487.3501 Impairment of capital. Sec. 501. (1) If, in the opinion of the commissioner, the capital of a savings bank has become impaired, the commissioner shall notify the savings bank of his or her determination and require the directors to meet the deficiency in the capital within a 2-month period. The directors shall meet the […]
487.3502 Violations; liability of directors or officers. Sec. 502. If the directors or officers of a savings bank knowingly violate or knowingly permit any of the agents, officers, or directors of a savings bank to violate this act or rules of the commissioner made under this act, those directors or officers shall be liable in […]
487.3503 Officer or employee as agent in sale of stock or securities; prohibition. Sec. 503. An officer or employee of a savings bank, in his or her individual capacity, shall not act as agent in the sale of stock or other securities to another person, or receive directly or indirectly any consideration or commission resulting […]
487.3504 Receipt of consideration or gratuity prohibited. Sec. 504. An officer, director, or employee of a savings bank shall not receive any consideration or gratuity from a borrower for procuring a loan from the savings bank. History: 1996, Act 354, Imd. Eff. July 1, 1996
487.3505 Surety bonds; protection against insurable losses. Sec. 505. (1) The board of directors shall require every employee concerned in the handling of money, accounts, or securities of the savings bank, who can be bonded, to be bonded by a surety company authorized to do business in this state in an amount determined by the […]
487.3506 Reports; penalty for failure to report. Sec. 506. (1) The commissioner may require reports from a savings bank whenever, in the commissioner’s judgment, they are necessary to inform the commissioner fully as to the condition of the savings bank. The commissioner may require publication of reports and proof of publication by a date determined […]
487.3507 Regulation and prescription of terms, conditions, bylaws, and rules by board of directors. Sec. 507. Notwithstanding any other provision of law, the board of directors of a savings bank, with the approval of the commissioner, may regulate and prescribe the terms, conditions, bylaws, and rules under which deposits, other funds and assets may be […]
487.3508 Pledge of assets. Sec. 508. (1) Except as otherwise provided in this section, a savings bank or savings bank officer shall not give preference to a depositor or creditor by pledging the assets of the savings bank as collateral security or otherwise. (2) A savings bank may pledge its assets in an amount not […]
487.3509 Deposit by savings bank; limitation. Sec. 509. Except where required or permitted under the federal reserve act, chapter 6, 38 Stat. 251, or the federal home loan bank act, chapter 522, 47 Stat. 725, a savings bank shall not deposit an amount in excess of 10% of the capital and surplus of a stock […]
487.3510 Insolvency; transfer of assets null and void. Sec. 510. A transfer of any assets of a savings bank to its shareholders or members, or to its creditors made after the commission of an act of insolvency or made in contemplation of insolvency, with a view to preventing the application of its assets in the […]
487.3511 Property or casualty insurance as condition to mortgage loan. Sec. 511. (1) Except as provided in subsection (2), a savings bank that requires a mortgagor to maintain property or casualty insurance as a condition to receiving a mortgage loan shall not require the amount of the property or casualty insurance to be greater than […]
487.3512 Overdrafts. Sec. 512. (1) An overdraft existing for 90 days shall be charged off to the profit and loss account of the savings bank at the expiration of that time. (2) A director or executive officer of a savings bank shall not knowingly overdraw his or her account. (3) Unless a debt constitutes a […]
487.3514 Repealed. 2005, Act 192, Imd. Eff. Nov. 7, 2005. Compiler’s Notes: The repealed section pertained to filing of a supicious activity report by a savings bank with a federal government agency.
