reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804) › 354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339) › Section 487.3331 - Articles of Incorporation; Amendment.

487.3331 Articles of incorporation; amendment.
Sec. 331.
(1) With the approval of the commissioner and by vote of a majority of members or voting shares of the savings bank, a savings bank may amend its articles of incorporation in any manner not inconsistent with this act.
(2) An amendment is effective when certified copies of the amendment in a form as the commissioner may require signed by the president or a vice president and the cashier or an assistant cashier, have been submitted to the commissioner and have been approved and filed by the commissioner as with the original articles of incorporation.
(3) Notwithstanding subsection (2), an amendment that provides solely for a change in the name of the savings bank is not subject to the approval of the commissioner and shall be effective on the date it is filed with the commissioner or at a later date specified in the amendment.
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) › 354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339) › Section 487.3332 - Definitions; Best Interests of Savings Bank, Shareholders, or Members.

487.3332 Definitions; best interests of savings bank, shareholders, or members.
Sec. 332.
(1) As used in sections 325 to 331:
(a) "Fines" shall include any excise taxes assessed on a person with respect to an employee benefit plan.
(b) "Other enterprise" shall include employee benefit plans.
(c) "Savings bank" includes all savings banks, banks, out-of-state banks, national banks, and associations, absorbed in a consolidation or merger and the consolidated savings bank, so that a person who is or was a director, officer, employee, or agent of the savings bank, bank, out-of-state bank, national bank, or association or is or was serving at the request of the savings bank, bank, out-of-state bank, national bank, or association as a director, officer, partner, trustee, employee, or agent of another savings bank, bank, out-of-state bank, national bank, or association, foreign or domestic corporation, partnership, joint venture, trust, or other enterprise, whether for profit or not, shall hold the same position with respect to the consolidated savings bank as he or she would if he or she had served the consolidated savings bank in that capacity.
(d) "Serving at the request of the savings bank" shall include any service as a director, officer, employee, or agent of the savings bank which imposes duties on, or involves services by, the director, officer, employee, or agent with respect to an employee benefit plan, its participants or beneficiaries.
(2) A person who acted in good faith and in a manner he or she reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be considered to have acted in a manner not opposed to the best interests of the savings bank or its shareholders or members as referred to in section 326.
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) › 354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339) › Section 487.3334 - Commencement of Voluntary Liquidation Procedures; Savings Bank as Body Corporate; Actions, Suits, or Proceedings Begun Prior to Liquidation Proceeding; Powers of Surviving Directors.

487.3334 Commencement of voluntary liquidation procedures; savings bank as body corporate; actions, suits, or proceedings begun prior to liquidation proceeding; powers of surviving directors.
Sec. 334.
(1) Except as provided in subsection (2), a savings bank that commences voluntary liquidation proceedings under section 333 shall continue to be a body corporate for the further term of the lesser of 3 years from the commencement of the proceedings or the date the certificate is issued under section 333(8) for the purpose of prosecuting and defending actions for or against the savings bank and to enable it gradually to settle and close its affairs, to dispose of and convey its property, and to divide its assets but not for the purpose of continuing the business for which it was organized.
(2) With respect to an action, suit, or proceeding begun or commenced by or against the savings bank prior to the commencement of voluntary liquidation proceedings, and with respect to any action, suit, or proceeding begun or commenced by the savings bank within 3 years after the commencement of voluntary liquidation proceedings, the savings bank shall be continued as a body corporate until any judgments, orders, or decrees are fully executed.
(3) If the number of directors of a savings bank that has commenced voluntary liquidation proceedings is less than the full number of directors required or authorized by statute or by the bylaws of the savings bank for any reason, a majority of the remaining surviving directors or the sole surviving director shall possess the same powers in acting for the savings bank under this section as the duly authorized board of directors of the savings bank possessed before the commencement of voluntary liquidation proceedings.
(4) A savings bank in liquidation under the laws of this state shall not continue to be a body corporate for the purpose of continuing the business for which it was organized.
History:
1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804) › 354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339) › Section 487.3335 - Savings Bank; Expiration of Term by Limitation; Extension; Renewal.

