(A) The Township of Summit does hereby become a participating municipality in the program providing for the escrow of fire insurance as established by Public Act 495 of 1980; as amended by Public Act 216 of 1998, or as established by Public Act 217 of 1998, and does declare its intention to uniformly apply the provisions of M.C.L.A. §§ 2845 or 2227 to all property within the township.
(B) The township official responsible for the administration of M.C.L.A. §§ 2845 or 2227 of the Acts and any rules promulgated by the Commissioner of Financial and Insurance Services is hereby designated as follows: Treasurer.
(C) The Township of Summit Treasurer shall establish an escrow account with the Citizens Bank for the purpose of receiving and holding deposits of money received from insurers pursuant to M.C.L.A. §§ 2845 or 2227 of the Acts, which account shall be separately maintained from all other accounts and may be an interest bearing account.
(Ord. 115.02, passed - -)