Michigan Compiled Laws
Chapter 490 - Credit Unions

Section 490.60 - Multiple-Party Accounts; Authority to Enter; Payment; Inquiry; Creation; Joint Tenant, Rights. - Sec. 10. A credit union may enter into multiple-party accounts...

Section 490.61 - Multiple-Party Accounts; Withdrawals; Survivorship Accounts, Proof of Death. - Sec. 11. Any sums in a multiple-party account which does...

Section 490.62 - Trust Accounts; Payments. - Sec. 12. Any account payable to a trustee for another...

Section 490.63 - Payments; Effect; Notice of Change. - Sec. 13. Payment made pursuant to sections 10, 11 or...

Section 490.64 - Right to Set-Off or Lien. - Sec. 14. Without qualifying any other statutory right to set-off...

Section 490.65 - Repeal. - Sec. 15. Section 24 of Act No. 285 of the...

Act 31 of 1992 - Beneficiary Accounts in Credit Unions (490.81 - 490.83)

Section 490.81 - Definitions. - Sec. 1. As used in this act: (a) “Beneficiary” means...

Section 490.82 - Credit Union Beneficiary Account; Rights of Owners to Money in Account; Passage of Ownership Rights to Beneficiaries. - Sec. 2. (1) During the lifetime of 1 or more...

Section 490.83 - Applicability of Act. - Sec. 3. This act shall apply to all credit union...

Act 215 of 2003 - Credit Union Act (490.101 - 490.601)

Article 1 - General Provisions (490.101...490.105)

Section 490.101 - Short Title. - Sec. 101. This act shall be known and may be...

Section 490.102 - Definitions; a to I. - Sec. 102. As used in this act: (a) "Affiliate" means...

Section 490.103 - Definitions; M to S. - Sec. 103. As used in this act: (a) "Membership share"...

Section 490.104 - "Credit Union"; Use in Name or Title; Restrictions; "Corporate" or "Corporate Central"; Use in Name. - Sec. 104. (1) A person shall not use the words...

Section 490.105 - Domestic Credit Union; Exemption From Tax; Exception; Stock Transfer Tax. - Sec. 105. A domestic credit union is exempt from taxation...

Article 2 - Supervision by Commissioner (490.201...490.251)

215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221)

Section 490.201 - Administration and Supervision by Director; Annual Operating Fee; Limitation; Report Filed by Domestic Credit Union; Delinquent Fee; Waiver; Amendment to Bylaws or Certificate of Organization; Examination of Accounts, Books, and Rec... - Sec. 201. (1) The director shall administer the laws of...

Section 490.202 - Fee, Fine, or Other Money Received or Collected by Director; Disposition; Establishment of Credit Union Regulatory Fund. - Sec. 202. (1) A fee, a civil or administrative fine,...

Section 490.203 - Office of Financial and Insurance Services; Hearing or Proceeding; Document Retention; Order or Ruling. - Sec. 203. (1) Any hearing or other proceeding pending before...

Section 490.204 - Immunity. - Sec. 204. The commissioner and the other employees of the...

Section 490.205 - Disclosure of Information. - Sec. 205. (1) The commissioner and all deputies, agents, and...

Section 490.206 - Rules; Orders; Declaratory Rulings. - Sec. 206. The commissioner may promulgate rules or issue orders...

Section 490.207 - Examination by Director; Conduct; Report; Document, Material, or Information; Confidentiality; Disclosure; Demand for Production; Request for Discovery or Disclosure; Judicial Review; Appeal; Best Practices or Other Improvements; Gu... - Sec. 207. (1) The director or his or her authorized...

Section 490.208 - Application for Additional Powers by Domestic Credit Unions. - Sec. 208. (1) If 1 or more domestic credit unions...

Section 490.209 - Issuance of Subpoena by Circuit Court. - Sec. 209. The commissioner may petition the circuit court for...

Section 490.210 - Notice of Charges; Issuance and Service; Statement of Facts; Hearing; Issuance of Cease and Desist Order; Enforcement; Violation by Foreign or Federal Credit Union. - Sec. 210. (1) If in the opinion of the director...

Section 490.211 - Temporary Cease and Desist Order; Conditions; Injunction for Setting Aside Order. - Sec. 211. (1) If the commissioner determines that a violation...

Section 490.212 - Notice of Intention to Remove Person From Office or to Prohibit Participation in Conduct of Affairs; Conditions; Hearing; Order; Issuance; Basis; Enforcement. - Sec. 212. (1) If in the opinion of the commissioner...

Section 490.213 - Stay of Suspension or Prohibition. - Sec. 213. Within 10 days after the date a person...

Section 490.214 - Individual Charged With Crime Involving Dishonesty or Breach of Trust; Suspension From Office or Prohibition From Participation in Conduct of Affairs; Finding of Not Guilty or Other Disposition. - Sec. 214. (1) If an individual who participates in the...

Section 490.215 - Administrative Hearing. - Sec. 215. (1) The commissioner shall conduct an administrative hearing...