487.3335 Savings bank; expiration of term by limitation; extension; renewal.
Sec. 335.
(1) A savings bank whose term will expire by limitation, at any time preceding the expiration of such term, by amendment of its articles, may extend its corporate term for a limited period of time or in perpetuity.
(2) A savings bank whose term has expired, but which has not been wound up or dissolved and which has nevertheless inadvertently continued its active business beyond such term, may renew its corporate existence by amendment of its articles with the consent of at least 2/3 of its members or the holders of at least 2/3 of the outstanding shares. The officers and directors de facto shall do and perform all things required of officers and directors de jure as respects calling a special meeting of the shareholders and submitting to them the question of renewing the corporate existence.
(3) A savings bank de facto shall not be permitted to renew its corporate life unless the action is taken within 3 years after its term has expired and renewal does not relieve the savings bank from any penalties that may have accrued against it under any law of this state.
(4) A savings bank whose term has been extended or renewed shall be the same savings bank and have the same members, shareholders, directors, and officers, enjoy all the rights, privileges, immunities, and powers, and be subject to all the liabilities that it respectively possessed and was subject to before the extension or renewal of its existence.
History:
1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804) › 354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339) › Section 487.3336 - Sale or Purchase of Assets; Consideration; Purpose; Filing Certified Copies of Proceedings; Liability; Maintenance of Principal Office or Branches.

487.3336 Sale or purchase of assets; consideration; purpose; filing certified copies of proceedings; liability; maintenance of principal office or branches.
Sec. 336.
(1) With the approval of the commissioner, based upon an examination or other appropriate analysis of either the buying or selling organization, or both, and upon the affirmative vote of a majority of the members of its board of directors and 2/3 of its members or the holders of 2/3 of its stock entitled to vote, a savings bank may do either or both of the following:
(a) Sell all or substantially all of its assets of every kind, character, and description and assign its liabilities to any depository institution.
(b) Purchase all or substantially all of the assets of every kind, character, and description and assume the liabilities of another depository institution.
(2) The consideration for a purchase and sale under this section may include shares of stock of the purchasing bank, out-of-state bank, national bank, association, or savings bank.
(3) A purchase and sale shall not be made to defeat or defraud any of the creditors of the depository institutions.
(4) Certified copies of all shareholders' and directors' proceedings under this section shall be submitted to the commissioner and shall contain the terms of the sale and purchase, including a copy of the agreement of sale and purchase.
(5) The liability of a depository institution or of its shareholders, directors, or officers, or the rights of creditors of, or other persons transacting business with, the depository institution shall not be lessened or impaired as the result of a sale of assets under this section.
(6) Notwithstanding any other provision of this act, a savings bank that purchases or assumes all or substantially all of the assets or liabilities of a depository institution may retain, maintain, and operate the principal office or branches of the depository institution as branches of the purchasing savings bank without providing notice to the commissioner provided it assumes the deposit liabilities of the depository institution maintained at the principal office or branches.
History:
1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804) › 354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339) › Section 487.3337 - Sale or Purchase of Branches; Notice.

487.3337 Sale or purchase of branches; notice.
Sec. 337.
(1) A savings bank may sell 1 or more of its branches to a bank, out-of-state bank, national bank, association, or savings bank located in a state whose laws would permit a savings bank to purchase 1 or more branches in that state of the purchasing depository institution.
(2) A savings bank may purchase 1 or more branches, without purchasing all or substantially all of the depository institution, from a bank, out-of-state bank, national bank, association, or savings bank.
(3) A savings bank that purchases 1 or more branches under subsection (2) shall provide notice as required under section 417 before operating the purchased branch or branches.
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) › 354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339) › Section 487.3338 - Unlimited Amounts or Share of Deposits.

487.3338 Unlimited amounts or share of deposits.
Sec. 338.
There shall be no limit upon the amount or share of deposits held or controlled in this state by any savings bank or holding company on a consolidated basis.
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) › 354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339) › Section 487.3339 - Compliance Review Committee; Construction of Section.

