Mich. Comp. Laws § 490.101
Short title.
This act shall be known and may be cited as the "credit union act".
Michigan Compiled Laws — CREDIT UNION ACT (Act 215 of 2003)
Michigan · statute · 215 of 2003, Mich. Comp. Laws · 93 active provisions
Mich. Comp. Laws § 490.102
Definitions; A to I.
As used in this act: (a) "Affiliate" means a person, other than an individual or governmental entity, to which any of the following apply: (i) A credit union directly or indirectly owns or controls a majority of the person's voting shares or other voting ownership interests. (ii) A credit union directly or indirectly o…
Mich. Comp. Laws § 490.103
Definitions; M to S.
As used in this act: (a) "Membership share" means a share of a domestic credit union equal in amount to the par value of the credit union's shares that is credited to an account of a member by the credit union, is required as a condition of membership in the credit union, and is subject to any withdrawal restriction or…
Mich. Comp. Laws § 490.104
"Credit union"; use in name or title; restrictions; "corporate" or "corporate central"; use in name.
(1) A person shall not use the words "credit union" in its name or any assumed names, unless it is 1 of the following: (a) A domestic credit union or a foreign credit union. (b) A credit union trade association. (c) A credit union service organization. (d) An organization that is wholly owned by 1 or more domestic cred…
Mich. Comp. Laws § 490.105
Domestic credit union; exemption from tax; exception; stock transfer tax.
A domestic credit union is exempt from taxation by this state or a political subdivision of this state except property taxes on real property. The shares of a domestic credit union are not subject to a stock transfer tax when issued by the credit union or when transferred from 1 member to another.
Mich. Comp. Laws § 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.
(1) The director shall administer the laws of this state relating to credit unions that are transacting business in this state and shall supervise domestic credit unions and foreign credit unions other than federal credit unions that are transacting business in this state. Each domestic credit union shall report its fi…
Mich. Comp. Laws § 490.202
Fee, fine, or other money received or collected by director; disposition; establishment of credit union regulatory fund.
(1) A fee, a civil or administrative fine, or any other money received or collected by the director or the department under this act, except a fine imposed for a violation of section 217, is not refundable and shall be deposited into the credit union regulatory fund created in subsection (2). (2) The credit union regul…
Mich. Comp. Laws § 490.203
Office of financial and insurance services; hearing or proceeding; document retention; order or ruling.
(1) Any hearing or other proceeding pending before the office of financial and insurance services under former 1925 PA 285 before the effective date of this act is transferred to the office of financial and insurance services under this act, and the office of financial and insurance services shall conduct and determine…
Mich. Comp. Laws § 490.204
Immunity.
The commissioner and the other employees of the office of financial and insurance services are not liable in any civil action for damages for any act done or omitted in performing the functions of their office under this act to the same extent protected by the immunity conferred by 1964 PA 170, MCL 691.1401 to 691.1415…
Mich. Comp. Laws § 490.205
Disclosure of information.
(1) The commissioner and all deputies, agents, and employees of the office of financial and insurance services shall keep secret all facts and information obtained in the course of their duties, except if the person is required under law to report upon, take official action, or testify in any proceedings regarding the…
Mich. Comp. Laws § 490.206
Rules; orders; declaratory rulings.
The commissioner may promulgate rules or issue orders or declaratory rulings for the enforcement and administration of this act. The commissioner shall promulgate rules and issue orders and declaratory rulings pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328.
Mich. Comp. Laws § 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.
(1) The director or his or her authorized agent shall examine the condition and affairs of each domestic credit union, and may examine the condition and affairs of any subsidiary of a domestic credit union, at least once every 18 months. The director shall determine whether the domestic credit union transacts its busin…
Mich. Comp. Laws § 490.208
Application for additional powers by domestic credit unions.
(1) If 1 or more domestic credit unions apply for authority to exercise powers not specifically authorized by this act, the commissioner may by rule, order, or declaratory ruling authorize domestic credit unions to exercise those powers if the commissioner finds that those powers are appropriate and necessary to compet…
Mich. Comp. Laws § 490.209
Issuance of subpoena by circuit court.
