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 490.407 – 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 490.384 – 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 […]
Section 490.386 – Establishment and Maintenance of Reserves.
490.386 Establishment and maintenance of reserves. Sec. 386. (1) A domestic credit union shall establish and maintain reserves in an amount that qualifies the domestic credit union for insurance of its accounts under federal law and meets any requirement of the commissioner. (2) A domestic credit union shall establish allowances for loan and lease losses […]
Section 490.387 – Insurance of Member Share and Deposit Accounts.
490.387 Insurance of member share and deposit accounts. Sec. 387. (1) A domestic credit union that is not a corporate credit union shall apply for and maintain insurance of member share accounts and member deposit accounts from an agency of the federal government that provides that insurance. (2) A credit union that is denied a […]