{"data":{"id":"us-mi/mich.-comp.-laws-487.3408","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 487.3408","heading":"Services performed by savings bank.","body":"Sec. 408.\n\nA savings bank may perform 1 or more of the following services, and any other services permitted by order or declaratory ruling of the commissioner:\n\nProvide life, health, and casualty insurance for officers and employees of financial institutions and operate bonus plans and retirement benefit plans for those officers and employees.\n\nService mortgages and land contracts.\n\nOriginate and service mortgage loans, mortgages, and land contracts, on behalf of financial institutions, corporations, and state or federal agencies or instrumentalities.\n\nAct as escrow agent or depository for other escrow agents or fiduciaries.\n\nCredit analysis, appraising, construction loan inspection, and abstracting.\n\nResearch, studies, and surveys.\n\nDevelop and operate storage facilities for microfilm or other duplicate records.\n\nAdvertising, brokerage, and other services to procure and retain both deposits and loans, but not pooling deposits or soliciting or promoting pooled deposits.\n\nLiquidity management, investment, advisory, and consulting services.\n\nEstablish, own, lease, operate, or maintain electronic funds transfer terminals.\n\nPurchase office supplies, furniture, and equipment.\n\nPrepare local, state, and federal tax returns for individuals or organizations that are not corporations operated for profit.\n\nData processing services.\n\nSubject to applicable state or federal law, provide brokerage services for the offer, sale, or purchase of a security or commodity contract.","path":["MI Code","Chapter 487","Act Act-354-of-1996"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-487-3408","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"179dfd4a5434efd314fd1cb2849b1f267c086749056cb38067856842e6d31bdc","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-487.3407","next":"us-mi/mich.-comp.-laws-487.3409"},"notice":"GroundRules: Original legal text. Not legal advice."}