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Michigan Legislature
Michigan Compiled Laws Complete Through PA 93 of 2019
House: Adjourned until Wednesday, November 20, 2019 10:00:00 AM
Senate: Adjourned until Wednesday, November 20, 2019 10:00:00 AM


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NOTE: Dates reflect any modification to item, not necessarily a change in law.

Chapter 490 - CREDIT UNIONS
Act 285 of 1925 ‑ Repealed-CREDIT UNIONS (490.1 - 490.31)
Act 41 of 1968 ‑ CREDIT UNION MULTIPLE-PARTY ACCOUNTS (490.51 - 490.65)
     Section 490.51 ‑ Credit unions; multiple-party accounts; definitions.
     Section 490.52 ‑ Presumptions of ownership; credit unions liability and set-off rights.
     Section 490.53 ‑ Deposit or shares paid on demand.
     Section 490.54 ‑ Equal undivided interests.
     Section 490.55 ‑ Death of party; effect.
     Section 490.56 ‑ Survivorship account; death of party, ownership.
     Section 490.57 ‑ Trust account; beneficial ownership; death of trustee; survivorship.
     Section 490.58 ‑ Bases of presumptions; evidence to rebut; wills.
     Section 490.59 ‑ Effect of unrebutted presumptions; transfers, effect.
     Section 490.60 ‑ Multiple-party accounts; authority to enter; payment; inquiry; creation; joint tenant, rights.
     Section 490.61 ‑ Multiple-party accounts; withdrawals; survivorship accounts, proof of death.
     Section 490.62 ‑ Trust accounts; payments.
     Section 490.63 ‑ Payments; effect; notice of change.
     Section 490.64 ‑ Right to set-off or lien.
     Section 490.65 ‑ Repeal.
Act 31 of 1992 ‑ BENEFICIARY ACCOUNTS IN CREDIT UNIONS (490.81 - 490.83)
     Section 490.81 ‑ Definitions.
     Section 490.82 ‑ Credit union beneficiary account; rights of owners to money in account; passage of ownership rights to beneficiaries.
     Section 490.83 ‑ Applicability of act.
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.

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