reglab/housing_qa huggingface dataset:
MI Comp L § 490.233 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 2 - Supervision by Commissioner (490.201...490.251)|215-2003-2-2 - Part 2 Receivers (490.231...490.235)|Section 490.233 - Receiver; Duties; Powers.

490.233 Receiver; duties; powers. Sec. 233.  (1) Subject to court approval, a receiver appointed under this part shall do all of the following:  (a) Take possession of the books, records, and assets of the domestic credit union and collect all debts, dues, and claims belonging to the domestic credit union.  (b) Sue and defend, compromise, and settle all claims involving the domestic credit union.  (c) Sell all real and personal property of the domestic credit union.  (d) Exercise all fiduciary functions of the domestic credit union as of the date of the commencement of the receivership.  (e) Pay all administrative expenses of the receivership. The administrative expenses are a first charge on the assets of the domestic credit union and the receiver shall pay those expenses before any final distribution or payment of dividends to creditors or members.  (f) Except as provided in this subdivision, pay ratably the debts of the domestic credit union. The receiver may pay any debt that does not exceed $500.00 in full, but the holder of that debt is not entitled to payment of interest on the debt.  (g) After paying or providing for payment of all the administrative expenses and debts under subdivisions (e) and (f), pay ratably to the members of the domestic credit union the balance of the net assets of the domestic credit union, in proportion to the number of shares held and owned by each.  (h) Have all the powers of the directors, officers, and members of the domestic credit union necessary to support an action taken on behalf of the domestic credit union.  (i) Hold title to the domestic credit union's property, contracts, and rights of action, beginning on the date the domestic credit union is ordered in receivership.  (2) Subject to court approval, a receiver may do any of the following:  (a) Borrow money as necessary or expedient to aid in the liquidation of the domestic credit union and secure the borrowing by the pledge of or lien, security interest, or mortgage on the assets of the domestic credit union.  (b) Employ agents, legal counsel, accountants, appraisers, consultants, and other personnel the receiver considers necessary to assist in the performance of the receiver's duties. With the prior written approval of the commissioner, the receiver may employ personnel of the office of financial and insurance services if the receiver considers the employment to be advantageous or desirable. The expense of employing personnel of the office of financial and insurance services is an administrative expense of the liquidation that is payable to the office of financial and insurance services.  (c) Exercise other powers and duties ordered by a circuit court under the laws of this state applicable to the appointment of receivers by the circuit court. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.235 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 2 - Supervision by Commissioner (490.201...490.251)|215-2003-2-2 - Part 2 Receivers (490.231...490.235)|Section 490.235 - Disposal of Obsolete and Unnecessary Records; Maintenance Methods; Reservation, Deposit, and Use of Assets.

490.235 Disposal of obsolete and unnecessary records; maintenance methods; reservation, deposit, and use of assets. Sec. 235.  (1) If approved by the court, a receiver appointed under this part may dispose of records of a domestic credit union in receivership that are obsolete and unnecessary to the continued administration of the receivership proceeding and retain the remaining records of the domestic credit union and the receivership for a period of time as ordered by the court.  (2) A receiver appointed under this part may devise a method for the effective, efficient, and economical maintenance of the records of the domestic credit union and of the receiver's office, including maintaining those records on any medium approved by the court.  (3) A receiver appointed under this part may reserve assets of a liquidated domestic credit union, deposit them in an account, and use them to maintain the records of a liquidated domestic credit union after the closing of the receivership proceeding. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.241 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 2 - Supervision by Commissioner (490.201...490.251)|215-2003-2-3 - Part 3 Conservatorships (490.241...490.245)|Section 490.241 - Appointment of Conservator; Grounds; Bond and Security; Qualifications; Payment of Administrative Expenses.

