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Michigan Legislature
Michigan Compiled Laws Complete Through PA 123 of 2019
House: Adjourned until Thursday, December 19, 2019 11:30:00 AM
Senate: Adjourned until Thursday, December 19, 2019 11:30:00 AM


Michigan Legislature

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Section 490.412

CREDIT UNION ACT (EXCERPT)
Act 215 of 2003


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 for a payroll, pension, or government check.
  (b) Seven percent for a check from an insurance company, including, but not limited to, a private health or disability insurance plan payment.
  (c) Ten percent for a personal check, money order, or other check.
  (2) A domestic credit union may contract for, receive, impose, assess, or collect a charge or fee that does not exceed $25.00 for the first check the credit union cashes for an individual.


History: 2003, Act 215, Eff. June 1, 2004


© 2017 Legislative Council, State of Michigan

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