reglab/housing_qa huggingface dataset:
MI Comp L § 487.3418 (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 487.3418 - Loan Production Offices.

487.3418 Loan production offices. Sec. 418.  (1) Without notice to or approval of the commissioner, a savings bank may establish and operate a loan production office or loan production offices.  (2) A savings bank may perform any of the following activities through a loan production office:  (a) Receive loan applications.  (b) Process loans.  (c) Assemble information related to the approval of loans.  (d) Close loans.  (e) Disburse loan proceeds approved by the principal office or a branch.  (f) Receive loan payments.  (g) Any other activities as approved by rule, order, or declaratory ruling of the commissioner. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3419 (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 487.3419 - Purchase or Assumption of National or State Chartered Bank, Savings Bank, or Association; Operation as New Branch.

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 savings bank that purchases or assumes all or substantially all of the assets or liabilities of an eligible insured national or state chartered bank, savings bank, or association may retain and maintain the main premises, branches, or agency offices of the former national bank, state chartered bank, or association as branches of the purchasing savings bank, provided it assumes the deposit liabilities of the eligible national bank, state chartered bank, savings bank, or association maintained at the main premises, branches, or agency offices. The notice required by section 417(1) shall be given for each main premises, branch, or agency office the purchasing savings bank intends to operate as a new branch. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3420 (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 487.3420 - Discontinuing Operations of Branch or Agency Office; Transfer of Functions.

487.3420 Discontinuing operations of branch or agency office; transfer of functions. Sec. 420.  If a savings bank permanently discontinues the operations of any branch or agency office, all bills, checks, and notes otherwise presentable for acceptance or payment, all deposits to be made or withdrawn, all notices to stop payment of checks to be given, and similar functions, shall be deemed transferable to, and treated as a part of, the principal office of the savings bank. The savings bank shall give written notice to the commissioner before discontinuing operations of any branch or agency office. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3423 (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 487.3423 - Separation of Trust Department Business From Commercial Bank Business; Commingled and Consolidated Funds; Limitation; Lien on Securities in Event of Savings Bank Failure.

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 under sections 421 to 427 shall segregate all assets held in a fiduciary capacity from the general assets of the bank, keep a separate set of books and records showing in proper detail all transactions engaged under sections 421 to 427, and at all times keep the savings bank's trust department business separate and distinct from the savings bank's commercial banking business.  (2) Funds, at any time and from time to time, held in trust by the savings bank, awaiting investment or other disposition, may be commingled and consolidated, and may be deposited in other financial institutions not affiliated with the savings bank as designated by the board of directors or may be held at any time and from time to time by the savings bank under a deposit relationship and used by the savings bank in the conduct of the savings bank's individual corporate business but only to the extent and when the savings bank shall set aside for the protection of the owners of the funds obligations of the United States, obligations that are guaranteed fully as to principal and interest by the United States, general obligations of this state or of any political subdivision of this state, or other securities approved by the commissioner equal at face value to the amount of the funds held, less the amounts of the funds which are insured by the federal deposit insurance corporation. If the savings bank fails, the owners of the funds held in trust, awaiting investment or other disposition, shall have a lien on the securities set apart in addition to any other claims against the savings bank. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3424 (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 487.3424 - Fiduciary Powers; Considerations.

487.3424 Fiduciary powers; considerations. Sec. 424.  (1) In passing upon applications for permission to exercise full fiduciary powers under section 421, the commissioner shall take into consideration the following, and he or she may grant or refuse the application accordingly:  (a) The sufficiency of the capital and surplus of the applying savings bank.  (b) Any other facts or circumstances that he or she deems proper.  (2) Without regard to the capital and surplus requirements under subsection (1), the commissioner may grant to a savings bank the limited trust power to act as executor, administrator, custodian, conservator, guardian, or to serve as a testamentary trustee. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3425 (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 487.3425 - Repealed. 2000, Act 482, Imd. Eff. Jan. 11, 2001.

487.3425 Repealed. 2000, Act 482, Imd. Eff. Jan. 11, 2001. Compiler's Notes: The repealed section pertained to commencement of trust powers.
MI Comp L § 487.3427 (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 487.3427 - Enforcement of MCL 487.3421 to 487.3426; Orders or Declaratory Rulings.

487.3427 Enforcement of MCL 487.3421 to 487.3426; orders or declaratory rulings. Sec. 427.  The commissioner may issue orders or declaratory rulings to enforce sections 421 to 426. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3428 (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 487.3428 - Safe Deposit and Storage Department.

487.3428 Safe deposit and storage department. Sec. 428.  (1) If a savings bank operates a safe deposit and storage department, the legal liability of the savings bank on account of any loss to a customer shall not exceed the sum of $10,000.00 for any 1 box or compartment, including all property accepted for storage outside of the box or compartment. The savings bank may contract with the renter to have the renter assume all risks arising from the use of the box, compartment, or storage.  (2) The savings bank shall have a lien for unpaid rental and storage charges on the contents of any box or compartment and any property accepted for storage outside of the box or compartment. If the charges are not paid within 1 year from the date of accrual, then the savings bank may sell the property at public auction upon like notice as is required by law for sales on execution.  (3) After retaining from the proceeds of sale the amount of all charges due and owing at the time of the sale and the reasonable expenses of the sale, the savings bank shall pay any balance to the persons entitled to the proceeds. The savings bank may fairly and in good faith purchase all or part of the property at the sale. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3429 (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 487.3429 - Lease, Purchase, Holding, and Conveyance of Real Estate.

