Michigan Laws 487.943 – Determination not to open or to close office of financial institution during emergency
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Terms Used In Michigan Laws 487.943
- 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
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 is impending, the officer may order that an office or offices of the financial institution be closed or not open.