Michigan Compiled Laws

Mich. Comp. Laws § 487.3203 (2026)

Federal insurance of deposits required.

✓ current as of July 2026

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SAVINGS BANK ACT

Act 354 of 1996

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

Notes of Decisions

Cited in 2 cases, 2004–2004 · leading case: Newton v. Bank West, 686 N.W.2d 491 (Mich. Ct. App. 2004).

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Newton v. Bank West, 686 N.W.2d 491 (Mich. Ct. App. 2004). “See MCL 487.3203; 12 USC 2602(1). As previously noted, the Secretary of Housing and Urban Development has the authority to investigate facts, *441 conditions, practices, or matters that may be deemed necessary or proper to aid in the enforcement of the RESPA.”

Newton v. West, 686 N.W.2d 491 (Mich. Ct. App. 2004). “See MCL 487.3203; 12 USC 2602(1). As previously noted, the Secretary of Housing and Urban Development has the authority to investigate facts, conditions, practices, or matters that may be deemed necessary or proper to aid in the enforcement of the RESPA.”

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