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.
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 a domestic credit union is engaging, has engaged, or is about to engage in an unsafe or unsound practice in […]
Section 490.211 – Temporary Cease and Desist Order; Conditions; Injunction for Setting Aside Order.
490.211 Temporary cease and desist order; conditions; injunction for setting aside order. Sec. 211. (1) If the commissioner determines that a violation or threatened violation or an unsafe or unsound practice or practices specified in the notice of charges served upon a domestic credit union under section 210, or the continuation of the violation or […]
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.
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 a director, officer, or employee of a domestic credit union, or any other person who participates in the conduct of the affairs […]
Section 490.213 – Stay of Suspension or Prohibition.
490.213 Stay of suspension or prohibition. Sec. 213. Within 10 days after the date a person has been suspended from office or prohibited from participation in the conduct of the affairs of any domestic credit union under section 212(3), the person may apply to the circuit court for Ingham county or the circuit court for […]
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.
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 conduct of the affairs of a domestic credit union is charged in any information, indictment, warrant, […]
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 […]
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; Guidance to Promote Consistency and Due Process.
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; guidance to promote consistency and due process. Sec. 207. (1) The director or his or her authorized agent shall examine the condition and affairs of each domestic […]
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 Records; “Records” Defined.
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 records; “records” defined. Sec. 201. (1) The director shall administer the laws of this state relating to credit unions that are transacting business in […]
Section 490.202 – Fee, Fine, or Other Money Received or Collected by Director; Disposition; Establishment of Credit Union Regulatory Fund.
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, or any other money received or collected by the director or the department under this act, except a fine imposed for a violation of section 217, is […]