487.941 Definitions. Sec. 1. As used in this act: (a) “Commissioner” means the commissioner of the office of financial and insurance services in the department of labor and economic growth. (b) “Emergency” means a condition or occurrence that has or may, directly or indirectly, interfere physically with the conduct of normal business operations of 1 […]
487.942 Authorizing or ordering financial institutions to close offices because of existing or impending emergency; duration; advising governor; authorization to close financial institution on day of national mourning, rejoicing, or other special observance. Sec. 2. (1) The commissioner may authorize or order a financial institution to close an office or offices if the commissioner determines […]
487.943 Determination not to open or to close office of financial institution during emergency. Sec. 3. If the commissioner has not made a determination under section 2(1) and the chief executive officer of a financial institution or another officer designated by the financial institution for purposes of this act determines that an emergency exists or […]
487.944 Notice of closing. Sec. 4. (1) A financial institution closing or not opening an office or offices under section 3 shall give notice to the commissioner and any other appropriate governmental entity as required by law. (2) A financial institution that closes or does not open an office or offices under section 3 shall […]
487.945 Period financial institution closed as legal holiday. Sec. 5. The period during which a financial institution is closed under this act is a legal holiday. History: 1978, Act 232, Imd. Eff. June 14, 1978 ;– Am. 2006, Act 134, Imd. Eff. May 12, 2006
487.946 Obligations to employees not altered. Sec. 6. This act does not alter any of the obligations under law of a financial institution to its employees or to the employees of another employer. History: 1978, Act 232, Imd. Eff. June 14, 1978 ;– Am. 2006, Act 134, Imd. Eff. May 12, 2006
