Section 487.3203 - Federal insurance of deposits required.
SAVINGS BANK ACT (EXCERPT)
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