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 490.405 – 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 490.384 – Participation in Deliberation or Board Action.
490.384 Participation in deliberation or board action. Sec. 384. (1) Unless the matter involves setting dividends, loan rates, or fees for services or other general policy applicable to all members of the domestic credit union, a director, committee member, officer, or employee of a domestic credit union shall not in any manner, directly or indirectly, […]
Section 490.385 – Payment to Person Claiming Interest in Account; Restrictions.
490.385 Payment to person claiming interest in account; restrictions. Sec. 385. (1) A domestic credit union may refuse to make a payment from an account to a person claiming an interest in the account if the domestic credit union is uncertain under the agreement governing the account of who is entitled to receive that payment […]