Sec. 306.
With prior written notice to the director, a domestic credit union may conduct its business solely by mail or through electronic communication without having a physical location where members may transact business with the credit union. A domestic credit union conducting business under this section shall maintain a principal place of business in this state.
History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2016, Act 153, Eff. Sept. 7, 2016
Structure Michigan Compiled Laws
Act 215 of 2003 - Credit Union Act (490.101 - 490.601)
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 490.302 - Organization of Credit Union by 2 or More Credit Unions.
Section 490.303 - Amendment to Certificate of Organization or Bylaws.
Section 490.305 - Books and Records; Availability; Court Order.
Section 490.306 - Conducting Business by Mail or Electronic Communication.
Section 490.307 - Repealed. 2005, Act 194, Imd. Eff. Nov. 7, 2005.