Section 490.220 – Civil Fine; Assessment; Limitation; Commencement of Action by Attorney General; Determination of Amount of Fine; Conduct of Administrative Hearing.
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 finds that a credit union has violated this act or a rule promulgated under this act, the commissioner may assess a civil fine against the […]
Section 490.221 – Closure of Principal Place of Business or Branch; Existence of Emergency or Legal Holiday.
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 domestic credit union to close its principal place of business or 1 or more branches if it appears to the director that the action is required because an emergency exists. […]
Section 490.231 – Liquidation; Appointment of Federal Agency as Receiver.
490.231 Liquidation; appointment of federal agency as receiver. Sec. 231. (1) Except as provided in subsection (2), a domestic credit union shall only be liquidated as provided in this part. A receiver or other liquidating agent shall only be appointed for a domestic credit union or its assets and property under this part. (2) If […]
Section 490.232 – Appointment of Receiver; Conditions; Proceeding; Bond; Reporting Schedule; Subrogation of Federal Agency to Rights of Deposit Owners.
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 pay its shares, deposits, or obligations in accordance with the terms under which the shares were received or the deposits or obligations were incurred, becomes insolvent, or […]
Section 490.233 – Receiver; Duties; Powers.
490.233 Receiver; duties; powers. Sec. 233. (1) Subject to court approval, a receiver appointed under this part shall do all of the following: (a) Take possession of the books, records, and assets of the domestic credit union and collect all debts, dues, and claims belonging to the domestic credit union. (b) Sue and defend, compromise, […]
Section 490.215 – Administrative Hearing.
490.215 Administrative hearing. Sec. 215. (1) The commissioner shall conduct an administrative hearing under section 210 or 212 under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. The commissioner shall close the hearing to the public unless the commissioner, after fully considering the views of the party who is the […]
Section 490.216 – Enforcement of Notice or Order; Court Jurisdiction.
490.216 Enforcement of notice or order; court jurisdiction. Sec. 216. (1) The commissioner may apply to the circuit court of the county in which the principal office of a domestic credit union is located, or to the circuit court for Ingham county, for the enforcement of any effective and outstanding notice or order issued under […]
Section 490.217 – Person Subject to Notice or Order for Violation of Law; Prohibited Conduct; Violation as Misdemeanor; Penalty.
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 an outstanding and effective notice or final order for a violation of section 212(1), (2), or (3), section 214, or for a violation of any other law of […]
Section 490.205 – Disclosure of Information.
490.205 Disclosure of information. Sec. 205. (1) The commissioner and all deputies, agents, and employees of the office of financial and insurance services shall keep secret all facts and information obtained in the course of their duties, except if the person is required under law to report upon, take official action, or testify in any […]
Section 490.206 – Rules; Orders; Declaratory Rulings.
490.206 Rules; orders; declaratory rulings. Sec. 206. The commissioner may promulgate rules or issue orders or declaratory rulings for the enforcement and administration of this act. The commissioner shall promulgate rules and issue orders and declaratory rulings pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. History: 2003, Act […]