490.241 Appointment of conservator; grounds; bond and security; qualifications; payment of administrative expenses. Sec. 241.  (1) If any of the grounds under section 232 authorizing the appointment of a receiver exist or if the commissioner considers it necessary in order to conserve the assets of a domestic credit union for the benefit of the members and depositors and other creditors of the domestic credit union, the commissioner may appoint a conservator for the domestic credit union and require of the conservator a bond and security as determined by the commissioner.  (2) The commissioner may appoint as conservator an employee of the office of financial and insurance services or any other competent and disinterested person. The conservator shall reimburse the office of financial and insurance services out of the assets of the conservatorship for all sums expended by it in connection with the conservatorship as administrative expenses. The conservator shall pay all administrative expenses of the conservatorship out of the assets of the domestic credit union, upon the approval of the commissioner. The administrative expenses are a first charge on the assets of the domestic credit union and the conservator shall pay the administrative expenses in full before any final distribution or payment of dividends to creditors or members. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.242 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 2 - Supervision by Commissioner (490.201...490.251)|215-2003-2-3 - Part 3 Conservatorships (490.241...490.245)|Section 490.242 - Possession of Books, Records, and Assets; Rights of Parties; Discharge of Real Estate Mortgage.

490.242 Possession of books, records, and assets; rights of parties; discharge of real estate mortgage. Sec. 242.  (1) Under the direction of the commissioner, a conservator appointed under this part shall take possession of the books, records, and assets of the domestic credit union and take any action necessary to conserve the assets of the domestic credit union pending liquidation under part 2 of this article or further disposition of its business as provided by law. The conservator has all the rights, powers, and privileges of a receiver appointed under part 2 of this article, except the power to liquidate a domestic credit union, and is subject to those obligations and penalties to which a receiver is subject that are not inconsistent with this part with respect to conservators.  (2) While a conservator remains in possession of the domestic credit union under this part, the rights of all parties with respect to the domestic credit union, subject to the other provisions of this part with respect to conservators, are the same as if a receiver had been appointed under part 2 of this article.  (3) A conservator appointed under this part may execute the discharge of any real estate mortgage held as part of the assets of the domestic credit union. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.243 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 2 - Supervision by Commissioner (490.201...490.251)|215-2003-2-3 - Part 3 Conservatorships (490.241...490.245)|Section 490.243 - Withdrawal by Members and Depositors and Payment to Other Creditors; Availability of Amounts; Receipt of Shares and Deposits; Actions; Return of Control to Credit Union Board; Notice.

490.243 Withdrawal by members and depositors and payment to other creditors; availability of amounts; receipt of shares and deposits; actions; return of control to credit union board; notice. Sec. 243.  (1) While a domestic credit union is in conservatorship under this part, the commissioner may require the conservator to set aside and make available for withdrawal by members and depositors and payment to other creditors, on a ratable basis, amounts that in the opinion of the commissioner may be used safely for this purpose.  (2) The commissioner may permit a conservator appointed under this part to receive shares and deposits.  (3) Shares and deposits received while a domestic credit union is in conservatorship under this part are not subject to any limitation as to payment or withdrawal. The conservator shall segregate those shares and deposits and any new assets acquired on account of the shares and deposits and shall not use those shares, deposits, and assets to liquidate any indebtedness of the domestic credit union existing at the time that the conservator was appointed or for any subsequent indebtedness incurred for the purpose of liquidating any indebtedness of the domestic credit union existing at the time the conservator was appointed.  (4) Any action taken by a conservator under subsection (3) may not remain in effect for more than 15 days after the date that the conservator returns control of the domestic credit union to the credit union board.  (5) A conservator appointed under this part shall keep any shares and deposits received while the domestic credit union is in conservatorship in cash, invested in the direct obligations of the United States, or deposited in depository institutions designated by the commissioner.  (6) Before returning control of a domestic credit union to the credit union board, a conservator appointed under this part shall publish a notice, in form approved by the commissioner, stating the date on which the affairs of the domestic credit union will be returned to the credit union board and that the provisions of subsection (3) will not apply after 15 days from that date. The conservator shall send a copy of the notice to every person who purchased shares or deposited money in the domestic credit union after the appointment of the conservator and before the time when control of the domestic credit union is returned to the credit union board. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.244 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 2 - Supervision by Commissioner (490.201...490.251)|215-2003-2-3 - Part 3 Conservatorships (490.241...490.245)|Section 490.244 - Authority of Commissioner to Borrow Money; Conditions; Secured Loans.

