Michigan Compiled Laws 215-2003-2-1 Part 1 Administration, Supervision, And Enforcement (490.201...490.221)

• Section 490.201 Supervision By Administrator; Administration Of Laws; 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 commissioner shall administer the laws of this state relating to credit unions transacting business in this state and shall supervise domestic credit...
• Section 490.202 Fees, Fines, Or Other Money Received Or Collected By Commissioner; Disposition; Use.
  Any fees, fines, or other money received or collected by the commissioner or the office of financial and insurance services under this act is...
• Section 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...
• Section 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...
• Section 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...
• Section 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...
• Section 490.207 Examination By Commissioner; Conduct; Report.
  (1) The commissioner or his or her authorized agent shall examine the condition and affairs of each domestic credit union, and may examine the...
• Section 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...
• Section 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...
• Section 490.210 Notice Of Charges; Issuance And Service; Statement Of Facts; Hearing; Issuance Of Cease And Desist Order; Enforcement; Violation By Federal Credit Union.
  (1) If in the opinion of the commissioner a domestic credit union is engaging, has engaged, or is about to engage in an unsafe...
• Section 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...
• 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.
  (1) If in the opinion of the commissioner a director, officer, or employee of a domestic credit union, or any other person who participates...
• Section 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...
• Section 490.214 Person Charged With Felony 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 a person participating in the conduct of the affairs of a domestic credit union is charged in any information, indictment, warrant, or...
• Section 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...
• Section 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,...
• Section 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...
• Section 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...
• Section 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...
• Section 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,...
• Section 490.221 Closure Of Principal Place Of Business Or Branch; Existence Of Emergency Or Legal Holiday.
  (1) The commissioner may by order require a domestic credit union to close its principal place of business or 1 or more branches if...

Last modified: October 10, 2016