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Code · Michigan · Chapter 487 — Financial Institutions

487.3203 Federal insurance of deposits required.

54 words·~1 min read·/mi/chapter-487/487-3203

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487.3203 Federal insurance of deposits required.
Sec. 203.
Unless the commissioner, for good cause shown, waives the requirement, a savings bank shall secure insurance of its deposit accounts backed by the full faith and credit of the United States government prior to commencing business.
History: 1996, Act 354 , Imd. Eff. July 1, 1996
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