reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 2 - (487.2131...487.2142) › Section 487.2140 - Enforcement and Implementation of Act; Issuance of Orders and Rules; Correction of Inaccurate Information; Duties of Licensee if Database Not Operational; Examination of Business, Books, and Records.

487.2140 Enforcement and implementation of act; issuance of orders and rules; correction of inaccurate information; duties of licensee if database not operational; examination of business, books, and records.
Sec. 20.
(1) The commissioner may issue orders and rules that he or she considers necessary to enforce and implement this act. The commissioner shall make a copy of any order or rule issued under this subsection available to each licensee within a reasonable time after issuance.
(2) If any information previously submitted to the commissioner by a licensee under this act is no longer accurate, the licensee shall promptly file in writing with the commissioner a correction of the information. If requested by the commissioner, the licensee shall provide a written report of its business operations, including information described in subsection (3), within a reasonable time after the commissioner's request.
(3) If the commissioner has not implemented a database under section 22 or the database described in that section is not fully operational, as determined by the commissioner, a licensee shall do all of the following:
(a) Provide an annual written report of its business operations, including business volume and other information on the business of providing deferred presentment service transactions.
(b) Every February 1, May 1, August 1, and November 1, report to the commissioner on a form prescribed by the commissioner all of the following:
(i) The number of customers who during the preceding calendar quarter notified the licensee of a violation of this act.
(ii) A breakdown of the number of times the licensee agreed that a violation of this act occurred and the number of times that the licensee did not agree that a violation occurred.
(iii) If the licensee agreed that the violation occurred, the amount of restitution that was paid to any customer under this act.
(iv) Any other information the commissioner considers necessary under this act.
(4) To assure compliance with this act, the commissioner may examine the relevant business, books, and records of any licensee.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 2 - (487.2131...487.2142) › Section 487.2141 - Books, Accounts, and Records; Preservation.

487.2141 Books, accounts, and records; preservation.
Sec. 21.
Each licensee shall keep and use in its business any books, accounts, and records the commissioner requires under this act. A licensee shall preserve the books, accounts, and records for at least 3 years, unless applicable state or federal law concerning record retention requires a longer retention period.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 3 - (487.2151...487.2160) › Section 487.2157 - Rescission of Agreement; Redemption of Check by Drawer.

487.2157 Rescission of agreement; redemption of check by drawer.
Sec. 37.
(1) A drawer may rescind a deferred presentment service agreement without cost to the drawer and for any reason if the drawer, not later than the close of business on the business day following the date of the deferred presentment service transaction, either delivers to the licensee cash in an amount equal to the amount the drawer received if the drawer received cash in the transaction or returns to the licensee the licensee's check the drawer received if the drawer received a check from the licensee in the transaction. The licensee shall return to the drawer the check received in the transaction and any service fee paid by the drawer to the licensee. A drawer who rescinds an agreement under this section is not eligible for restitution under section 36 with regard to the rescinded agreement.
(2) A drawer may redeem a check from the licensee holding the check in a deferred presentment service transaction at any time before the maturity date. A licensee shall return the check to the drawer upon receipt of cash or its equivalent in the full amount of the check. A licensee shall not contract for or collect a charge for accepting partial payments from the customer if the full amount is paid by the maturity date.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 3 - (487.2151...487.2160) › Section 487.2158 - Endorsement of Check; Returned Check Charge; Liability for Dishonored Check.

487.2158 Endorsement of check; returned check charge; liability for dishonored check.
Sec. 38.
(1) A licensee shall endorse a check given to it by a drawer with the actual name under which the licensee is doing business before the licensee negotiates or presents the check for payment.
(2) A licensee may contract for and collect a returned check charge that does not exceed the maximum returned check charge determined under subsection (3) if the drawer's check that the licensee is holding in a deferred presentment service transaction is returned by the drawee due to insufficient funds, a closed account, or a stop payment order. The licensee may only contract for and collect 1 returned check charge under this subsection in a transaction with a customer. In addition to the charge authorized by this section, a licensee may exercise any other remedy available under any law applicable to the return of a check because of a closed account or a stop payment order.
(3) The initial maximum amount of a returned check charge described in subsection (2) is $25.00. Beginning March 1, 2011, and by March 1 of every fifth year after March 1, 2011, the licensee may adjust the maximum returned check charge by an amount determined by the commissioner to reflect the cumulative percentage change in the Detroit consumer price index over the preceding 5 calendar years. As used in this subsection, "Detroit consumer price index" means the most comprehensive index of consumer prices available for the Detroit area from the bureau of labor statistics of the United States department of labor.
(4) A drawer is not subject to any criminal penalty for entering into a deferred presentment service transaction and is not subject to any criminal penalty in the event the drawer's check is dishonored.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 3 - (487.2151...487.2160) › Section 487.2159 - Agreements; Maintenance; Availability for Examination; Rejected Applications.