487.3339 Compliance review committee; construction of section.
Sec. 339.
(1) A compliance review committee shall evaluate and seek to improve all of the following:
(a) Loan policies or underwriting standards.
(b) Asset quality.
(c) Financial reporting to federal or state government or regulatory agencies.
(d) Compliance with federal or state statutory or regulatory requirements.
(2) Except as provided in subsection (3), all of the following apply to a compliance review committee:
(a) Compliance review documents are confidential and are not subject to discovery or admissible in evidence in a civil action.
(b) Individuals serving on a compliance review committee or acting under the direction of a compliance review committee shall not be required to testify in a civil action about the contents of a compliance review document or conclusions of a compliance review committee or about the actions taken by a compliance review committee.
(c) Compliance review documents delivered to individuals who are not members of the compliance review committee, or to other entities including state, federal, or foreign governmental or regulatory agencies, shall remain confidential and are not discoverable or admissible in evidence in a civil action.
(3) This section does not apply to any civil action initiated by a federal or state regulatory agency.
(4) This section shall not be construed to limit the testimony that can be required about matters other than the contents of a compliance review document or conclusions or actions of a compliance review committee. This section does not limit the discovery or admissibility in a civil action of any documents other than compliance review documents.
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) › 354-1996-4 - Chapter 4 Powers (487.3401...487.3436) › Section 487.3402 - Purchase, Design, Manufacture, Construction, Repair, Modification, or Improvement of Real Property; Use of Loan Proceeds; Liability for Defect.

487.3402 Purchase, design, manufacture, construction, repair, modification, or improvement of real property; use of loan proceeds; liability for defect.
Sec. 402.
A savings bank that makes a loan the proceeds of which are used or may be used by the borrower to finance the purchase, design, manufacture, construction, repair, modification, or improvement of real property shall not be liable for any defect in the real property purchased, designed, manufactured, constructed, repaired, modified, or improved or for any loss or damage resulting from the failure of the borrower or any agent or other person employed by the borrower to use due care in the examination, design, manufacture, construction, repair, modification, or improvement of the real property.
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) › 354-1996-4 - Chapter 4 Powers (487.3401...487.3436) › Section 487.3403 - Purchase of Corporation Stock by Savings Bank; Limitation on Aggregate Investments.

487.3403 Purchase of corporation stock by savings bank; limitation on aggregate investments.
Sec. 403.
Except as otherwise provided by this act, with the approval of the commissioner, a savings bank may purchase the shares of stock of any corporation whose primary purpose is to provide capital to banks largely owned or controlled by individuals classified as racial minorities. All such investments in the aggregate shall not exceed an amount equal to 2% of the capital and surplus of the 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) › 354-1996-4 - Chapter 4 Powers (487.3401...487.3436) › Section 487.3404 - Purchase of Stock, or Loans To, Michigan Business Development Corporation.

487.3404 Purchase of stock, or loans to, Michigan business development corporation.
Sec. 404.
Except as otherwise provided by this act or in its articles of incorporation, a savings bank may purchase the shares of stock of, or make loans to, the Michigan business development corporation.
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) › 354-1996-4 - Chapter 4 Powers (487.3401...487.3436) › Section 487.3405 - Venture Capital Investments; “Professional Investor” and “Venture Capital” Defined.

487.3405 Venture capital investments; “professional investor” and “venture capital” defined.
Sec. 405.
(1) Except as otherwise provided by this act and in its articles of incorporation, a savings bank may make venture capital investments, or may invest in equity securities of a professional investor a majority of whose assets consist of venture capital investments.
(2) If a savings bank makes a venture capital investment under subsection (1), an officer or director of the savings bank shall not hold an equity position in the financed company, and the savings bank shall not invest more than 50% of the company.
(3) A savings bank's investment under subsection (1) in any 1 entity shall not exceed an amount equal to 5% of the capital and surplus of the savings bank, and all investments under subsection (1) shall not exceed an amount equal to 10% of the capital and surplus of the savings bank.
(4) This section does not limit the authority of a savings bank to exercise lending or investment powers which are otherwise authorized by law.
(5) As used in this section:
(a) "Professional investor" means an investment company registered under the investment company act of 1940, title I of chapter 686, 54 Stat. 789, 15 U.S.C. 80a-1 to 80a-64, a pension or profit sharing trust or other institutional buyer, or a person, partnership, or other entity a majority of whose resources are dedicated to investing in equity or debt securities and whose net worth exceeds $500,000.00 prior to the savings bank's investment.
(b) "Venture capital" means equity financing that is provided for starting up or expanding a company, or related purposes such as financing for seed capital, research and development, introduction of a product or process into the marketplace, or similar needs requiring risk capital. A venture capital investment shall not include the purchase of a share of stock in a company if, on the date on which the share of stock is purchased, the company has securities outstanding that are registered on a national securities exchange under section 12(b) of title I of the securities exchange act of 1934, chapter 404, 48 Stat. 892, 15 U.S.C. 78(l), that are registered or required to be registered under section 12(g) of that act, or which would be required to be so registered except for the exemptions in section 12(g)(2) of that 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) › 354-1996-4 - Chapter 4 Powers (487.3401...487.3436) › Section 487.3407 - Acquisition, Development, or Improvement of Real Estate; Limitation on Investment of Assets; Powers of Savings Bank.

