Michigan Compiled Laws
Act 215 of 2003 - Credit Union Act (490.101 - 490.601)
Article 4 - Domestic Credit Union Powers (490.401...490.432)

215-2003-4-1 - Part 1 General Provisions (490.401...490.413)

Section 490.401 - Domestic Credit Union; Powers. - Sec. 401. (1) A domestic credit union has the powers...

Section 490.402 - Corporate Credit Union; Additional Powers. - Sec. 402. (1) A corporate credit union organized under this...

Section 490.403 - Domestic Credit Union; Incidental Powers. - Sec. 403. A domestic credit union may exercise any incidental...

Section 490.404 - Business Outside of State. - Sec. 404. A domestic credit union may do business outside...

Section 490.405 - Pledging Domestic Credit Union Assets as Collateral Security; Limitations. - Sec. 405. (1) A domestic credit union shall not give...

Section 490.406 - Domestic Credit Union; Powers Authorized by Credit Union Board; Acquisition of Interest in Real Property; Definitions. - Sec. 406. (1) If authorized by the credit union board,...

Section 490.407 - Credit Union Service Organizations; Organizing, Investing, or Loaning Money; Limitations; Requirements; Definitions. - Sec. 407. (1) Subject to subsection (3), a domestic credit...

Section 490.408 - Automated Information Processing Services. - Sec. 408. (1) A domestic credit union that utilizes automated...

Section 490.409 - Insurance Programs to Members. - Sec. 409. (1) A credit union board may offer insurance...

Section 490.410 - Safe Deposit Department. - Sec. 410. (1) If authorized by the credit union board,...

Section 490.411 - Savings Promotion Raffle; Loan Promotion Raffle; Definitions. - Sec. 411. (1) If authorized by the credit union board,...

Section 490.412 - Check Cashing Fees. - Sec. 412. (1) Except as provided in subsection (2), a...

Section 490.413 - Automatic Teller Machine Located on Premises of Casino, Casino Enterprise, Liquor Store, or Adult Entertainment Establishment; Preventing Access to Cash Benefits From Michigan Bridge Card; Definitions. - Sec. 413. (1) A domestic credit union that owns, operates,...

215-2003-4-2 - Part 2 Loans (490.421...490.424)

Section 490.421 - Credit Committee; Powers; Meetings; Loan Officers; Appeals of Loan Rejections; Designation of Secretary; Maintenance of Records of Activities. - Sec. 421. (1) If a domestic credit union has a...

Section 490.422 - Loan Agreement With Member or Another Domestic Credit Union. - Sec. 422. (1) A loan made by a domestic credit...

Section 490.423 - Loan Conditions; Repayment; Rates, Terms, or Conditions to Officials or Family Member; Open-End Credit Arrangements; Joint Loans; Guaranteed Federal or State Loan Program; Reduced Rate Loans and Extensions; Restriction; Additional S... - Sec. 423. (1) A loan by a domestic credit union...

Section 490.424 - Property and Casualty Insurance as Condition to Mortgage Loan. - Sec. 424. (1) Except as provided in subsection (2), a...

215-2003-4-3 - Part 3 Investments (490.431...490.432)

Section 490.431 - Investment of Funds Not Used in Member Loans; Limitations; Maintenance of Files; Plan for Divestiture of Investment. - Sec. 431. (1) A domestic credit union may invest funds...

Section 490.432 - Purchase, Sale, or Pledge of Member Obligation. - Sec. 432. (1) If the purchase meets the conditions of...