reglab/housing_qa huggingface dataset:
MI Comp L § 487.3436 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-4 - Chapter 4 Powers (487.3401...487.3436)|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.

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 manages an automated teller machine located on the premises of a casino, casino enterprise, liquor store, or adult entertainment establishment shall work with the department of human services to ensure that the automated teller machine does not allow an individual access to cash benefits from a Michigan bridge card.  (2) As used in this section:  (a) "Adult entertainment establishment" means any of the following:  (i) An on-premises licensee that holds a topless activity permit described in section 916(3) of the Michigan liquor control code of 1998, 1998 PA 58, MCL 436.1916.  (ii) Any other retail establishment that provides adult-oriented entertainment in which performers disrobe or perform in an unclothed state for entertainment.  (b) "Alcoholic liquor" means that term as defined in section 105 of the Michigan liquor control code of 1998, 1998 PA 58, MCL 436.1105.  (c) Subject to subsection (3), "casino" means that term as defined in section 2 of the Michigan gaming control and revenue act, 1996 IL 1, MCL 432.202.  (d) Subject to subsection (3), "casino enterprise" means that term as defined in section 2 of the Michigan gaming control and revenue act, 1996 IL 1, MCL 432.202.  (e) "Gaming" means that term as defined in section 2 of the Michigan gaming control and revenue act, 1996 IL 1, MCL 432.202.  (f) "Liquor store" means a retailer, as defined in section 111 of the Michigan liquor control code of 1998, 1998 PA 58, MCL 436.1111, that is exclusively or primarily engaged in the sale of alcoholic liquor. The term does not include a retailer that is a retail food store.  (g) "Michigan bridge card" means the card that is used to distribute cash benefits by the department of human services.  (h) "Retail food store" means that term as defined in 7 USC 2012.  (3) As used in this section, the terms casino and casino enterprise do not include any of the following:  (a) A grocery store that sells groceries, including staple foods, and is located in a casino or a casino enterprise.  (b) Any other business establishment that offers gaming that is incidental to the principal purpose of that establishment. History: Add. 2013, Act 196, Eff. Feb. 1, 2014
MI Comp L § 487.3502 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-5 - Chapter 5 Regulation (487.3501...487.3514)|Section 487.3502 - Violations; Liability of Directors or Officers.

487.3502 Violations; liability of directors or officers. Sec. 502.  If the directors or officers of a savings bank knowingly violate or knowingly permit any of the agents, officers, or directors of a savings bank to violate this act or rules of the commissioner made under this act, those directors or officers shall be liable in his or her personal and individual capacity for all damages that the savings bank, any shareholder, or any other person sustains in consequence of the violation. Any action to recover damages shall be brought within 3 years from the time of the violation. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3503 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-5 - Chapter 5 Regulation (487.3501...487.3514)|Section 487.3503 - Officer or Employee as Agent in Sale of Stock or Securities; Prohibition.

487.3503 Officer or employee as agent in sale of stock or securities; prohibition. Sec. 503.  An officer or employee of a savings bank, in his or her individual capacity, shall not act as agent in the sale of stock or other securities to another person, or receive directly or indirectly any consideration or commission resulting from the sale of stock or other securities by others to the savings bank of which he or she is employed, unless authorized by order or declaratory ruling of the commissioner. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3504 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-5 - Chapter 5 Regulation (487.3501...487.3514)|Section 487.3504 - Receipt of Consideration or Gratuity Prohibited.

487.3504 Receipt of consideration or gratuity prohibited. Sec. 504.  An officer, director, or employee of a savings bank shall not receive any consideration or gratuity from a borrower for procuring a loan from the savings bank. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3505 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-5 - Chapter 5 Regulation (487.3501...487.3514)|Section 487.3505 - Surety Bonds; Protection Against Insurable Losses.

487.3505 Surety bonds; protection against insurable losses. Sec. 505.  (1) The board of directors shall require every employee concerned in the handling of money, accounts, or securities of the savings bank, who can be bonded, to be bonded by a surety company authorized to do business in this state in an amount determined by the board. A surety bond may cover 1 or more employees. The savings bank shall pay for any surety bonds required of its employees.  (2) The commissioner shall require every savings bank to provide reasonable protection and indemnity against burglary, defalcation, and other reasonably required insurable losses. Whenever a savings bank refuses to comply with the requirements of this section, the commissioner may contract for the protection and indemnity and charge the costs to the savings bank. If the charge is not paid, the commissioner shall collect the costs in an action instituted by the attorney general. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3506 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-5 - Chapter 5 Regulation (487.3501...487.3514)|Section 487.3506 - Reports; Penalty for Failure to Report.

