MCL - Index of Act 215 of 2003
NOTE: Dates reflect any modification to item, not necessarily a change in law.
| Title | Subject |
|---|---|
| Act 215 of 2003 | CREDIT UNION ACT (490.101 - 490.601) |
| 215-2003-1 | ARTICLE 1 GENERAL PROVISIONS (490.101...490.105) |
| Section 490.101 | Short title. |
| Section 490.102 | Definitions; A to I. |
| Section 490.103 | Definitions; M to S. |
| Section 490.104 | "Credit union"; use in name or title; restrictions; "corporate" or "corporate central"; use in name. |
| Section 490.105 | Domestic credit union; exemption from tax; exception; stock transfer tax. |
| 215-2003-2 | ARTICLE 2 SUPERVISION BY COMMISSIONER (490.201...490.251) |
| 215-2003-2-1 | PART 1 ADMINISTRATION, SUPERVISION, AND ENFORCEMENT (490.201...490.221) |
| Section 490.201 | Administration and supervision by director; annual operating fee; limitation; report filed by domestic credit union; delinquent fee; waiver; amendment to bylaws or certificate of organization; examination of accounts, books, and records; "records" defined. |
| Section 490.202 | Fee, fine, or other money received or collected by director; disposition; establishment of credit union regulatory fund. |
| Section 490.203 | Office of financial and insurance services; hearing or proceeding; document retention; order or ruling. |
| Section 490.204 | Immunity. |
| Section 490.205 | Disclosure of information. |
| Section 490.206 | Rules; orders; declaratory rulings. |
| Section 490.207 | Examination by director; conduct; report; document, material, or information; confidentiality; disclosure; demand for production; request for discovery or disclosure; judicial review; appeal; best practices or other improvements; guidance to promote consistency and due process. |
| Section 490.208 | Application for additional powers by domestic credit unions. |
| Section 490.209 | Issuance of subpoena by circuit court. |
| Section 490.210 | Notice of charges; issuance and service; statement of facts; hearing; issuance of cease and desist order; enforcement; violation by foreign or federal credit union. |
| Section 490.211 | Temporary cease and desist order; conditions; injunction for setting aside order. |
| Section 490.212 | Notice of intention to remove person from office or to prohibit participation in conduct of affairs; conditions; hearing; order; issuance; basis; enforcement. |
| Section 490.213 | Stay of suspension or prohibition. |
| Section 490.214 | Individual charged with crime involving dishonesty or breach of trust; suspension from office or prohibition from participation in conduct of affairs; finding of not guilty or other disposition. |
| Section 490.215 | Administrative hearing. |
| Section 490.216 | Enforcement of notice or order; court jurisdiction. |
| Section 490.217 | Person subject to notice or order for violation of law; prohibited conduct; violation as misdemeanor; penalty. |
| Section 490.218 | Report from domestic credit union; requirements; notice; failure of domestic credit union to report by deadline; fine. |
| Section 490.219 | Delivery of order or written notice; methods. |
| Section 490.220 | Civil fine; assessment; limitation; commencement of action by attorney general; determination of amount of fine; conduct of administrative hearing. |
| Section 490.221 | Closure of principal place of business or branch; existence of emergency or legal holiday. |
| 215-2003-2-2 | PART 2 RECEIVERS (490.231...490.235) |
| Section 490.231 | Liquidation; appointment of federal agency as receiver. |
| Section 490.232 | Appointment of receiver; conditions; proceeding; bond; reporting schedule; subrogation of federal agency to rights of deposit owners. |
| Section 490.233 | Receiver; duties; powers. |
| Section 490.234 | Voidable transfer or lien; person knowingly implementing voidable transfer or lien; personal liability; prohibitions to voiding otherwise voidable transfer; "preference" defined. |
| Section 490.235 | Disposal of obsolete and unnecessary records; maintenance methods; reservation, deposit, and use of assets. |
| 215-2003-2-3 | PART 3 CONSERVATORSHIPS (490.241...490.245) |
| Section 490.241 | Appointment of conservator; grounds; bond and security; qualifications; payment of administrative expenses. |
| Section 490.242 | Possession of books, records, and assets; rights of parties; discharge of real estate mortgage. |
| Section 490.243 | Withdrawal by members and depositors and payment to other creditors; availability of amounts; receipt of shares and deposits; actions; return of control to credit union board; notice. |
| Section 490.244 | Authority of commissioner to borrow money; conditions; secured loans. |
| Section 490.245 | Termination of conservatorship; determination by commissioner; resumption of business transactions by domestic credit union; appointment of receiver; liquidation. |
| 215-2003-2-4 | PART 4 INVOLUNTARY MERGERS OR SALES (490.251...490.251) |
| Section 490.251 | Merger or sale; determination by commissioner; order; “distressed credit union” defined. |
| 215-2003-3 | ARTICLE 3 DOMESTIC CREDIT UNION ORGANIZATION AND STRUCTURE (490.301...490.387) |
| 215-2003-3-1 | PART 1 FORMATION AND OPERATION (490.301...490.307) |
| Section 490.301 | Domestic credit union; membership; organization; approval by commissioner; notice; disapproval; request to reconsider; hearing; appeal; retention by commissioner of original certificate of organization and bylaws; delivery; form. |
| Section 490.302 | Organization of credit union by 2 or more credit unions. |
| Section 490.303 | Amendment to certificate of organization or bylaws. |