487.2159 Agreements; maintenance; availability for examination; rejected applications.
Sec. 39.
(1) A licensee shall maintain each deferred presentment service agreement until the expiration of 3 years after the date the deferred presentment service agreement is satisfied and make available for examination by the commissioner any deferred presentment service agreements and all related documents in its possession or control including, but not limited to, any applications, credit reports, employment verifications, or loan disclosure statements.
(2) A licensee shall preserve and keep available for examination by the commissioner all documents pertaining to a rejected application for a deferred presentment service transaction for any period of time required by law.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 3 - (487.2151...487.2160) › Section 487.2160 - Prohibited Conduct.

487.2160 Prohibited conduct.
Sec. 40.
A licensee shall not do any of the following:
(a) Enter into a tying arrangement through which the licensee conditions the sale of 1 financial service to a consumer on the agreement by the consumer to purchase 1 or more other financial services from the licensee or an affiliate or subsidiary of the licensee.
(b) Knowingly permit a person to violate an order that has been issued under this act or any other financial licensing act that prohibits that person from being employed by, an agent of, or a control person of the licensee.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 4 - (487.2165...487.2173) › Section 487.2165 - Customer Complaint; Filing; Investigation or Examination by Commissioner; Subpoena; Noncompliance.

487.2165 Customer complaint; filing; investigation or examination by commissioner; subpoena; noncompliance.
Sec. 45.
(1) A customer may file a written complaint with the office on a form prescribed by the commissioner regarding a licensee. The customer shall include with the complaint documentary or other evidence of the violation or activities of the licensee. The commissioner shall investigate a complaint filed by a customer under this subsection.
(2) The commissioner may investigate or conduct examinations of a licensee and conduct hearings as the commissioner considers necessary to determine whether a licensee or any other person has violated this act, or whether a licensee has conducted business in a manner that justifies suspension or forfeiture of its authority to engage in the business of providing deferred presentment service transactions in this state.
(3) The commissioner may subpoena witnesses and documents, papers, books, records, and other evidence in any manner over which the commissioner has jurisdiction, control, or supervision. The commissioner may administer oaths to any person whose testimony is required. If a person fails to comply with a subpoena issued by the commissioner or to testify with respect to any matter concerning which the person may be lawfully questioned, the commissioner may petition the circuit court for Ingham county to issue an order requiring the person to attend, give testimony, or produce evidence.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 4 - (487.2165...487.2173) › Section 487.2166 - Cease and Desist Order.

487.2166 Cease and desist order.
Sec. 46.
(1) If in the opinion of the commissioner a licensee is, has, or is about to engage in a practice that poses a threat of financial loss or threat to the public welfare, or is, has, or is about to violate this act, state or federal law, or an applicable rule or regulation, the commissioner may serve a notice of intention to issue a cease and desist order. A notice served under this section shall contain a statement of the facts constituting the alleged practice or violation and shall fix a time and place for a hearing at which the commissioner will determine whether to issue an order to cease and desist against the licensee.
(2) A licensee that fails to appear at a hearing under subsection (1) consents to the issuance of a cease and desist order. If a licensee consents, or upon the record made at the hearing the commissioner finds that the practice or violation specified in the notice has been established, the commissioner may serve upon the licensee an order to cease and desist from the practice or violation. The order may require the licensee and its executive officers, employees, and agents to cease and desist from the practice or violation and to take affirmative action to correct the conditions resulting from the practice or violation.
(3) Except to the extent it is stayed, modified, terminated, or set aside by the commissioner or a court, a cease and desist order is effective on the date of service. A cease and desist order issued with the consent of the licensee is effective at the time specified in the order and remains effective and enforceable as provided in the order.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 4 - (487.2165...487.2173) › Section 487.2167 - Suspension, Revocation, or Termination of License.

