Michigan Laws 21.147 – Definitions
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As used in this act:
(a) “Commissioner” means the commissioner of the office of financial and insurance services of the department of consumer and industry services.
Terms Used In Michigan Laws 21.147
- Commissioner: means the commissioner of the office of financial and insurance services of the department of consumer and industry services. See Michigan Laws 21.147
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) “Deposit” includes the purchase of, or investment in, shares of credit unions.
(c) Except as otherwise provided by this subdivision, “financial institution” means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and which maintains a principal office or branch office located in this state under the laws of this state or the United States. For the purpose of repurchase agreements, “financial institution” means a state or nationally chartered bank or state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government under the laws of this state or the United States.