Michigan Laws 487.944 – Notice of closing
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Terms Used In Michigan Laws 487.944
- Commissioner: means the commissioner of the office of financial and insurance services in the department of labor and economic growth. See Michigan Laws 487.941
- Emergency: means a condition or occurrence that has or may, directly or indirectly, interfere physically with the conduct of normal business operations of 1 or more offices of a financial institution, or which poses an imminent or existing threat to the safety and security of a person or property, or both. See Michigan Laws 487.941
- Financial institution: means a state chartered bank, savings bank, credit union, or savings and loan association over which the commissioner has regulatory authority for purposes of this act. See Michigan Laws 487.941
- Office: means a place at which a financial institution transacts its business or conducts operations related to its business. See Michigan Laws 487.941
- Officer: means a person designated by the board of directors of a financial institution to carry out this act. See Michigan Laws 487.941
(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 reopen the office or offices as soon as the chief executive officer or other designated officer determines that the emergency is ended or as authorized or ordered by the commissioner.