Section 490.216 - Enforcement of Notice or Order; Court Jurisdiction. - Sec. 216. (1) The commissioner may apply to the circuit...

Section 490.217 - Person Subject to Notice or Order for Violation of Law; Prohibited Conduct; Violation as Misdemeanor; Penalty. - Sec. 217. (1) A person who is the subject of...

Section 490.218 - Report From Domestic Credit Union; Requirements; Notice; Failure of Domestic Credit Union to Report by Deadline; Fine. - Sec. 218. (1) The commissioner may require any report from...

Section 490.219 - Delivery of Order or Written Notice; Methods. - Sec. 219. If the commissioner is required to serve an...

Section 490.220 - Civil Fine; Assessment; Limitation; Commencement of Action by Attorney General; Determination of Amount of Fine; Conduct of Administrative Hearing. - Sec. 220. (1) Subject to subsection (2), if the commissioner...

Section 490.221 - Closure of Principal Place of Business or Branch; Existence of Emergency or Legal Holiday. - Sec. 221. (1) The director may by order require a...

215-2003-2-2 - Part 2 Receivers (490.231...490.235)

Section 490.231 - Liquidation; Appointment of Federal Agency as Receiver. - Sec. 231. (1) Except as provided in subsection (2), a...

Section 490.232 - Appointment of Receiver; Conditions; Proceeding; Bond; Reporting Schedule; Subrogation of Federal Agency to Rights of Deposit Owners. - Sec. 232. (1) If a domestic credit union refuses to...

Section 490.233 - Receiver; Duties; Powers. - Sec. 233. (1) Subject to court approval, a receiver appointed...

Section 490.234 - Voidable Transfer or Lien; Person Knowingly Implementing Voidable Transfer or Lien; Personal Liability; Prohibitions to Voiding Otherwise Voidable Transfer; "Preference" Defined. - Sec. 234. (1) Except as provided in subsection (3), a...

Section 490.235 - Disposal of Obsolete and Unnecessary Records; Maintenance Methods; Reservation, Deposit, and Use of Assets. - Sec. 235. (1) If approved by the court, a receiver...

215-2003-2-3 - Part 3 Conservatorships (490.241...490.245)

Section 490.241 - Appointment of Conservator; Grounds; Bond and Security; Qualifications; Payment of Administrative Expenses. - Sec. 241. (1) If any of the grounds under section...

Section 490.242 - Possession of Books, Records, and Assets; Rights of Parties; Discharge of Real Estate Mortgage. - Sec. 242. (1) Under the direction of the commissioner, a...

Section 490.243 - Withdrawal by Members and Depositors and Payment to Other Creditors; Availability of Amounts; Receipt of Shares and Deposits; Actions; Return of Control to Credit Union Board; Notice. - Sec. 243. (1) While a domestic credit union is in...

Section 490.244 - Authority of Commissioner to Borrow Money; Conditions; Secured Loans. - Sec. 244. With the prior approval of the commissioner, a...

Section 490.245 - Termination of Conservatorship; Determination by Commissioner; Resumption of Business Transactions by Domestic Credit Union; Appointment of Receiver; Liquidation. - Sec. 245. (1) If satisfied that it may be done...

215-2003-2-4 - Part 4 Involuntary Mergers or Sales (490.251...490.251)

Section 490.251 - Merger or Sale; Determination by Commissioner; Order; “Distressed Credit Union” Defined. - Sec. 251. (1) The commissioner may order the merger or...

Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)

215-2003-3-1 - Part 1 Formation and Operation (490.301...490.307)

Section 490.301 - Domestic Credit Union; Membership; Organization; Approval by Commissioner; Notice; Disapproval; Request to Reconsider; Hearing; Appeal; Retention by Commissioner of Original Certificate of Organization and Bylaws; Delivery; Form. - Sec. 301. (1) Seven individuals, a majority of whom are...

Section 490.302 - Organization of Credit Union by 2 or More Credit Unions. - Sec. 302. Two or more credit unions may file an...

Section 490.303 - Amendment to Certificate of Organization or Bylaws. - Sec. 303. (1) If approved by a majority of the...

Section 490.304 - Principal Place of Business; Notice of Change in Location; Establishment and Maintenance of Branches; Service Centers; Assumed Names. - Sec. 304. (1) If a domestic credit union changes the...

Section 490.305 - Books and Records; Availability; Court Order. - Sec. 305. (1) A domestic credit union shall maintain its...

Section 490.306 - Conducting Business by Mail or Electronic Communication. - Sec. 306. With prior written notice to the director, a...

Section 490.307 - Repealed. 2005, Act 194, Imd. Eff. Nov. 7, 2005. - Compiler's Notes: The repealed section pertained to filing of a...

215-2003-3-2 - Part 2 Dissolution (490.331...490.331)

Section 490.331 - Voluntary or Involuntary Dissolution. - Sec. 331. (1) A domestic credit union may voluntarily dissolve...

215-2003-3-3 - Part 3 Officer, Officials, and Directors (490.341...490.345)

Section 490.341 - Organizational Meeting; Annual Meeting; Membership; Committees; Qualifications; Notice of Meeting; Removal; Vacancy. - Sec. 341. (1) The organizers shall hold an organizational meeting...

