Michigan Laws 487.3201 – Financial institutions bureau; jurisdiction; duties of commissioner; construction of act
Current as of: 2023 | Check for updates
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(1) The financial institutions bureau shall have jurisdiction over and execute the laws relating to savings banks transacting business in this state.
(2) The commissioner shall maximize the capacity of savings banks in this state to offer convenient and efficient financial services, to promote home ownership and economic development, and to ensure that savings banks remain competitive with other types of financial institutions and providers of financial services.
Terms Used In Michigan Laws 487.3201
- Bureau: means the office of financial and insurance services in the department of consumer and industry services. See Michigan Laws 487.3102
- Commissioner: means the commissioner of the office of financial and insurance services. See Michigan Laws 487.3102
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
(3) This act shall be liberally construed except for those provisions that relate to safety and soundness of operations, investments, and management.