487.3429 Lease, purchase, holding, and conveyance of real estate. Sec. 429.  (1) A savings bank may lease, purchase, hold, and convey real estate for any of the following purposes:  (a) For the convenient transaction of its business, including with its banking offices other space in the same buildings to rent as lessor. Without the approval of the commissioner, a savings bank shall not invest in premises of the savings bank or in the stock, bonds, debentures, or other obligations of any corporation holding the premises of the savings bank or make loans to or upon the security of the stock, bonds, and debentures of any such corporation, if the aggregate of all investments and loans, together with the amount of any indebtedness incurred in connection with a bank premises real estate transaction by any such corporation which is an affiliate of the savings bank, exceeds 2/3 of the capital and surplus of the stock savings bank or 2/3 of the total capital of the mutual savings bank.  (b) As permitted under section 408.  (c) For all purposes with regard to real estate conveyed to it in satisfaction of debts previously contracted in the course of its business.  (d) For all purposes with regard to real estate purchased at sales under judgments, decrees, or mortgages held by the savings bank or purchased to secure debts due to it.  (e) For all purposes with regard to real estate legally owned by the savings bank on the effective date of this act.  (f) For all purposes with regard to real estate conveyed to it under sections 421 through 427.  (g) For all purposes with regard to real estate acquired in connection with the purchase by the savings bank of a land contract. At the termination of a land contract, the savings bank shall divest itself of the real estate within 1 year after termination or such additional period as the commissioner may approve.  (h) For all purposes with regard to real estate acquired upon the specific request and for the use of a customer by lease arrangement with the savings bank. At the termination of a lease, the savings bank shall divest itself of the real estate within 1 year after termination or such additional period as the commissioner may approve.  (i) Any other purposes as may be permitted by order or declaratory ruling of the commissioner.  (2) Real estate shall be conveyed under the corporate seal of the savings bank and the signature of the officers authorized by its board of directors to approve the conveyance.  (3) Real estate acquired under subsection (1)(c) and (d) shall not be held for a period longer than 5 years or such other period as approved by the commissioner. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3430 (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 487.3430 - Interest and Charges on Loans and Credit Extensions.

487.3430 Interest and charges on loans and credit extensions. Sec. 430.  (1) Savings banks may collect interest and charges on loans and extensions of credit, including open-end credit to any person, as follows:  (a) As permitted by the credit reform act, 1995 PA 162, MCL 445.1851 to 445.1864.  (b) On obligations purchased by the savings bank, the savings bank may charge a discount.  (c) On a loan not covered by subdivision (a) or (b), a savings bank may charge, collect, and receive interest and other charges in the same manner and at up to maximum rate or amount permitted by law for the same type of loans made by national banking associations authorized to do business in this state.  (d) On a loan not covered by subdivision (a), (b), or (c), as otherwise permitted by law.  (2) A savings bank or any officer or employee of the savings bank shall not, directly or indirectly, take or receive more than the rate of interest allowed by law in advance on its loans and discounts.  (3) Except as otherwise provided by law, an investigation fee or handling charge in connection with any transaction shall not be considered as interest.  (4) A savings bank may pay interest on any deposit that is payable on demand, unless the commissioner by rule, or order, or declaratory ruling restricts the right of the savings bank to pay interest on demand deposits or unless restricted by federal law. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3431 (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 487.3431 - Drafts or Bills of Exchange.

487.3431 Drafts or bills of exchange. Sec. 431.  (1) A savings bank may accept drafts or bills of exchange drawn upon it having not more than 6 months' sight to run, exclusive of days of grace, if 1 or more of the following apply:  (a) The drafts or bills of exchange grow out of transactions involving the importation or exportation of goods.  (b) The drafts or bills of exchange grow out of transactions involving the domestic shipment of goods.  (c) The drafts or bills of exchange are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering readily marketable staples.  (2) Except as provided in subsection (3), a savings bank shall not accept bills of exchange, or be obligated for a participation share in such bills, in an amount equal at any time in the aggregate to more than 150% of the capital and surplus of a stock savings bank and more than 150% of the total capital of a mutual savings bank.  (3) Under conditions as the commissioner may prescribe, the commissioner may authorize, by rule, order, or declaratory ruling, a savings bank to accept bills of exchange, or be obligated for a participation share in such bills, in an amount not exceeding at any time in the aggregate 200% of the capital and surplus of a stock savings bank and more than 200% of the total capital of a mutual savings bank.  (4) Notwithstanding subsections (2) and (3), with respect to any savings bank, the aggregate acceptances, including obligations for a participation share in the acceptances, growing out of domestic transactions shall not exceed 50% of the aggregate of all acceptances, including obligations for a participation share in the acceptances, authorized for the savings bank under this section.  (5) A savings bank shall not accept bills of exchange, or be obligated for a participation share in such bills, whether in a foreign or domestic transaction, for any 1 person, partnership, corporation, association, or other entity in an amount equal at any time in the aggregate to more than 10% of the capital and surplus of a stock savings bank and more than 10% of the total capital of a mutual savings bank, unless the savings bank is secured either by attached documents or by some other actual security growing out of the same transaction as the acceptance.  (6) If a savings bank issues an acceptance, the limitations of this section do not apply to that portion of an acceptance that is issued by the savings bank and is covered by a participation agreement sold to a bank, out-of-state bank, national bank, association, or other savings bank. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3433 (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 487.3433 - Loans and Extensions of Credit; Exceptions to Limitations.