487.2167 Suspension, revocation, or termination of license.
Sec. 47.
(1) The commissioner may, after notice and hearing, suspend or revoke a license if the commissioner finds that the licensee has knowingly or through lack of due care done any of the following:
(a) Failed to pay the annual license fee, an examination fee, or any other fee imposed by the commissioner under this act.
(b) Committed any fraud, engaged in any dishonest activities, or made any misrepresentations.
(c) Violated this act or any rule or order issued under this act or violated any other law in the course of the licensee's dealings as a licensee.
(d) Made a false statement in the application for the license, failed to give a true reply to a question in the application, or failed to reply to a request of the commissioner authorized in this act.
(e) Demonstrated incompetency or untrustworthiness to act as a licensee.
(f) Engaged in a pattern or practice that poses a threat of financial loss or threat to the public welfare.
(2) If the reason for revocation or suspension of a licensee's license at any 1 location is of general application to all locations operated by a licensee, the commissioner may revoke or suspend all licenses issued to a licensee.
(3) A notice served under this section shall contain a statement of the facts constituting the violation or pattern of practice and shall fix a time and place at which the commissioner will hold a hearing to determine whether the commissioner should issue an order to suspend or terminate 1 or more licenses of the licensee.
(4) If a licensee fails to appear at a hearing under subsection (1), the licensee consents to the issuance of the order to suspend or terminate 1 or more licenses of the licensee. If a licensee consents, or upon the record made at the hearing the commissioner finds that the pattern of practice or violation specified in the notice has been established, the commissioner may serve upon the licensee an order suspending or terminating 1 or more licenses of the licensee.
(5) Except to the extent it is stayed, modified, terminated, or set aside by the commissioner or a court, an order suspending or terminating 1 or more licenses of the licensee is effective on the date of service. An order suspending or terminating 1 or more licenses of the licensee issued with the consent of the licensee is effective at the time specified in the order and remains effective and enforceable as provided in the order.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 4 - (487.2165...487.2173) › Section 487.2168 - Violations; Civil Fines.

487.2168 Violations; civil fines.
Sec. 48.
(1) If the commissioner finds that a person has violated this act, state or federal law, or an applicable rule or regulation, the commissioner may order the person to pay a civil fine of not less than $1,000.00 or more than $10,000.00 for each violation. However, if the commissioner finds that a person has violated this act and that the person knew or reasonably should have known that he or she was in violation of this act, the commissioner may order the person to pay a civil fine of not less than $5,000.00 or more than $50,000.00 for each violation. The commissioner may also order the person to pay the costs of the investigation.
(2) A civil fine assessed under subsection (1) may be sued for and recovered by and in the name of the commissioner and may be collected and enforced by summary proceedings by the attorney general. In determining the amount of a fine, the commissioner shall consider the extent to which the violation was a knowing and willful violation, the extent of the injury suffered because of the violation, the corrective action taken by the licensee to ensure that the violation will not be repeated, and the record of the licensee in the complying with this act.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 4 - (487.2165...487.2173) › Section 487.2170 - Hearing.

487.2170 Hearing.
Sec. 50.
(1) A licensee who is ordered to cease and desist, whose license is suspended or terminated, or who is ordered to pay a fine under this act is entitled to a hearing before the commissioner if a written request for a hearing is filed with the commissioner not more than 30 days after the effective date of the order.
(2) Any administrative proceedings under this act are subject to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 4 - (487.2165...487.2173) › Section 487.2171 - Rules; Report.

487.2171 Rules; report.
Sec. 51.
(1) The commissioner may promulgate rules under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, to enforce and administer this act.
(2) By July 31, 2007, the commissioner shall submit a report to the standing committees of the senate and house of representatives concerned with regulatory reform issues that includes the following information:
(a) The number of persons engaged in the business of providing deferred presentment service transactions in this state on the effective date of this act and the number on June 30, 2007.
(b) A general report on the business of providing deferred presentment service transactions in this state as of June 30, 2007. The report shall include the number of licensees, the number of customers, the number and amount of transactions, and any other financial information about deferred presentment service transactions in this state requested by the legislature or considered relevant by the commissioner.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 4 - (487.2165...487.2173) › Section 487.2172 - Person Providing Services Before Effective Date of Act; Compliance.

487.2172 Person providing services before effective date of act; compliance.
Sec. 52.
A person who provided deferred presentment service transactions in this state before the effective date of this act is considered to have complied with applicable state law if the person provided those transactions in substantial conformity with the rulings and interpretive statements then in effect that were issued by the office or its predecessor agency.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173) › Article 4 - (487.2165...487.2173) › Section 487.2173 - Civil Cause of Action; Damages.

