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Can you summarize MICL, Act 232 of 1978?
FINANCIAL INSTITUTIONS > SUSPENSION OF BUSINESS OF BANKS AND SAVINGS AND LOAN ASSOCIATIONS (487.941 - 487.946)
Short Summary
The provided legal document content pertains to the suspension of business of banks and savings and loan associations in Michigan. It applies to state chartered banks, savings banks, credit unions, and savings and loan associations that fall under the regulatory authority of the commissioner of the office of financial and insurance services in the department of labor and economic growth. The document defines the term ’emergency’ as a condition or occurrence that interferes with normal business operations or poses a threat to safety and security. It also provides definitions for key terms such as ‘commissioner’, ‘financial institution’, ‘office’, and ‘officer’. The document states that if an emergency exists or is impending, the chief executive officer or another designated officer of a financial institution may order the closure or non-opening of an office or offices. The financial institution must give notice to the commissioner and any other appropriate governmental entity as required by law. The closure of the office or offices should be ended when the chief executive officer or designated officer determines that the emergency is over or as authorized or ordered by the commissioner. The document also mentions that the period during which a financial institution is closed under this act is considered a legal holiday. The document further states that the act does not alter any of the obligations under law of a financial institution to its employees or to the employees of another employer. The document also mentions that the commissioner has the authority to authorize or order the closure of an office or offices if an emergency exists or may be impending. The closure remains in effect until the commissioner determines that the emergency is over and authorizes or orders the financial institution to reopen the office or offices. The commissioner is required to promptly advise the governor of the issuance of a determination under this provision. Additionally, the commissioner may authorize a financial institution to close on a day designated as a day of national mourning, rejoicing, or other special observance by the president of the United States or the governor of Michigan. The document was amended in 2006. No specific exemptions or penalties are mentioned in the provided content.
Whom does it apply to?
State chartered banks, savings banks, credit unions, and savings and loan associations over which the commissioner of the office of financial and insurance services in the department of labor and economic growth has regulatory authority
What does it govern?
Suspension of business of banks and savings and loan associations
What are exemptions?
No specific exemptions are mentioned in the provided content
What are the Penalties?
No specific penalties are mentioned in the provided content
Jurisdiction
Michigan