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31 chapters · 495 sections in this title.
Mich. Comp. Laws § 487.941 Definitions.
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Sec. 1. As used in this act: (a) "Commissioner" means the commissioner of the office of financial and insurance services in the department of labor and economic growth. (b) "Emergency" means a condition or occurrence that has or may, directly or indirectly, interfere physically w…
Mich. Comp. Laws § 487.942 Authorizing or ordering financial institutions to close offices because of existing or impending emergency; duration; advising governor; authorization to close financial institution on day of national mourning, rejoicing, or other special observance.
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Sec. 2. (1) The commissioner may authorize or order a financial institution to close an office or offices if the commissioner determines that the action is required because an emergency exists or may be impending. The office or offices closed shall remain closed until the commiss…
Mich. Comp. Laws § 487.943 Determination not to open or to close office of financial institution during emergency.
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Sec. 3. If the commissioner has not made a determination under section 2(1) and the chief executive officer of a financial institution or another officer designated by the financial institution for purposes of this act determines that an emergency exists or is impending, the offi…
Mich. Comp. Laws § 487.944 Notice of closing.
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Sec. 4. (1) A financial institution closing or not opening an office or offices under section 3 shall give notice to the commissioner and any other appropriate governmental entity as required by law. (2) A financial institution that closes or does not open an office or offices un…