487.2173 Civil cause of action; damages.
Sec. 53.
A person injured by a licensee's violation of this act may maintain a civil cause of action against the licensee and may recover actual damages and an amount equal to the service fee paid in connection with each deferred presentment service transaction that is found to violate this act, plus reasonable attorney fees.
History:
2005, Act 244, Imd. Eff. Nov. 28, 2005
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804) › 354-1996-1 - Chapter 1 Short Title and Definitions (487.3101...487.3103) › Section 487.3101 - Short Title.

487.3101 Short title.
Sec. 101.
This act shall be known and may be cited as the "savings bank act".
History:
1996, Act 354, Imd. Eff. July 1, 1996
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 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 487.3201 - Financial Institutions Bureau; Jurisdiction; Duties of Commissioner; Construction of Act.

487.3201 Financial institutions bureau; jurisdiction; duties of commissioner; construction of act.
Sec. 201.
(1) The financial institutions bureau shall have jurisdiction over and execute the laws relating to savings banks transacting business in this state.
(2) The commissioner shall maximize the capacity of savings banks in this state to offer convenient and efficient financial services, to promote home ownership and economic development, and to ensure that savings banks remain competitive with other types of financial institutions and providers of financial services.
(3) This act shall be liberally construed except for those provisions that relate to safety and soundness of operations, investments, and management.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 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.

487.3202 Prohibited conduct.
Sec. 202.
Unless the person is organized under this act, a person shall not transact business under this act, do business under any name or title, circulate, advertise, make representations or give information that indicates or implies the operation of a business under this act.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 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 487.3203 - Federal Insurance of Deposits Required.

487.3203 Federal insurance of deposits required.
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
2023 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 487.3205 - Appointment of Examiners and Employees; Payment of Compensation, Travel, and Expenses.

487.3205 Appointment of examiners and employees; payment of compensation, travel, and expenses.
Sec. 205.
The commissioner may appoint examiners and other employees for the carrying out of this act. The compensation, travel, and other expenses of the commissioner, deputy commissioners, examiners, and employees shall be paid in the manner provided by law for other state officers and employees, within the appropriations made by the legislature.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 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 487.3206 - Commissioner, Deputy Commissioner, or Examiner; Prohibited Conduct.

487.3206 Commissioner, deputy commissioner, or examiner; prohibited conduct.
Sec. 206.
(1) During his or her term of office or employment, the commissioner, a deputy commissioner, or an examiner of the bureau shall not be a shareholder, either directly or indirectly, of a savings bank or safe and collateral deposit company, or of any affiliate or subsidiary thereof.
(2) During his or her term of office or employment, the commissioner, a deputy commissioner, or an examiner of the bureau shall not be an officer, director, or employee of a savings bank or safe and collateral deposit company, or of any affiliate or subsidiary thereof, or receive, either directly or indirectly, a fee, perquisite, reward, emolument, or other compensation from those entities.
(3) The commissioner, deputy commissioner, or examiner shall not borrow money, directly or indirectly, from a savings bank, except for a mortgage loan upon the mortgagor's own home or installment debt transferred to a savings bank in the regular course of business by a seller of consumer goods. This subsection does not apply to loans made prior to the person's respective term of office. If the commissioner, a deputy commissioner, or an examiner of the bureau borrows from, or is or becomes indebted to a savings bank, he or she shall make a written report to the bureau, or to the governor in the case of the commissioner, stating the date and amount of the loan or indebtedness, the security given on the loan, and the purpose for which the proceeds have been or are to be used.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 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 487.3207 - Commissioner, Deputy Commissioner, or Examiner; Civil Liability.

487.3207 Commissioner, deputy commissioner, or examiner; civil liability.
Sec. 207.
The commissioner, deputy commissioner, examiner, or other employee of the bureau shall not be liable in any civil action for damages for any act done or omitted in good faith in performing the functions of his or her office.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 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 487.3208 - Rules, Orders, and Declaratory Rulings.

487.3208 Rules, orders, and declaratory rulings.
Sec. 208.
(1) The commissioner may promulgate rules in addition to those specifically provided for by this act as he or she may consider necessary to effectuate and enforce this act in accordance with the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws.
(2) The commissioner may also issue orders and declaratory rulings as he or she considers necessary to effectuate the purposes and to execute and enforce the provisions of this act.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 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 487.3209 - Savings Banks and Entities Subject to Examination by Commissioner.

