Michigan Laws 487.3418 – Loan production offices
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(1) Without notice to or approval of the commissioner, a savings bank may establish and operate a loan production office or loan production offices.
(2) A savings bank may perform any of the following activities through a loan production office:
Terms Used In Michigan Laws 487.3418
- 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
- Branch: means a place of business, other than the principal office of a savings bank, at which the savings bank transacts business that may be conducted at its principal office. See Michigan Laws 487.3102
- Commissioner: means the commissioner of the office of financial and insurance services. See Michigan Laws 487.3102
- Loan production office: means an office of the savings bank at which only activities related to money lending are conducted, which is not the principal office or a branch or an agency office or an office of an affiliated depository institution. See Michigan Laws 487.3103
- Savings bank: means a state banking corporation organized or reorganized under this act. See Michigan Laws 487.3103
(a) Receive loan applications.
(b) Process loans.
(c) Assemble information related to the approval of loans.
(d) Close loans.
(e) Disburse loan proceeds approved by the principal office or a branch.
(f) Receive loan payments.
(g) Any other activities as approved by rule, order, or declaratory ruling of the commissioner.