Section 490.424 – Property and Casualty Insurance as Condition to Mortgage Loan.
490.424 Property and casualty insurance as condition to mortgage loan. 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 […]
Section 490.431 – Investment of Funds Not Used in Member Loans; Limitations; Maintenance of Files; Plan for Divestiture of Investment.
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 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 […]
Section 490.432 – Purchase, Sale, or Pledge of Member Obligation.
490.432 Purchase, sale, or pledge of member obligation. 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 […]
Section 490.411 – Savings Promotion Raffle; Loan Promotion Raffle; Definitions.
490.411 Savings promotion raffle; loan promotion raffle; definitions. 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 so that […]
Section 490.412 – Check Cashing Fees.
490.412 Check cashing fees. 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 percent […]
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.
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, or manages an automated teller machine located on the premises of a casino, casino enterprise, liquor store, or […]
Section 490.421 – Credit Committee; Powers; Meetings; Loan Officers; Appeals of Loan Rejections; Designation of Secretary; Maintenance of Records of Activities.
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 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 […]
Section 490.422 – Loan Agreement With Member or Another Domestic Credit Union.
490.422 Loan agreement with member or another domestic credit union. 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 […]
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 Security.
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. Sec. 423. (1) A loan by a domestic credit union to a member shall conform to any conditions contained in the bylaws. (2) […]
Section 490.407 – Credit Union Service Organizations; Organizing, Investing, or Loaning Money; Limitations; Requirements; Definitions.
490.407 Credit union service organizations; organizing, investing, or loaning money; limitations; requirements; definitions. Sec. 407. (1) Subject to subsection (3), a domestic credit union may organize, invest in, or loan money to 1 or more credit union service organizations that engage primarily in providing 1 or more of the following products or services to credit […]