Section 491.522 - Branch office; establishment or relocation; application; notice; examination or investigation; oral argument; approval; announcement of decision; revocation of approval; request for
SAVINGS AND LOAN ACT OF 1980 (EXCERPT)
Act 307 of 1980
491.522 Branch office; establishment or relocation; application; notice; examination or investigation; oral argument; approval; announcement of decision; revocation of approval; request for extension; establishment of mobile branch.
Sec. 522.
(1) Except as otherwise provided in subsection (4), an association shall not establish or relocate a branch office for the transaction of business without application to and approval by the supervisor. Within 10 days after acceptance of an application for permission to establish a branch office, the supervisor shall send written notice of the application by mail to the principal office of each association and federal association. The supervisor shall make an independent examination or investigation of each branch application, and in furtherance of the investigation, may cause oral argument to be heard concerning the application within 60 days after receipt of an application. The conduct of the oral argument shall conform to rules promulgated by the supervisor and shall not be subject to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, as amended, being sections 24.201 to 24.328 of the Michigan Compiled Laws.
(2) If it appears that the proposed branch office has a reasonable probability of success and that the net worth of the association is adequate with respect to the general operating policies and financial condition of the association, the supervisor shall approve and file the application with the date of filing indorsed on the application and shall announce a decision concerning the application within 90 days after acceptance of the application. The supervisor also shall file in the supervisor's office a written memorandum stating the reasons supporting the decision, which memorandum shall be available for public inspection pursuant to the freedom of information act, Act No. 442 of the Public Acts of 1976, as amended, being sections 15.231 to 15.246 of the Michigan Compiled Laws.
(3) If the branch office authorized is not established within 6 months after the date authority is granted, the approval shall be revoked automatically unless a written request for an extension is made to the supervisor not less than 10 days before termination of the 6-month period and the supervisor grants the extension.
(4) An application to establish a mobile branch shall contain a statement by the applying association that it intends to move the location of the physical structure of the branch office from time to time. A branch office established pursuant to this subsection shall be considered a mobile branch from the date the application is approved by the supervisor. The supervisor shall not require advance notice of or a schedule showing the location of a mobile branch.
History: 1980, Act 307, Eff. Jan. 1, 1981 ;-- Am. 1993, Act 89, Imd. Eff. July 9, 1993