{"data":{"id":"us-mi/mich.-comp.-laws-487.3509","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 487.3509","heading":"Deposit by savings bank; limitation.","body":"Sec. 509.\n\nExcept where required or permitted under the federal reserve act, chapter 6, 38 Stat. 251, or the federal home loan bank act, chapter 522, 47 Stat. 725, a savings bank shall not deposit an amount in excess of 10% of the capital and surplus of a stock savings bank, or 10% of the total capital of a mutual savings bank, with any other savings bank, state chartered bank, association, or national bank. A savings bank may deposit an amount not to exceed 15% of the capital and surplus of a stock savings bank, or 15% of the total capital of a mutual savings bank in any legal depository in a reserve city designated by the commissioner.","path":["MI Code","Chapter 487","Act Act-354-of-1996"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-487-3509","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"b160a4d7fe453e54b8eef8d1099db9f148356e0000d014f476b16dc49cc293ae","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-487.3508","next":"us-mi/mich.-comp.-laws-487.3510"},"notice":"GroundRules: Original legal text. Not legal advice."}