Michigan Laws 487.3408 – Services performed by savings bank
Current as of: 2023 | Check for updates
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A savings bank may perform 1 or more of the following services, and any other services permitted by order or declaratory ruling of the commissioner:
(a) Provide life, health, and casualty insurance for officers and employees of financial institutions and operate bonus plans and retirement benefit plans for those officers and employees.
Terms Used In Michigan Laws 487.3408
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
(b) Service mortgages and land contracts.
(c) Originate and service mortgage loans, mortgages, and land contracts, on behalf of financial institutions, corporations, and state or federal agencies or instrumentalities.
(d) Act as escrow agent or depository for other escrow agents or fiduciaries.
(e) Credit analysis, appraising, construction loan inspection, and abstracting.
(f) Research, studies, and surveys.
(g) Develop and operate storage facilities for microfilm or other duplicate records.
(h) Advertising, brokerage, and other services to procure and retain both deposits and loans, but not pooling deposits or soliciting or promoting pooled deposits.
(i) Liquidity management, investment, advisory, and consulting services.
(j) Establish, own, lease, operate, or maintain electronic funds transfer terminals.
(k) Purchase office supplies, furniture, and equipment.
(l) Prepare local, state, and federal tax returns for individuals or organizations that are not corporations operated for profit.
(m) Data processing services.
(n) Subject to applicable state or federal law, provide brokerage services for the offer, sale, or purchase of a security or commodity contract.