Michigan § 487.3408 - Services performed by savings bank.
Full text of Michigan Michigan Compiled Laws § 487.3408 — Services performed by savings bank., with citation guidance and answers to common questions.
§ 487.3408. Services performed by savings bank.
A savings bank may perform 1 or more of the following services, and any other services permitted by order or declaratory ruling of the commissioner:
Provide 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.
Service mortgages and land contracts.
Originate and service mortgage loans, mortgages, and land contracts, on behalf of financial institutions, corporations, and state or federal agencies or instrumentalities.
Act as escrow agent or depository for other escrow agents or fiduciaries.
Credit analysis, appraising, construction loan inspection, and abstracting.
Research, studies, and surveys.
Develop and operate storage facilities for microfilm or other duplicate records.
Advertising, brokerage, and other services to procure and retain both deposits and loans, but not pooling deposits or soliciting or promoting pooled deposits.
Liquidity management, investment, advisory, and consulting services.
Establish, own, lease, operate, or maintain electronic funds transfer terminals.
Purchase office supplies, furniture, and equipment.
Prepare local, state, and federal tax returns for individuals or organizations that are not corporations operated for profit.
Data processing services.
Subject to applicable state or federal law, provide brokerage services for the offer, sale, or purchase of a security or commodity contract.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.3408
What does Michigan Compiled Laws § 487.3408 cover?
Section 487.3408 ("Services performed by savings bank.") 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 § 487.3408?
A common citation format is "Michigan Compiled Laws § 487.3408" (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 § 487.3408 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.