487.3506 Reports; penalty for failure to report. Sec. 506.  (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 to the condition of the savings bank. The commissioner may require publication of reports and proof of publication by a date determined by the commissioner and in the manner and form as the commissioner may prescribe, except that the commissioner shall give a bank at least 30 days written notice of the date required for the publication of reports.  (2) A savings bank that does not make and transmit to the commissioner a report required by this section shall be subject to a penalty of $100.00 for each day after the date from making the report. All penalties collected shall be paid into the state treasury to the credit of the general fund. If a savings bank delays or refuses to pay the penalty, the commissioner may maintain an action against the delinquent savings bank for the recovery of the penalty. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3507 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-5 - Chapter 5 Regulation (487.3501...487.3514)|Section 487.3507 - Regulation and Prescription of Terms, Conditions, Bylaws, and Rules by Board of Directors.

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 of directors of a savings bank, with the approval of the commissioner, may regulate and prescribe the terms, conditions, bylaws, and rules under which deposits, other funds and assets may be received, conserved, paid out, withdrawn, or otherwise disposed of whenever in the opinion of the commissioner an emergency exists in the affairs of a savings bank and the action is advisable to conserve, safeguard, and protect depositors, borrowers, deposits, moneys, funds, assets, and the business of the savings bank and all parties in interest, including the public. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3509 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-5 - Chapter 5 Regulation (487.3501...487.3514)|Section 487.3509 - Deposit by Savings Bank; Limitation.

487.3509 Deposit by savings bank; limitation. Sec. 509.  Except where required or permitted under the federal reserve act, chapter 6, 38 Stat. 251, or the federal home loan bank act, chapter 522, 47 Stat. 725, a savings bank shall not deposit an amount in excess of 10% of the capital and surplus of a stock savings bank, or 10% of the total capital of a mutual savings bank, with any other savings bank, state chartered bank, association, or national bank. A savings bank may deposit an amount not to exceed 15% of the capital and surplus of a stock savings bank, or 15% of the total capital of a mutual savings bank in any legal depository in a reserve city designated by the commissioner. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3510 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-5 - Chapter 5 Regulation (487.3501...487.3514)|Section 487.3510 - Insolvency; Transfer of Assets Null and Void.

487.3510 Insolvency; transfer of assets null and void. Sec. 510.  A transfer of any assets of a savings bank to its shareholders or members, or to its creditors made after the commission of an act of insolvency or made in contemplation of insolvency, with a view to preventing the application of its assets in the manner prescribed by this act, or with a view to the preference of 1 creditor over another, is null and void. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3511 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-5 - Chapter 5 Regulation (487.3501...487.3514)|Section 487.3511 - Property or Casualty Insurance as Condition to Mortgage Loan.

487.3511 Property or casualty insurance as condition to mortgage loan. Sec. 511.  (1) Except as provided in subsection (2), a savings bank that requires a mortgagor to maintain property or casualty insurance as a condition to receiving a mortgage loan shall not require the amount of the property or casualty insurance to be greater than the replacement cost of the mortgaged building or buildings.  (2) A savings bank may require an amount of property or casualty insurance that is required of the savings bank as a condition of a sale, transfer, or assignment of all or part of the mortgage to a third party. This subsection does not require that the savings bank anticipate a sale, transfer, or assignment at the time the mortgage loan is made. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3512 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-5 - Chapter 5 Regulation (487.3501...487.3514)|Section 487.3512 - Overdrafts.

487.3512 Overdrafts.Sec. 512.  (1) An overdraft existing for 90 days shall be charged off to the profit and loss account of the savings bank at the expiration of that time.  (2) A director or executive officer of a savings bank shall not knowingly overdraw his or her account.  (3) Unless a debt constitutes a claim against a solvent estate in probate, if the interest on a debt held by a savings bank is past due and unpaid for a period of 12 months, the savings bank shall charge off to its allowance for loan and lease losses the portion of the debt that is not well secured. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2009, Act 58, Imd. Eff. July 2, 2009
MI Comp L § 487.3514 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-5 - Chapter 5 Regulation (487.3501...487.3514)|Section 487.3514 - Repealed. 2005, Act 192, Imd. Eff. Nov. 7, 2005.

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.
MI Comp L § 487.3601 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-6 - Chapter 6 Receiverships and Conservatorships (487.3601...487.3608)|Section 487.3601 - Receiver; Appointment.

487.3601 Receiver; appointment. Sec. 601.  (1) If a savings bank has refused to pay its deposits or obligations in accordance with the terms under which the deposits or obligations were incurred, or whenever a savings bank becomes insolvent, has refused to submit its books, papers, and records for inspection by the commissioner, appears to the commissioner to be in an unsafe or unsound condition, or the appointment of a conservator is required under section 204(5), the commissioner shall either appoint a conservator under section 605 with the attorney general representing the commission, or shall apply to the circuit court for the county in which the savings bank is located for the appointment of a receiver for the savings bank.  (2) In a proceeding for the appointment of a receiver, the commissioner shall request that the court appoint the federal deposit insurance corporation as the receiver if the deposits in the savings bank are insured to any extent by that corporation.  (3) The court may act upon the application without notice to any person but if at any time it appears to the court that none of the claimed reasons for receivership did in fact exist, the receivership shall be dissolved and the proceedings terminated.  (4) If the federal deposit insurance corporation accepts the appointment as receiver, it may act without bond. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3602 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-6 - Chapter 6 Receiverships and Conservatorships (487.3601...487.3608)|Section 487.3602 - Receiver; Powers; Report to Commissioner.