487.3209 Savings banks and entities subject to examination by commissioner.
Sec. 209.
(1) A savings bank together with its subsidiaries, service entities, and entities the controlling interests of which are more than 50% owned by subsidiaries or service entities or association service corporations, are subject to examination of the commissioner, with or without prior notice, not less frequently than once every 18 months concerning the conditions and affairs of the savings bank. The commissioner shall also examine a savings bank under the commissioner's jurisdiction when requested by its board of directors. In connection with an examination, the commissioner, or the commissioner's authorized agent, may examine on oath a director, officer, agent, employee, or shareholder of a savings bank concerning the affairs and business of the savings bank. The commissioner shall ascertain whether the savings bank transacts its business in the manner prescribed by law and the rules promulgated pursuant to law. The commissioner, or the commissioner's authorized agent, may make an examination of an affiliate, subsidiary, or service entity necessary to disclose fully the relationship between a savings bank and the affiliate, subsidiary, or service entity and the effect of the relationship upon the savings bank.
(2) The commissioner may examine the branch or branches located in this state of an out-of-state bank under the federal deposit insurance act, chapter 967, 64 Stat. 873.
(3) In fulfilling the requirements of subsections (1) and (2), the commissioner may use an examination made under the federal deposit insurance act, or the law of another state governing the activities of out-of-state banks in that state. The commissioner may require the savings bank to furnish a copy of any report required by a federal or state bank regulatory agency.
(4) An examination required by this section shall include the fiduciary activities of the savings bank.
(5) The commissioner may contract with other savings bank regulatory agencies to assist in the conduct of examinations of savings banks with 1 or more branches located in other states and in examination of out-of-state banks with 1 or more branches located in this state.
History:
1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 481, Imd. Eff. Jan. 11, 2001
2023 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 487.3210 - Schedule of Supervisory Fees; Initial Supervisory Fee.

487.3210 Schedule of supervisory fees; initial supervisory fee.
Sec. 210.
(1) The commissioner shall periodically establish a schedule of supervisory fees to be paid by savings banks. Except for a minimum fee consistent with subsection (2), the fee shall not be more than 25 cents for each $1,000.00 of total assets of the savings bank as reported by the savings bank on its report of condition as of December 31 of the previous year.
(2) Each savings bank shall pay an annual supervisory fee which shall be not less than $1,000.00.
(3) The commissioner shall provide an invoice of the annual supervisory fee to each savings bank by July 1 of each year. The annual supervisory fee shall be paid by August 15 of that year.
(4) The initial supervisory fee for a savings bank that obtained a charter as a result of a conversion shall be based on the total assets as reported in its report of condition as of December 31 of the previous year under the prior charter.
(5) The initial supervisory fee of a savings bank newly organized and chartered under this act, during the initial supervisory year, shall be the minimum supervisory fee established by the commissioner.
(6) The commissioner shall periodically establish a schedule of fees, beyond those charged for normal supervision, to be paid for applications, special evaluations and analyses, and examinations, including examinations of trust services and safe deposit and collateral deposit companies.
(7) The fees established under subsection (6) shall be equal to the estimated cost to the bureau for conducting the activity for which the fee is imposed.
(8) The commissioner may charge reasonable fees for furnishing and certifying copies of documents or serving notices required by this act.
(9) To the extent any fees assessed under this act are unpaid when due, the commissioner may, upon proper notice, maintain an action against the savings bank for the recovery of the fees plus interest and costs.
(10) The fees collected under this section are not refundable and shall be paid into the state treasury to the credit of the bureau and used only for the operation of the bureau.
History:
1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 481, Imd. Eff. Jan. 11, 2001
2023 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 487.3211 - Circuit Court Subpoena to Appear; Petition by Commissioner; Scope; Failure to Appear as Contempt.

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 the county in which the examination is being carried on to issue a subpoena on behalf of the bureau requiring a person to appear before the bureau and be examined under oath with reference to any matter within the scope of an examination of a savings bank under this act, and to produce books, records, or papers. A failure to obey the subpoena of the circuit court may be punished by the circuit court as a contempt of the circuit court.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 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 487.3212 - Privilege Against Self-Incrimination; Perjury.

