Michigan Compiled Laws 215-2003-4-1 Part 1 General Provisions (490.401...490.413)

• Section 490.401 Domestic Credit Union; Powers.
  (1) A domestic credit union has the powers described in this section, specified or implied by this act, and specified in any other law...
• Section 490.402 Corporate Credit Union; Additional Powers.
  (1) A corporate credit union organized under this act has all of the following powers in addition to the powers granted by this act...
• Section 490.403 Domestic Credit Union; Incidental Powers.
  A domestic credit union may exercise any incidental powers that are necessary or required to enable it to effectively carry out the business for...
• Section 490.404 Business Outside Of State.
  A domestic credit union may do business outside of this state if permitted by the laws of that jurisdiction. History: 2003, Act 215, Eff....
• Section 490.405 Pledging Domestic Credit Union Assets As Collateral Security; Limitations.
  (1) A domestic credit union shall not give preference to any member or depositor by pledging the assets of the domestic credit union as...
• Section 490.406 Domestic Credit Union; Powers Authorized By Credit Union Board; Acquisition Of Interest In Real Property; Definitions.
  (1) If authorized by the credit union board, a domestic credit union may do any of the following: (a) Assist in providing cooperative housing...
• Section 490.407 Credit Union Service Organizations; Organizing, Investing, Or Loaning Money; Limitations; Requirements.
  (1) Subject to subsection (3), a domestic credit union may organize, invest in, or loan money to 1 or more credit union service organizations...
• Section 490.408 Automated Information Processing Services.
  (1) A domestic credit union wishing to utilize automated information processing services of a vendor shall enter into a written contract, lease, or licensing...
• Section 490.409 Insurance Programs To Members.
  (1) A credit union board may offer insurance programs to members of the domestic credit union, individually or as a group, including insurance programs...
• Section 490.410 Safe Deposit Department.
  (1) If authorized by the credit union board, a domestic credit union may invest in the stock of not more than 1 safe and...
• Section 490.411 Savings Promotion Raffle.
  (1) If authorized by the credit union board, a domestic credit union may conduct a savings promotion raffle. The domestic credit union shall conduct...
• Section 490.412 Check Cashing Fees.
  (1) Except as provided in subsection (2), a domestic credit union shall not contract for, receive, impose, assess, or collect a charge or fee...
• 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.
  (1) A domestic credit union that owns, operates, or manages an automated teller machine located on the premises of a casino, casino enterprise, liquor...

Last modified: October 10, 2016