487.3602 Receiver; powers; report to commissioner. Sec. 602.  (1) Subject to court approval, a receiver may do any of the following:  (a) Take possession of the books, records, and assets of the savings bank and collect all debts, dues, and claims belonging to the savings bank.  (b) Sue and defend, compromise, and settle all claims involving the savings bank.  (c) Sell any and all real and personal property.  (d) Exercise all fiduciary functions of the savings bank as of the date of the commencement of the receivership.  (e) Pay all expenses of the receivership, which expenses shall be a first charge upon the assets of the savings bank and be fully paid before any final distribution or payment of dividends to creditors or shareholders.  (f) Pay ratably any and all debts of the savings bank, except that debts not exceeding $50.00 in amount may be paid in full but the holders of such debts shall not be entitled to interest on the debts.  (g) Repay, ratably, any amount which may have been paid in by a shareholder by reason of assessments made upon the stock of the savings bank by order of the commissioner in accordance with this act.  (h) Pay, ratably, to the shareholders or members of the savings bank in proportion to the number of shares or membership interests held and owned the balance of the net assets of the savings bank after payment or provision for payments as provided under subdivisions (e), (f), and (g).  (i) Borrow money as may be necessary or expedient in aiding the liquidation of the savings bank and to secure the borrowings by the pledge, hypothecation, or mortgage of the assets of the savings bank.  (j) Exercise other powers and duties as may be provided by the court under the laws of this state applicable to the appointment of receivers.  (2) The receiver from time to time shall report to the commissioner with respect to all of his or her acts and proceedings in connection with the receivership. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3603 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-6 - Chapter 6 Receiverships and Conservatorships (487.3601...487.3608)|Section 487.3603 - Procedures for Liquidation; Limitation.

487.3603 Procedures for liquidation; limitation. Sec. 603.  The full and exclusive procedures for the liquidation of a savings bank under this act shall be the procedures prescribed in this act and a receiver or other liquidating agent shall not be appointed for such purpose or for any savings bank or its assets and property except as expressly provided in this act. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3604 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-6 - Chapter 6 Receiverships and Conservatorships (487.3601...487.3608)|Section 487.3604 - Rights of Depositors and Creditors of Closed Savings Bank.

487.3604 Rights of depositors and creditors of closed savings bank. Sec. 604.  (1) If a savings bank has been closed and placed in receivership, and the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of the closed savings bank, the corporation, whether or not it has become receiver of the savings bank, subrogated to all of the rights of the owners of the deposits against the closed savings bank in the same manner and to the same extent as subrogation of the corporation is provided for in the federal reserve act, in the case of the closing of a national banking association.  (2) The rights of depositors and other creditors of the closed savings bank shall be determined in accordance with the applicable provisions of the laws of this state. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3606 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-6 - Chapter 6 Receiverships and Conservatorships (487.3601...487.3608)|Section 487.3606 - Affairs of Savings Bank Turned Back to Board of Directors; Notice.

487.3606 Affairs of savings bank turned back to board of directors; notice. Sec. 606.  (1) After 15 days from the date upon which the affairs of a savings bank have been turned back to its board of directors by the conservator, either with or without being reorganized, the provisions of section 605(5) with respect to the segregation of deposits shall no longer be effective.  (2) Before the conservator turns back the affairs of the savings bank to its board of directors, he or she shall publish a notice in form approved by the commissioner, stating the date on which the affairs of the savings bank will be returned to its board of directors and that the provisions of section 605(5) will not be effective after 15 days from that date. On the date of the publication of the notice, the conservator shall immediately send to every person who deposited money in the savings bank after the appointment of a conservator, a copy of the notice by mail addressed to the last known address of the person as shown by the records of the savings bank. The conservator shall send similar notice in like manner to every person making deposit in the savings bank under section 605(5) after the date of the newspaper publication and before the time when the affairs of the bank are returned to its directors. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3607 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-6 - Chapter 6 Receiverships and Conservatorships (487.3601...487.3608)|Section 487.3607 - Orders or Declaratory Rulings as to Receivers and Conservators; Compensation and Expenses to Reimburse Bureau.

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 rulings he or she considers necessary in order to carry out the provisions of this chapter as to receivers and conservators.  (2) All compensation and expenses allowed to reimburse the bureau when a bank examiner acts as receiver or conservator and all expenses for state supervision of receiverships and conservatorships under this act shall be turned over to the state treasurer and credited to a revolving fund to be held for the bureau to reimburse the bureau in connection with the provisions of this act with respect to receivers and conservators of savings banks. History: 1996, Act 354, Imd. Eff. July 1, 1996