487.3407 Acquisition, development, or improvement of real estate; limitation on investment of assets; powers of savings bank.
Sec. 407.
A savings bank may invest not more than 10% of its total assets in the acquisition and development of real estate for sale, or for the improvement of real estate by construction or rehabilitation of residential or commercial units for sale or rental purposes. For purposes of this section, a savings bank may purchase, take, lease as lessee, or otherwise acquire, and own, hold, use, sell, lease as lessor, pledge, grant a security interest in, convey, or otherwise dispose of real estate. The investment by a savings bank may be direct or indirect as a stockholder in a corporation, member of a limited liability company, or limited partner in a partnership or limited liability partnership.
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) › 354-1996-4 - Chapter 4 Powers (487.3401...487.3436) › Section 487.3408 - Services Performed by Savings Bank.

487.3408 Services performed by savings bank.
Sec. 408.
A savings bank may perform 1 or more of the following services, and any other services permitted by order or declaratory ruling of the commissioner:
(a) Provide life, health, and casualty insurance for officers and employees of financial institutions and operate bonus plans and retirement benefit plans for those officers and employees.
(b) Service mortgages and land contracts.
(c) Originate and service mortgage loans, mortgages, and land contracts, on behalf of financial institutions, corporations, and state or federal agencies or instrumentalities.
(d) Act as escrow agent or depository for other escrow agents or fiduciaries.
(e) Credit analysis, appraising, construction loan inspection, and abstracting.
(f) Research, studies, and surveys.
(g) Develop and operate storage facilities for microfilm or other duplicate records.
(h) Advertising, brokerage, and other services to procure and retain both deposits and loans, but not pooling deposits or soliciting or promoting pooled deposits.
(i) Liquidity management, investment, advisory, and consulting services.
(j) Establish, own, lease, operate, or maintain electronic funds transfer terminals.
(k) Purchase office supplies, furniture, and equipment.
(l) Prepare local, state, and federal tax returns for individuals or organizations that are not corporations operated for profit.
(m) Data processing services.
(n) Subject to applicable state or federal law, provide brokerage services for the offer, sale, or purchase of a security or commodity contract.
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) › 354-1996-4 - Chapter 4 Powers (487.3401...487.3436) › Section 487.3411 - Powers Granted in MCL 487.3401 and 487.3403 Construed.

487.3411 Powers granted in MCL 487.3401 and 487.3403 construed.
Sec. 411.
The powers granted in sections 401 and 403 shall not be construed as limiting any grant of authority made elsewhere by this act except as provided in section 401. Except as otherwise provided in this act or in the articles or in the bylaws, such powers shall be exercised by the board of directors of the 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) › 354-1996-4 - Chapter 4 Powers (487.3401...487.3436) › Section 487.3412 - Change in Location of Principal Office.

487.3412 Change in location of principal office.
Sec. 412.
(1) Upon prior written notice to the commissioner, a savings bank may change the location of its principal office to any existing branch location of the savings bank within this state.
(2) Unless the commissioner objects in writing within 60 days after receipt of written notice from the savings bank of its intent to relocate its principal office, a savings bank may change the location of its principal office to any other location within this state which is not an existing branch location of the savings bank. The commissioner may issue a written statement of intent not to object at any time before expiration of the 60 days.
History:
1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804) › 354-1996-4 - Chapter 4 Powers (487.3401...487.3436) › Section 487.3413 - Transactions Relating to Capital Stock of Corporation; Authorization; Purchase and Sale of Securities and Stock; Loan or Discount; Purchase or Holding of Own Stock.

