Michigan § 487.3203 - Federal insurance of deposits required.
Full text of Michigan Michigan Compiled Laws § 487.3203 — Federal insurance of deposits required., with citation guidance and answers to common questions.
§ 487.3203. Federal insurance of deposits required.
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.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.3203
What does Michigan Compiled Laws § 487.3203 cover?
Section 487.3203 ("Federal insurance of deposits required.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 487.3203?
A common citation format is "Michigan Compiled Laws § 487.3203" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 487.3203 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.