487.3212 Privilege against self-incrimination; perjury.
Sec. 212.
(1) A person shall not be excused from testifying or from producing any books, papers, records, or memoranda in any examination when ordered to do so by the commissioner, upon the ground that the testimony or evidence, documentary, or otherwise, may tend to incriminate him or her or subject him or her to a criminal penalty. An individual shall not be prosecuted or subjected to any penalty or forfeiture for or on account of any transaction, matter, or thing concerning which he or she is compelled, after having claimed his or her privilege against self-incrimination, to testify or produce evidence, documentary, or otherwise.
(2) An individual shall not be exempt from prosecution or punishment for perjury committed in testifying.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 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 487.3213 - Confidentiality; Exception.

487.3213 Confidentiality; exception.
Sec. 213.
(1) The commissioner and all deputies, agents, and employees of the bureau shall keep secret all facts and information obtained in the course of their duties under this act, except if the person is required under law to report upon, take official action, or testify in any proceedings regarding the affairs of a savings bank. This subsection applies to all former commissioners, deputies, agents, and employees of the bureau.
(2) This section does not apply to, and does not prohibit the furnishing of information or documents to, depository institution regulatory agencies, and is not applicable to disclosures made in the public interest by the commissioner, at his or her discretion.
History:
1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 481, Imd. Eff. Jan. 11, 2001
2023 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 487.3214 - Application for Approval; Requirements; Appeal.

487.3214 Application for approval; requirements; appeal.
Sec. 214.
(1) A savings bank that seeks the commissioner's approval under section 302, 303, 312, 336, 412, 421, 701, 709, 710, 711, 711a, 712, 712a, or 715 shall submit an application to the bureau.
(2) The application shall contain information and be accompanied by documents as required by the bureau.
(3) If an application is considered incomplete by the bureau, it will either be returned for completion or the applicant will be requested to submit additional information as necessary to make the application complete.
(4) When the application is considered complete by the bureau, it shall be accepted and the process of reviewing its contents for a decision will begin on that date.
(5) The statutory period, as set forth in this section, regarding the issuance of orders by the commissioner shall commence on the date of acceptance of the application.
(6) If, subsequent to the date of acceptance, the applicant wishes to amend the application or supplement or provide additional material in connection with the application, the commissioner may suspend processing of the application or proceed with the statutory period for the issuance of an order.
(7) In connection with an application, the commissioner may consider additional information from any source.
(8) The commissioner shall approve or disapprove an application in writing within 100 days after the date of acceptance of an application, or the last amendment to the application. An order disapproving an application shall state the basis for disapproval.
(9) An applicant who is dissatisfied with an order of the commissioner, or an institution that is dissatisfied with an objection issued under section 417, may submit a written request for a reconsideration of the order or objection stating the reasons for the request. The request must be received by the bureau within 5 days after the date of the order or objection. The commissioner, within 10 days of receiving the request for reconsideration, shall render a decision on the request for reconsideration. If a petition for reconsideration is granted, the commissioner shall grant the applicant 10 days to file written arguments or briefs. The commissioner may allow for oral argument after granting a petition for reconsideration. The oral argument shall be held within 10 days after granting the petition. The commissioner shall issue a final order, objection, or withdrawal of an objection within 20 days after granting the petition for reconsideration.
(10) Appeal of an order or objection shall not be made by an applicant without first requesting a reconsideration of the order or objection.
History:
1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 481, Imd. Eff. Jan. 11, 2001
2023 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 487.3215 - Unsafe or Unsound Practice or Violation; Notice of Charges; Hearing; Order to Cease and Desist; Effect and Enforcement; Out-of-State Bank Branch.

