Loan production offices.

Sec. 418. (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: (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.