The commissioner may petition the circuit court for the county of Ingham or the circuit court in the jurisdiction where an examination is being conducted to issue a subpoena on behalf of the commissioner that requires the person subpoenaed to appear and testify under oath to any matter related to the examination and to…
Mich. Comp. Laws § 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.
(1) If in the opinion of the director a domestic credit union is engaging, has engaged, or is about to engage in an unsafe or unsound practice in conducting the business of the domestic credit union or is violating, has violated, or is about to violate a law or rule, the director may issue and serve upon the domestic c…
Mich. Comp. Laws § 490.211
Temporary cease and desist order; conditions; injunction for setting aside order.
(1) If the commissioner determines that a violation or threatened violation or an unsafe or unsound practice or practices specified in the notice of charges served upon a domestic credit union under section 210, or the continuation of the violation or practice, is likely to cause insolvency or substantial dissipation o…
Mich. Comp. Laws § 490.212
Notice of intention to remove person from office or to prohibit participation in conduct of affairs; conditions; hearing; order; issuance; basis; enforcement.
(1) If in the opinion of the commissioner a director, officer, or employee of a domestic credit union, or any other person who participates in the conduct of the affairs of the domestic credit union, has committed any violation of law or rule or of a cease and desist order or other order of the commissioner that has be…
Mich. Comp. Laws § 490.213
Stay of suspension or prohibition.
Within 10 days after the date a person has been suspended from office or prohibited from participation in the conduct of the affairs of any domestic credit union under section 212(3), the person may apply to the circuit court for Ingham county or the circuit court for the county where the principal office of the domest…
Mich. Comp. Laws § 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.
(1) If an individual who participates in the conduct of the affairs of a domestic credit union is charged in any information, indictment, warrant, or complaint by a county, state, or federal authority with the commission of, or participation in, a crime that involves dishonesty or breach of trust, the director may, by…
Mich. Comp. Laws § 490.215
Administrative hearing.
(1) The commissioner shall conduct an administrative hearing under section 210 or 212 under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. The commissioner shall close the hearing to the public unless the commissioner, after fully considering the views of the party who is the subject of t…
Mich. Comp. Laws § 490.216
Enforcement of notice or order; court jurisdiction.
(1) The commissioner may apply to the circuit court of the county in which the principal office of a domestic credit union is located, or to the circuit court for Ingham county, for the enforcement of any effective and outstanding notice or order issued under section 210, 211, 212, 214, or 215, including any temporary…
Mich. Comp. Laws § 490.217
Person subject to notice or order for violation of law; prohibited conduct; violation as misdemeanor; penalty.
(1) A person who is the subject of an outstanding and effective notice or final order for a violation of section 212(1), (2), or (3), section 214, or for a violation of any other law of this state that contains a grant of enforcement powers to the commissioner or the office of financial and insurance services, shall no…
Mich. Comp. Laws § 490.218
Report from domestic credit union; requirements; notice; failure of domestic credit union to report by deadline; fine.
(1) The commissioner may require any report from a domestic credit union that in the commissioner's judgment is necessary to fully inform the commissioner about the condition of the domestic credit union. The commissioner shall give the domestic credit union notice in writing that a report is required, describing the r…
Mich. Comp. Laws § 490.219
Delivery of order or written notice; methods.
If the commissioner is required to serve an order or the commissioner or any person is required to provide a written notice under this act, the commissioner or person may use any delivery method reasonably calculated to give actual notice, including, but not limited to, any of the following: (a) Physical delivery, in p…
Mich. Comp. Laws § 490.220
Civil fine; assessment; limitation; commencement of action by attorney general; determination of amount of fine; conduct of administrative hearing.
(1) Subject to subsection (2), if the commissioner finds that a credit union has violated this act or a rule promulgated under this act, the commissioner may assess a civil fine against the credit union or an official of the credit union of not more than $1,000.00 for each violation, plus the costs of investigation. Ea…
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