Michigan § 487.941 - Definitions.
Full text of Michigan Michigan Compiled Laws § 487.941 — Definitions., with citation guidance and answers to common questions.
§ 487.941. Definitions.
As used in this act:
(a) "Commissioner" means the commissioner of the office of financial and insurance services in the department of labor and economic growth.
(b) "Emergency" means a condition or occurrence that has or may, directly or indirectly, interfere physically with the conduct of normal business operations of 1 or more offices of a financial institution, or which poses an imminent or existing threat to the safety and security of a person or property, or both. An emergency may arise as a result of a fire, flood, earthquake, hurricane, tornado, wind, rain, snowstorm, labor dispute or strike, power failure, transportation failure, fuel shortage, interruption of a communication facility, shortage of housing or food, robbery or attempted robbery, actual or threatened enemy or terrorist attack, epidemic or other catastrophe, riot, civil commotion, or any other act of lawlessness or violence.
(c) "Financial institution" means a state chartered bank, savings bank, credit union, or savings and loan association over which the commissioner has regulatory authority for purposes of this act.
(d) "Office" means a place at which a financial institution transacts its business or conducts operations related to its business.
(e) "Officer" means a person designated by the board of directors of a financial institution to carry out this act.
Frequently Asked Questions About Michigan § 487.941
What does Michigan Compiled Laws § 487.941 cover?
Section 487.941 ("Definitions.") 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 § 487.941?
A common citation format is "Michigan Compiled Laws § 487.941" (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 § 487.941 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.