Section 491.322 - Unlawful savings and loan business or savings bank business; injunction; penalty. - Michigan Statutes

SAVINGS AND LOAN ACT OF 1980 (EXCERPT)
Act 307 of 1980

491.322 Unlawful savings and loan business or savings bank business; injunction; penalty.

Sec. 322.

(1) A person shall not engage in carrying on a savings and loan business as provided in this act, except a domestic association which is engaged in the business on the effective date of this act or which is organized under this act, a federal association having its principal office in this state, or a foreign association, to the extent authorized by the laws of this state. A person, unless authorized and actually engaged in carrying on a savings and loan business under this act or federal law, shall not transact business under a name or title which contains the terms “savings and loan association”, “savings association”, “thrift and loan association”, “thrift association”, “building and loan association”, “building association”, or a combination or form of those terms, or use a sign or circulate or use a letterhead, billhead, circular, or paper whatever, or advertise or represent in any manner which indicates that his or her, or its business is of the character or kind of business carried on or transacted by an association or which is calculated to lead a person to believe that his or her, or its business is that of an association.

(2) A person shall not engage in carrying on a savings bank business as provided in this act, except a domestic savings bank which is organized under this act, a federal savings bank having its principal office in this state, or a foreign savings bank, to the extent authorized by the laws of this state. A person, unless authorized and actually engaged in carrying on a savings bank business under this act or federal law, shall not transact business under a name or title which contains the term “savings bank” or use a sign or circulate or use a letterhead, billhead, circular, or paper whatever or advertise or represent in any manner which indicates that his, her, or its business is of the character or kind of business carried on, or transacted by an association, or which is calculated to lead a person to believe that his, her, or its business is that of a savings bank, except that a bank authorized to carry on a banking business may transact business under a name or title which contains the term “savings bank”.

(3) A court of competent jurisdiction may issue an injunction to restrain the person from violating or continuing to violate this section. A person who violates this section may be punished by a fine of not more than $5,000.00.

History: 1980, Act 307, Eff. Jan. 1, 1981 ;-- Am. 1987, Act 106, Imd. Eff. July 7, 1987