| Section 490.304 | Principal place of business; notice of change in location; establishment and maintenance of branches; service centers; assumed names. |
| Section 490.305 | Books and records; availability; court order. |
| Section 490.306 | Conducting business by mail or electronic communication. |
| Section 490.307 | Repealed. 2005, Act 194, Imd. Eff. Nov. 7, 2005. |
| 215-2003-3-2 | PART 2 DISSOLUTION (490.331...490.331) |
| Section 490.331 | Voluntary or involuntary dissolution. |
| 215-2003-3-3 | PART 3 OFFICER, OFFICIALS, AND DIRECTORS (490.341...490.345) |
| Section 490.341 | Organizational meeting; annual meeting; membership; committees; qualifications; notice of meeting; removal; vacancy. |
| Section 490.342 | Credit union board; election of officers; general management; duties; delegation to general manager or chief executive officer of domestic credit union; compensation; removal of board member or committee member with delinquent loan; meetings; associate board members; quorum; action taken without meeting; consent; oath. |
| Section 490.343 | Suspension or removal of members; majority of remaining members as quorum; appointment of temporary members. |
| Section 490.344 | Audits. |
| Section 490.345 | Supervisory committee; duties; vacancies. |
| 215-2003-3-4 | PART 4 MEMBERS (490.351...490.357) |
| Section 490.351 | Annual meeting; special meeting; voting; removal of member. |
| Section 490.352 | Domestic credit union; membership; composition; field of membership; application; approval by commissioner; revision; extension. |
| Section 490.353 | Membership; conditions. |
| Section 490.354 | Acceptance of trust as member; conditions. |
| Section 490.355 | Designation as inactive account. |
| Section 490.356 | Minor; deposit, investment, or withdrawal. |
| Section 490.357 | Suspension of services or termination or withdrawal of membership. |
| 215-2003-3-5 | PART 5 CAPITAL (490.361...490.363) |
| Section 490.361 | Capital; share payments; entrance fee; secondary capital; liability of member for acts, debts, or obligations of domestic credit union; placement of lien on member account. |
| Section 490.362 | Dividend; declaration; payment; rate; amount. |
| Section 490.363 | Payment to general administrator or executor of deceased out-of-state resident. |
| 215-2003-3-6 | PART 6 MERGER, CONSOLIDATION, CONVERSION (490.371...490.376) |
| Section 490.371 | Credit unions; merger. |
| Section 490.372 | Conversion of domestic credit union into foreign credit union. |
| Section 490.373 | Conversion of domestic credit union into mutual savings bank or mutual savings association. |
| Section 490.374 | Conversion of domestic credit union into bank, stock savings bank, or stock savings and loan association. |
| Section 490.375 | Rights, obligations, relationships, and trusts of converting credit union. |
| Section 490.376 | Conversion of foreign credit union into domestic credit union. |
| 215-2003-3-7 | PART 7 ADMINISTRATION (490.381...490.387) |
| Section 490.381 | Disclosure of confidential information. |
| Section 490.382 | Fiscal year; accounting principles. |
| Section 490.383 | Discharge of duties by officers; standards; indemnification. |
| Section 490.384 | Participation in deliberation or board action. |
| Section 490.385 | Payment to person claiming interest in account; restrictions. |
| Section 490.386 | Establishment and maintenance of reserves. |
| Section 490.387 | Insurance of member share and deposit accounts. |
| 215-2003-4 | ARTICLE 4 DOMESTIC CREDIT UNION POWERS (490.401...490.432) |
| 215-2003-4-1 | PART 1 GENERAL PROVISIONS (490.401...490.413) |
| Section 490.401 | Domestic credit union; powers. |
| Section 490.402 | Corporate credit union; additional powers. |
| Section 490.403 | Domestic credit union; incidental powers. |
| Section 490.404 | Business outside of state. |
| Section 490.405 | Pledging domestic credit union assets as collateral security; limitations. |
| Section 490.406 | Domestic credit union; powers authorized by credit union board; acquisition of interest in real property; definitions. |
| Section 490.407 | Credit union service organizations; organizing, investing, or loaning money; limitations; requirements; definitions. |
| Section 490.408 | Automated information processing services. |
| Section 490.409 | Insurance programs to members. |
| Section 490.410 | Safe deposit department. |
| Section 490.411 | Savings promotion raffle; loan promotion raffle; definitions. |
| Section 490.412 | Check cashing fees. |
| 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. |
| 215-2003-4-2 | PART 2 LOANS (490.421...490.424) |
| Section 490.421 | Credit committee; powers; meetings; loan officers; appeals of loan rejections; designation of secretary; maintenance of records of activities. |
| Section 490.422 | Loan agreement with member or another 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. |
| Section 490.424 | Property and casualty insurance as condition to mortgage loan. |
| 215-2003-4-3 | PART 3 INVESTMENTS (490.431...490.432) |
| Section 490.431 | Investment of funds not used in member loans; limitations; maintenance of files; plan for divestiture of investment. |
| Section 490.432 | Purchase, sale, or pledge of member obligation. |
| 215-2003-5 | ARTICLE 5 FOREIGN CREDIT UNIONS (490.501...490.502) |
| Section 490.501 | Conduct of business by foreign credit union. |
| Section 490.502 | Violations by foreign credit union. |
| 215-2003-6 | ARTICLE 6 REPEAL OF PREDECESSOR ACT (490.601...490.601) |
| Section 490.601 | Repeal of MCL 490.1 to 490.31. |