Michigan Compiled Laws 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.
  (1) If a domestic credit union has a credit committee, the credit committee has general supervision of all loans to members. (2) A credit...
• Section 490.422 Loan Agreement With Member Or Another Domestic Credit Union.
  (1) A loan made by a domestic credit union to another domestic credit union is not subject to any interest rate limitation contained in...
• Section 490.423 Loan Conditions; Repayment; Costs; 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.
  (1) A loan by a domestic credit union to a member shall conform to any conditions contained in the bylaws. (2) A borrower may...
• Section 490.424 Property And Casualty Insurance As Condition To Mortgage Loan.
  (1) Except as provided in subsection (2), a domestic credit union that requires a mortgagor to maintain property and casualty insurance as a condition...

Last modified: October 10, 2016