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Michigan Compiled Laws, Chapter 487. Financial Institutions § 487.3418

Current as of January 01, 2025 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 487. Financial Institutions § 487.3418 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-487-financial-institutions/mi-comp-laws-487-3418/

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