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MICHIGAN STATUTES AND CODES
Section 487.3505 - Surety bonds; protection against insurable losses.
Act 354 of 1996
487.3505 Surety bonds; protection against insurable losses.
Sec. 505.
(1) The board of directors shall require every employee concerned in the handling of money, accounts, or securities of the savings bank, who can be bonded, to be bonded by a surety company authorized to do business in this state in an amount determined by the board. A surety bond may cover 1 or more employees. The savings bank shall pay for any surety bonds required of its employees.
(2) The commissioner shall require every savings bank to provide reasonable protection and indemnity against burglary, defalcation, and other reasonably required insurable losses. Whenever a savings bank refuses to comply with the requirements of this section, the commissioner may contract for the protection and indemnity and charge the costs to the savings bank. If the charge is not paid, the commissioner shall collect the costs in an action instituted by the attorney general.
History: 1996, Act 354, Imd. Eff. July 1, 1996