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 490.407 – 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 […]
Section 490.408 – Automated Information Processing Services.
490.408 Automated information processing services. Sec. 408. (1) A domestic credit union that utilizes automated information processing services of a vendor must enter into a written contract, lease, or licensing agreement with the vendor for those services. The credit union board shall review the contract, lease, or licensing agreement to ensure the interests of the […]
Section 490.409 – Insurance Programs to Members.
490.409 Insurance programs to members. Sec. 409. (1) A credit union board may offer insurance programs to members of the domestic credit union, individually or as a group, including insurance programs at the individual member’s own expense. An insurance program offered under this section shall meet 1 of the following conditions: (a) Except for insurance […]
Section 490.410 – Safe Deposit Department.
490.410 Safe deposit department. Sec. 410. (1) If authorized by the credit union board, a domestic credit union may invest in the stock of not more than 1 safe and collateral deposit company or may operate a safe deposit department. (2) If a domestic credit union operates a safe deposit department, the legal liability of […]
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 […]