Michigan · statute · 232 of 1978, Mich. Comp. Laws · 6 active provisions
As used in this act: (a) "Commissioner" means the commissioner of the office of financial and insurance services in the department of labor and economic growth. (b) "Emergency" means a condition or occurrence that has or may, directly or indirectly, interfere physically with the conduct of normal business operations of…
(1) The commissioner may authorize or order a financial institution to close an office or offices if the commissioner determines that the action is required because an emergency exists or may be impending. The office or offices closed shall remain closed until the commissioner determines that the emergency is ended and…
If the commissioner has not made a determination under section 2(1) and the chief executive officer of a financial institution or another officer designated by the financial institution for purposes of this act determines that an emergency exists or is impending, the officer may order that an office or offices of the f…
(1) A financial institution closing or not opening an office or offices under section 3 shall give notice to the commissioner and any other appropriate governmental entity as required by law. (2) A financial institution that closes or does not open an office or offices under section 3 shall reopen the office or offices…
The period during which a financial institution is closed under this act is a legal holiday.
This act does not alter any of the obligations under law of a financial institution to its employees or to the employees of another employer.