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.
Mich. Comp. Laws § 487.3203
Federal insurance of deposits required
Applied in 2 court decisions — leading case Newton v. Bank West (2004)
Most recently applied in Newton v. West (September 2004)
1996, Act 354, Imd
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.