Section R. 425.306 - Certificate of deposit or time deposit accountRule 306.
(1) Subject to R 425.301, an operator may satisfy all or a portion of the financial assurance requirements by placing funds in an insured, non-negotiable certificate of deposit or time deposit account held by a bank or other financial institution regulated and examined by a federal or state agency. The value of the certificate of deposit or time deposit account shall be insured by an agency of the United States government, unless otherwise approved by the department.(2) The certificate or account shall be in the sole name of the director of the department.Mich. Admin. Code R. 425.306