Michigan Laws 487.3203 – Federal insurance of deposits required
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Terms Used In Michigan Laws 487.3203
- Bank: means a state banking corporation organized or reorganized under the provisions of the banking code of 1999, 1999 PA 276, MCL 487. See Michigan Laws 487.3102
- Commissioner: means the commissioner of the office of financial and insurance services. See Michigan Laws 487.3102
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
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.