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 490.405 – 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 […]
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