487.3413 Transactions relating to capital stock of corporation; authorization; purchase and sale of securities and stock; loan or discount; purchase or holding of own stock.
Sec. 413.
(1) A savings bank shall not engage in any transaction with respect to shares of the capital stock of any corporation unless specifically authorized by this act or by the commissioner under section 401 or 410.
(2) A savings bank may purchase and sell securities and stock upon the order of and for the account of a customer without recourse.
(3) A savings bank shall not make any loan or discount on the security of the shares of its own capital stock, unless the security is necessary to prevent loss upon a debt previously contracted in good faith.
(4) A savings bank may purchase or hold shares of its own stock if any of the following apply:
(a) The savings bank is holding shares previously purchased until disposed of in compliance with an existing stock option plan.
(b) The purchase or holding of the shares is necessary to prevent loss upon a debt previously contracted in good faith.
(c) The commissioner gives written approval to the savings bank to purchase or hold shares for its own account.
History:
1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804) › 354-1996-4 - Chapter 4 Powers (487.3401...487.3436) › Section 487.3415 - Savings Bank With Branch Offices in Foreign Country.

487.3415 Savings bank with branch offices in foreign country.
Sec. 415.
(1) Notwithstanding section 1105 of the uniform commercial code, Act No. 174 of the Public Acts of 1962, being section 440.1105 of the Michigan Compiled Laws, a savings bank doing business in this state, that has 1 or more branch offices in any foreign country shall be liable for contracts to be performed at any branch offices and for deposits to be repaid at the branch offices to no greater extent than a savings bank, banking corporation, or other organization or association for banking purposes organized and existing under the laws of the foreign country would be liable under its laws. The laws of the foreign country for the purpose of this section shall be considered to include all acts, decrees, regulations, and orders promulgated or enforced by an authority asserting governmental, military, or police power of any kind at the place where any branch office is located, whether or not the dominant authority is recognized as a de facto or de jure government.
(2) Notwithstanding section 1105 of Act No. 174 of the Public Acts of 1962, if by action of a dominant authority that is not recognized by the United States as the de jure government of the foreign territory concerned, any property situated in or any amount to be received in the foreign territory and carried as an asset of any branch office of the savings bank in the foreign territory is seized, destroyed, or canceled, then the liability of the savings bank for any deposit received and to be repaid by it, and for any contract made and to be performed by it, at any branch office in the foreign territory shall be reduced pro tanto by the proportion that the value, as shown by the books or other records of the savings bank at the time of the seizure, destruction, or cancellation of the assets bears to the aggregate of all the deposit and contract liabilities of the branch offices of the savings bank in the foreign territory, as shown at such time by the books or other records of the 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) › 354-1996-4 - Chapter 4 Powers (487.3401...487.3436) › Section 487.3416 - Savings Bank as Owner or Lessor of Personal Property; Lease Payments as Rent; Taxes; Prohibition.

487.3416 Savings bank as owner or lessor of personal property; lease payments as rent; taxes; prohibition.
Sec. 416.
(1) A savings bank may become the owner or lessor of personal property for the purpose of leasing the property or obtaining an assignment of a lessor's interest in a lease of the property or permitting the use of the property, and may incur additional obligations as may be incident to becoming an owner or lessor of such property.
(2) Lease payments shall constitute rent rather than interest.
(3) This section shall not exempt from general property taxation any personal property of a savings bank which is leased, loaned, or otherwise made available to and used by a private individual, association, or corporation in connection with a business conducted for profit. The personal property shall be subject to taxation in the same amount and to the same extent as though the lessee or user were the owner of the property. Taxes shall be assessed to the lessees or users of the property and collected in the same manner as taxes assessed to owners of personal property, except that the taxes shall not become a lien against the property. When due, the taxes shall constitute a debt due from the lessee or user to the unit of government for which the taxes were assessed.
(4) A savings bank shall not acquire personal property under this section if the acquisition results in an inventory of personal property not leased in excess of 20% of the savings bank's capital and surplus.
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) › 354-1996-4 - 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
2023 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
2023 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
2023 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
2023 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
2023 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.
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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