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Michigan Statutes, Title 490

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Michigan/Statutes

← All Michigan coverage

Title 490, CREDIT UNIONS

4 chapters · 111 sections in this title.

All chapters in Title 490111 Ch 215-of-2003, CREDIT UNION ACT93 Ch 41-of-1968, CREDIT UNION MULTIPLE-PARTY ACCOUNTS15 Ch 31-of-1992, BENEFICIARY ACCOUNTS IN CREDIT UNIONS3

111 sections·Filtered byTitle 490✕

Mich. Comp. Laws § 490.411 Savings promotion raffle; loan promotion raffle; definitions.
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Sec. 411. (1) If authorized by the credit union board, a domestic credit union may conduct a savings promotion raffle. All of the following apply to a savings promotion raffle conducted under this subsection: (a) The domestic credit union shall conduct a savings promotion raffle …
Mich. Comp. Laws § 490.412 Check cashing fees.
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Sec. 412. (1) Except as provided in subsection (2), a domestic credit union shall not contract for, receive, impose, assess, or collect a charge or fee for the cashing of a check that exceeds 1 of the following percentages of the face amount of the check, as applicable: (a) Five …
Mich. Comp. Laws § 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.
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Sec. 413. (1) A domestic credit union that owns, operates, or manages an automated teller machine located on the premises of a casino, casino enterprise, liquor store, or adult entertainment establishment shall work with the department of human services to ensure that the automat…
Mich. Comp. Laws § 490.421 Credit committee; powers; meetings; loan officers; appeals of loan rejections; designation of secretary; maintenance of records of activities.

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Sec. 421. (1) If a domestic credit union has a credit committee, the credit committee has general supervision of all loans to members. (2) A credit committee shall meet as often as the business of the domestic credit union requires. The credit committee shall consider application…

Mich. Comp. Laws § 490.422 Loan agreement with member or another domestic credit union.

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Sec. 422. (1) A loan made by a domestic credit union to another domestic credit union is not subject to any interest rate limitation contained in any law of this state. (2) In addition to any other loan authorized by law, a domestic credit union may enter into a loan agreement un…

Mich. Comp. Laws § 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 security.

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Sec. 423. (1) A loan by a domestic credit union to a member shall conform to any conditions contained in the bylaws. (2) A borrower may repay a loan from a domestic credit union in whole or in part at any time the domestic credit union is open for business or otherwise capable of…

Mich. Comp. Laws § 490.424 Property and casualty insurance as condition to mortgage loan.

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Sec. 424. (1) Except as provided in subsection (2), a domestic credit union that requires a mortgagor to maintain property and casualty insurance as a condition to receiving a mortgage loan shall not require an amount of property and casualty insurance that is greater than the re…

Mich. Comp. Laws § 490.431 Investment of funds not used in member loans; limitations; maintenance of files; plan for divestiture of investment.

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Sec. 431. (1) A domestic credit union may invest funds that are not used in loans to members in any of the following: (a) Securities, obligations, or other instruments of or issued by or fully guaranteed as to principal and interest by the United States or an agency or instrument…

Mich. Comp. Laws § 490.432 Purchase, sale, or pledge of member obligation.

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Sec. 432. (1) If the purchase meets the conditions of a written policy of the credit union board, a domestic credit union may purchase 1 or more of the following obligations: (a) An obligation of a member that satisfies this act, the bylaws, and the lending policies established b…

Mich. Comp. Laws § 490.501 Conduct of business by foreign credit union.

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Sec. 501. (1) A foreign credit union, other than a federal credit union, may conduct business as a credit union in this state only with the written approval of the commissioner. The commissioner shall not grant approval unless the commissioner finds that the foreign credit union …

Mich. Comp. Laws § 490.502 Violations by foreign credit union.

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Sec. 502. (1) If in the opinion of the commissioner a foreign credit union is engaging, has engaged, or is about to engage in an unsafe or unsound practice in conducting the business of a credit union at a branch located in this state, or is violating, has violated, or is about t…