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 a savings bank is engaging, has engaged, or is about to engage in an unsafe or unsound practice in conducting the business of the savings bank or is violating, has violated, or is about to violate a law or rule, the commissioner may issue and serve upon the savings bank a notice of charges in respect to the practice or violation. The notice shall contain a statement of the facts constituting the alleged unsafe or unsound practice or violation, and shall fix a time and place at which a hearing will be held to determine whether an order to cease and desist should issue against the savings bank.
(2) The hearing shall be not earlier than 30 days or later than 60 days after service of the notice unless another date is set by the commissioner at the request of the savings bank. Unless the savings bank appears at the hearing by a duly authorized representative, it shall be deemed to have consented to the issuance of the cease and desist order.
(3) In the event of a consent, or if upon the record made at the hearing, the commissioner finds that an unsafe or unsound practice or violation specified in the notice of charges has been established, the commissioner may issue and serve upon the savings bank an order to cease and desist from the practice or violation. The order may require the savings bank and its directors, officers, employees, and agents to cease and desist from the practice or violation and to take affirmative action to correct the conditions resulting from the practice or violation.
(4) A cease and desist order becomes effective at the expiration of 30 days after the service of the order upon the savings bank, except in the case of an order issued upon consent which shall become effective at the time specified in the order, and shall remain effective and enforceable as provided in the order, except to the extent it is stayed, modified, terminated, or set aside by action of the commissioner or a reviewing court.
(5) If the commissioner determines that an out-of-state bank branch located in this state is acting in violation of the laws of this state or that the activities of the branch are being conducted in an unsafe and unsound manner, the commissioner may undertake enforcement actions and proceedings as would be permitted if the branch were a savings bank.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 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 487.3216 - Temporary Cease and Desist Order; Effective and Enforceable; Injunction to Set Aside, Limit, or Suspend Order.

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 or unsafe or unsound practice specified in the notice of charges served upon the savings bank under section 215 is likely to cause insolvency or substantial dissipation of assets or earnings of the savings bank, or is likely to otherwise seriously prejudice the interests of its depositors, the commissioner may issue a temporary order requiring the savings bank to cease and desist from the violation or practice. The order shall become effective upon service upon the savings bank, unless set aside, limited, or suspended by a court in proceedings authorized by subsection (2), and shall remain effective and enforceable pending the completion of the administrative proceedings under the notice and until such time as the commissioner shall dismiss the charges specified in the notice or if a cease and desist order is issued against the savings bank, until the effective date of such order.
(2) No later than 10 days after the savings bank has been served with a temporary cease and desist order, the savings bank may apply to the circuit court for the county in which the home office of the savings bank is located for an injunction setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the order pending the completion of the administrative proceedings pursuant to the notice of charges served upon the savings bank under section 215 and the court shall have jurisdiction to issue the injunction.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 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 487.3218 - Stay of Suspension or Prohibition; Application to Circuit Court.

487.3218 Stay of suspension or prohibition; application to circuit court.
Sec. 218.
No later than 10 days after a director, officer, or other person has been suspended from office or prohibited from participation in the conduct of the affairs of a savings bank under section 217, the director, officer, or other person may apply to the circuit court for the county in which the home office of the savings bank is located for a stay of the suspension or prohibition pending the completion of the administrative proceedings under the notice served upon the director, officer, or other person under section 217.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 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 487.3219 - 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.

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.
Sec. 219.
(1) If a director or officer of a savings bank or other person participating in the conduct of the affairs of a savings bank is charged in any information, indictment, warrant, or complaint authorized by a county, state, or United States authority with the commission of or participation in a felony involving dishonesty or breach of trust, the commissioner, by written notice served upon the director, officer, or other person, may suspend him or her from office or prohibit him or her from further participation in any manner in the conduct of the affairs of the savings bank. A copy of the notice shall also be served upon the savings bank.
(2) The suspension or prohibition shall remain in effect until the information, indictment, warrant, or complaint is finally disposed of or until terminated by the commissioner. If a judgment of conviction with respect to the offense is entered against the director, officer, or other person, and the judgment is not subject to further appellate review, the commissioner may issue and serve upon the director, officer, or other person an order removing him or her from office or prohibiting him or her from further participation in any manner in the conduct of the affairs of the savings bank.
(3) A copy of the order shall also be served upon the savings bank, whereupon the director or officer shall cease to be a director or officer of the savings bank.
(4) A finding of not guilty or other disposition of the charge shall not preclude the commissioner from instituting proceedings to suspend or remove the director, officer, or other person from office or to prohibit further participation in savings bank affairs, under section 217.
History:
1996, Act 354, Imd. Eff. July 1, 1996
2023 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 487.3220 - Board of Directors; Less Than Quorum.

487.3220 Board of directors; less than quorum.
Sec. 220.
If, because of the suspension or removal of 1 or more directors under this act, the board of directors of a savings bank has less than a quorum of directors, all powers and functions vested in or exercisable by the board shall vest in and be exercisable by the remaining directors on the board. If all of the directors of a savings bank are suspended or removed under this act, the commissioner shall appoint persons to serve temporarily as directors pending the termination of the suspensions or removals, or until such time as their successors are duly elected and take office.
History:
1996, Act 354, Imd. Eff. July 1, 1996