Michigan Laws 487.3504 – Receipt of consideration or gratuity prohibited
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Terms Used In Michigan Laws 487.3504
- 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
- Director: means a director, trustee, or other person holding a similar position with respect to an organization whether incorporated or unincorporated. See Michigan Laws 487.3102
- Savings bank: means a state banking corporation organized or reorganized under this act. See Michigan Laws 487.3103
An officer, director, or employee of a savings bank shall not receive any consideration or gratuity from a borrower for procuring a loan from the savings bank.