certificate of termination.
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.
Section 487.3335 Savings bank; expiration of term by limitation; extension; renewal.
Section 487.3336 Sale or purchase of assets; consideration; purpose; filing certified copies of proceedings; liability; maintenance of principal office or branches.
Section 487.3337 Sale or purchase of branches; notice.
Section 487.3338 Unlimited amounts or share of deposits.
Section 487.3339 Compliance review committee; construction of section.
354-1996-4 CHAPTER 4 POWERS (487.3401...487.3436)
Section 487.3401 Savings bank; powers.
Section 487.3402 Purchase, design, manufacture, construction, repair, modification, or improvement of real property; use of loan proceeds; liability for defect.
Section 487.3403 Purchase of corporation stock by savings bank; limitation on aggregate investments.
Section 487.3404 Purchase of stock, or loans to, Michigan business development corporation.
Section 487.3405 Venture capital investments; “professional investor” and “venture capital” defined.
Section 487.3406 “Investment security” and “secretary” defined; purchase of investment securities.
Section 487.3407 Acquisition, development, or improvement of real estate; limitation on investment of assets; powers of savings bank.
Section 487.3408 Services performed by savings bank.
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.
Section 487.3410 Investment in service entities.
Section 487.3411 Powers granted in MCL 487.3401 and 487.3403 construed.
Section 487.3412 Change in location of principal office.
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.
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.
Section 487.3415 Savings bank with branch offices in foreign country.
Section 487.3416 Savings bank as owner or lessor of personal property; lease payments as rent; taxes; prohibition.
Section 487.3417 Savings bank with branch in another state.
Section 487.3418 Loan production offices.
Section 487.3419 Purchase or assumption of national or state chartered bank, savings bank, or association; operation as new branch.
Section 487.3420 Discontinuing operations of branch or agency office; transfer of functions.
Section 487.3421 Trust powers; conditions, limitations, and restrictions.
Section 487.3422 Definitions; trust service agreements.
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.
Section 487.3424 Fiduciary powers; considerations.
Section 487.3425 Repealed. 2000, Act 482, Imd. Eff. Jan. 11, 2001.
Section 487.3426 Fund or property held by savings bank as fiduciary; investments; “registered investment company” defined; funds considered as held in fiduciary capacity.
Section 487.3427 Enforcement of MCL 487.3421 to 487.3426; orders or declaratory rulings.
Section 487.3428 Safe deposit and storage department.
Section 487.3429 Lease, purchase, holding, and conveyance of real estate.
Section 487.3430 Interest and charges on loans and credit extensions.
Section 487.3431 Drafts or bills of exchange.
Section 487.3432 Loans and extensions of credit and leases; limitations; exceptions; definitions.
Section 487.3433 Loans and extensions of credit; exceptions to limitations.
Section 487.3434 Capital and surplus; limitations.
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.
354-1996-5 CHAPTER 5 REGULATION (487.3501...487.3514)
Section 487.3501 Impairment of capital.
Section 487.3502 Violations; liability of directors or officers.
Section 487.3503 Officer or employee as agent in sale of stock or securities; prohibition.
Section 487.3504 Receipt of consideration or gratuity prohibited.
Section 487.3505 Surety bonds; protection against insurable losses.
Section 487.3506 Reports; penalty for failure to report.
Section 487.3507 Regulation and prescription of terms, conditions, bylaws, and rules by board of directors.
Section 487.3508 Pledge of assets.
Section 487.3509 Deposit by savings bank; limitation.
Section 487.3510 Insolvency; transfer of assets null and void.
Section 487.3511 Property or casualty insurance as condition to mortgage loan.
Section 487.3512 Overdrafts.
Section 487.3514 Repealed. 2005, Act 192, Imd. Eff. Nov. 7, 2005.
354-1996-6 CHAPTER 6 RECEIVERSHIPS AND CONSERVATORSHIPS (487.3601...487.3608)
Section 487.3601 Receiver; appointment.
Section 487.3602 Receiver; powers; report to commissioner.
Section 487.3603 Procedures for liquidation; limitation.
Section 487.3604 Rights of depositors and creditors of closed savings bank.
Section 487.3605 Conservator; appointment; powers; duties.
Section 487.3606 Affairs of savings bank turned back to board of directors; notice.
Section 487.3607 Orders or declaratory rulings as to receivers and conservators; compensation and expenses to reimburse bureau.
Section 487.3608 Reorganization of savings bank.
354-1996-7 CHAPTER 7 CONSOLIDATIONS, MERGERS, AND CONVERSIONS (487.3701...487.3715)
Section 487.3701 Consolidated savings bank.
Section 487.3702 Consolidated organization.
Section 487.3703 Consolidated savings bank; rights, interests, privileges, powers, restrictions, disabilities, liabilities, and duties.
Section 487.3704 Consolidated organization; service of process; prosecution.
Section 487.3705 Operation of branches of consolidated or acquired savings bank.
Section 487.3706 Definitions; consolidation.
Section 487.3706a Definitions; reorganization of existing mutual savings bank to mutual holding company; requirements; organization and incorporation of new savings bank subsidiary; approval.
Section 487.3707 Definitions; terms and conditions of conversion or exchange.
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.
Section 487.3709 Conversion of federally chartered shareholder-owned financial institution into savings bank.
Section 487.3710 Conversion of state chartered shareholder-owned financial institution into savings bank.
Section 487.3711 Conversion of member-owned federally chartered financial institution into mutual savings bank.
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.
Section 487.3712 Conversion of member-owned state chartered financial institution into mutual savings bank.
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.
Section 487.3713 Rights, obligations, and relations of converted and converting organization.
Section 487.3714 Liability not impaired by sale of assets, consolidation, or conversion.
Section 487.3715 Conversion of mutual savings bank to stock savings bank.
354-1996-8 CHAPTER 8 GENERAL PROVISIONS, EXEMPTION FROM TAXATION (487.3801...487.3804)
Section 487.3801 Use of “bank,”“banker,” or “banking.”
Section 487.3802 Construction of act.
Section 487.3803 Effect of MCL 450.1 to 450.192.
Section 487.3804 Tax exemptions.