Section 490.342 - Credit Union Board; Election of Officers; General Management; Duties; Delegation to General Manager or Chief Executive Officer of Domestic Credit Union; Compensation; Removal of Board Member or Committee Member With Delinquent Loan;... - Sec. 342. (1) At its first meeting, the credit union...

Section 490.343 - Suspension or Removal of Members; Majority of Remaining Members as Quorum; Appointment of Temporary Members. - Sec. 343. If 1 or more directors of a domestic...

Section 490.344 - Audits. - Sec. 344. (1) A domestic credit union with assets of...

Section 490.345 - Supervisory Committee; Duties; Vacancies. - Sec. 345. (1) A domestic credit union may have a...

215-2003-3-4 - Part 4 Members (490.351...490.357)

Section 490.351 - Annual Meeting; Special Meeting; Voting; Removal of Member. - Sec. 351. (1) A domestic credit union shall hold an...

Section 490.352 - Domestic Credit Union; Membership; Composition; Field of Membership; Application; Approval by Commissioner; Revision; Extension. - Sec. 352. (1) The membership of a domestic credit union...

Section 490.353 - Membership; Conditions. - Sec. 353. (1) Except as provided in this part, ownership...

Section 490.354 - Acceptance of Trust as Member; Conditions. - Sec. 354. (1) A domestic credit union may accept a...

Section 490.355 - Designation as Inactive Account. - Sec. 355. A domestic credit union may allow a member...

Section 490.356 - Minor; Deposit, Investment, or Withdrawal. - Sec. 356. A domestic credit union may issue shares to...

Section 490.357 - Suspension of Services or Termination or Withdrawal of Membership. - Sec. 357. (1) The general manager or chief executive officer...

215-2003-3-5 - Part 5 Capital (490.361...490.363)

Section 490.361 - Capital; Share Payments; Entrance Fee; Secondary Capital; Liability of Member for Acts, Debts, or Obligations of Domestic Credit Union; Placement of Lien on Member Account. - Sec. 361. (1) The capital of a domestic credit union...

Section 490.362 - Dividend; Declaration; Payment; Rate; Amount. - Sec. 362. A credit union board may declare and pay...

Section 490.363 - Payment to General Administrator or Executor of Deceased Out-of-State Resident. - Sec. 363. (1) If a deceased individual who resided in...

215-2003-3-6 - Part 6 Merger, Consolidation, Conversion (490.371...490.376)

Section 490.371 - Credit Unions; Merger. - Sec. 371. (1) Two or more domestic credit unions may...

Section 490.372 - Conversion of Domestic Credit Union Into Foreign Credit Union. - Sec. 372. (1) A domestic credit union may convert into...

Section 490.373 - Conversion of Domestic Credit Union Into Mutual Savings Bank or Mutual Savings Association. - Sec. 373. (1) A domestic credit union may convert into...

Section 490.374 - Conversion of Domestic Credit Union Into Bank, Stock Savings Bank, or Stock Savings and Loan Association. - Sec. 374. (1) A domestic credit union may convert into...

Section 490.375 - Rights, Obligations, Relationships, and Trusts of Converting Credit Union. - Sec. 375. (1) Except as provided in subsection (2), if...

Section 490.376 - Conversion of Foreign Credit Union Into Domestic Credit Union. - Sec. 376. (1) A foreign credit union may convert to...

215-2003-3-7 - Part 7 Administration (490.381...490.387)

Section 490.381 - Disclosure of Confidential Information. - Sec. 381. Except as otherwise required by law, a director,...

Section 490.382 - Fiscal Year; Accounting Principles. - Sec. 382. (1) A domestic credit union shall use the...

Section 490.383 - Discharge of Duties by Officers; Standards; Indemnification. - Sec. 383. (1) An official of a domestic credit union...

Section 490.384 - Participation in Deliberation or Board Action. - Sec. 384. (1) Unless the matter involves setting dividends, loan...

Section 490.385 - Payment to Person Claiming Interest in Account; Restrictions. - Sec. 385. (1) A domestic credit union may refuse to...

Section 490.386 - Establishment and Maintenance of Reserves. - Sec. 386. (1) A domestic credit union shall establish and...

Section 490.387 - Insurance of Member Share and Deposit Accounts. - Sec. 387. (1) A domestic credit union that is not...

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...

Article 5 - Foreign Credit Unions (490.501...490.502)

Section 490.501 - Conduct of Business by Foreign Credit Union. - Sec. 501. (1) A foreign credit union, other than a...

Section 490.502 - Violations by Foreign Credit Union. - Sec. 502. (1) If in the opinion of the commissioner...

Article 6 - Repeal of Predecessor Act (490.601...490.601)

Section 490.601 - Repeal of MCL 490.1 to 490.31. - Sec. 601. 1925 PA 285, MCL 490.1 to 490.31, is...

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Michigan Compiled Laws Chapter 490 - Credit Unions

Michigan Compiled Laws
Chapter 490 - Credit Unions