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 490.401 – Domestic Credit Union; Powers.
490.401 Domestic credit union; powers. Sec. 401. (1) A domestic credit union has the powers described in this section, specified or implied by this act, and specified in any other law of this state. (2) A domestic credit union has all of the following powers: (a) To enter into contracts. (b) To sue and be […]
Section 490.402 – Corporate Credit Union; Additional Powers.
490.402 Corporate credit union; additional powers. Sec. 402. (1) A corporate credit union organized under this act has all of the following powers in addition to the powers granted by this act to all domestic credit unions: (a) To accept funds, either as shares or deposits, from a domestic, foreign, or alien credit union, whether […]
Section 490.403 – Domestic Credit Union; Incidental Powers.
490.403 Domestic credit union; incidental powers. Sec. 403. A domestic credit union may exercise any incidental powers that are necessary or required to enable it to effectively carry out the business for which it is organized. History: 2003, Act 215, Eff. June 1, 2004
Section 490.404 – Business Outside of State.
490.404 Business outside of state. Sec. 404. A domestic credit union may do business outside of this state if permitted by the laws of that jurisdiction. History: 2003, Act 215, Eff. June 1, 2004
Section 490.405 – Pledging Domestic Credit Union Assets as Collateral Security; Limitations.
490.405 Pledging domestic credit union assets as collateral security; limitations. Sec. 405. (1) A domestic credit union shall not give preference to any member or depositor by pledging the assets of the domestic credit union as collateral security for purposes of accepting the funds or money of any county, city, village, township, school district, or […]
Section 490.406 – Domestic Credit Union; Powers Authorized by Credit Union Board; Acquisition of Interest in Real Property; Definitions.
490.406 Domestic credit union; powers authorized by credit union board; acquisition of interest in real property; definitions. Sec. 406. (1) If authorized by the credit union board, a domestic credit union may do any of the following: (a) Assist in providing cooperative housing and related facilities for its members. A domestic credit union shall not […]