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Code · Michigan · Chapter 487 — Financial Institutions

487.3418 Loan production offices.

106 words·~1 min read·/mi/chapter-487/487-3418

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487.3418 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.
History: 1996, Act 354 , Imd. Eff. July 1, 1996
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