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 490.401 – 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 […]