487.3433 Loans and extensions of credit; exceptions to limitations. Sec. 433.  All of the following loans and extensions of credit are not subject to a limitation based upon capital and surplus, or total capital under section 432 or 434:  (a) A loan or extension of credit arising from the discount of commercial or business paper evidencing an obligation to the person negotiating it with recourse.  (b) The purchase of banker's acceptances of another bank of the kind described in paragraph 7 of section 13 of the federal reserve act, chapter 6, 38 Stat. 263.  (c) A loan or extension of credit to a financial institution or to a receiver, conservator, or any other agent or supervising authority in charge of the business and property of the financial institution, when the loan or extension of credit is approved by the commissioner.  (d) A loan or extension of credit to a customer, secured or covered by guarantees or by commitments or agreements to take over or to purchase the loan or extension of credit, made by a federal reserve bank or by the United States, or a department, bureau, board, commission, or establishment of the United States, including a corporation wholly owned directly or indirectly by the United States.  (e) A loan or extension of credit from 1 business day to the next to a bank, out-of-state bank, national bank, association, or savings bank of excess reserve balances from time to time maintained under section 19 of the federal reserve act, chapter 6, 38 Stat. 251.  (f) A loan or extension of credit secured by bonds, notes, certificates of indebtedness, or treasury bills of the United States or by other obligations fully guaranteed as to principal and interest by the United States.  (g) A loan or extension of credit secured by a loan agreement between a local public agency or a public housing agency and an instrumentality of the United States pursuant to federal housing legislation under which funds will be provided for payment of the obligation secured by the loan agreement.  (h) A loan or extension of credit arising from securities purchased under an agreement to resell.  (i) A loan or extension of credit to the student loan marketing association.  (j) A loan or extension of credit fully secured by a segregated deposit account in the lending savings bank.  (k) A loan or extension of credit arising from the acceptance by a savings bank of drafts or bills of exchange drawn upon the savings bank, or a savings bank's participation in drafts or bills of exchange drawn upon and accepted by a bank, out-of-state bank, national bank, association, or savings bank under section 431. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3434 (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 487.3434 - Capital and Surplus; Limitations.

487.3434 Capital and surplus; limitations. Sec. 434.  All of the following limitations based upon capital and surplus shall apply:  (a) Loans and extensions of credit to a customer secured by bills of lading, warehouse receipts, or similar documents transferring or securing title to readily marketable staples shall be subject to a limitation of 30% of capital and surplus of a stock savings bank, or 30% of total capital of a mutual savings bank, if the value of the staples securing the loans or extensions of credit at all times equals or exceeds 115% of the outstanding amount of the loans or extensions of credit. The staples shall be fully covered by insurance if it is customary to insure the staples.  (b) Loans or extensions of credit to a customer secured by shipping documents or instruments transferring or securing title covering livestock, or giving a lien on livestock, if the value of the livestock securing the obligation is not at any time less than 115% of the face amount of the notes covered, shall be subject to a limitation of 30% of capital and surplus of a stock savings bank, or 30% of total capital of a mutual savings bank. Loans or extensions of credit arising from the discount by dealers in dairy cattle of paper given in payment for dairy cattle, which paper carries a full recourse indorsement or unconditional guarantee of the seller and which are secured by the cattle being sold, shall be subject to a limitation of 30% of capital and surplus.  (c) Loans or extensions of credit arising from the discount of negotiable or nonnegotiable installment consumer paper which carries a full recourse indorsement or unconditional guarantee by a person transferring the paper, shall be subject to a limitation of 30% of capital and surplus of a stock savings bank, or 30% of total capital of a mutual savings bank. If the savings bank's files or the knowledge of its officers of the financial condition of each maker of the consumer paper is reasonably adequate, and an officer of the savings bank designated for that purpose by the board of directors of the savings bank certifies in writing that the savings bank is relying primarily upon the responsibility of each maker for the payment of the loans or extensions of credit, the limitations of this section as to the loans and extensions of credit of each maker shall be the sole applicable loan limitation. The certification shall be retained as part of the records of the savings bank. History: 1996, Act 354, Imd. Eff. July 1, 1996