490.244 Authority of commissioner to borrow money; conditions; secured loans. Sec. 244.  With the prior approval of the commissioner, a conservator appointed under this part may borrow money necessary or expedient to aid in the operation or reorganization of the domestic credit union and may secure the loans by the pledge of or lien, security interest, or mortgage on the assets of the domestic credit union. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.245 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 2 - Supervision by Commissioner (490.201...490.251)|215-2003-2-3 - Part 3 Conservatorships (490.241...490.245)|Section 490.245 - Termination of Conservatorship; Determination by Commissioner; Resumption of Business Transactions by Domestic Credit Union; Appointment of Receiver; Liquidation.

490.245 Termination of conservatorship; determination by commissioner; resumption of business transactions by domestic credit union; appointment of receiver; liquidation. Sec. 245.  (1) If satisfied that it may be done safely and that it is in the public interest, the commissioner may terminate a conservatorship under this part and permit the domestic credit union to resume the transaction of its business subject to terms, conditions, restrictions, and limitations that he or she prescribes.  (2) Subject to subsection (3), if the commissioner determines that it is in the public interest, the commissioner may terminate a conservatorship under this part and apply for the appointment of a receiver for the domestic credit union as provided in part 2 of this article.  (3) If the commissioner determines that liquidation of a domestic credit union is in the public interest, the commissioner shall terminate a conservatorship under this part and apply for the appointment of a receiver for the domestic credit union as provided in part 2 of this article. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.251 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 2 - Supervision by Commissioner (490.201...490.251)|215-2003-2-4 - Part 4 Involuntary Mergers or Sales (490.251...490.251)|Section 490.251 - Merger or Sale; Determination by Commissioner; Order; “Distressed Credit Union” Defined.

490.251 Merger or sale; determination by commissioner; order; “distressed credit union” defined. Sec. 251.  (1) The commissioner may order the merger or sale of a domestic credit union under this section if the commissioner determines that all of the following are met:  (a) The domestic credit union is in danger of insolvency, in an unsafe or unsound condition, or in danger of becoming in an unsafe or unsound condition.  (b) That expeditious action is required by the commissioner to deal with a condition described in subdivision (a).  (c) That other actions available to the commissioner under this act are not reasonably available to the commissioner with respect to the credit union described in subdivision (a).  (2) The commissioner may initiate and order an involuntary merger of a distressed credit union with another credit union if both of the following are met:  (a) The other credit union agrees to a merger.  (b) If the other credit union is a foreign credit union, it is authorized to complete the merger under any state or federal law applicable to it.  (3) The commissioner may initiate and order an involuntary merger of a distressed credit union with a financial institution other than a credit union if all of the following are met:  (a) The commissioner is unable to complete an involuntary merger under subsection (2).  (b) The other financial institution agrees to a merger.  (c) The other financial institution is authorized to complete the merger under any state or federal law applicable to it.  (4) As used in this section, “distressed credit union” means a domestic credit union that the commissioner determines is insolvent, in danger of insolvency, in an unsafe or unsound condition, or in danger of becoming in an unsafe or unsound condition under subsection (1). History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.302 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-1 - Part 1 Formation and Operation (490.301...490.307)|Section 490.302 - Organization of Credit Union by 2 or More Credit Unions.

490.302 Organization of credit union by 2 or more credit unions.Sec. 302.  Two or more credit unions may file an application to organize a corporate credit union under this act. History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2004, Act 471, Imd. Eff. Dec. 28, 2004
MI Comp L § 490.303 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-1 - Part 1 Formation and Operation (490.301...490.307)|Section 490.303 - Amendment to Certificate of Organization or Bylaws.

490.303 Amendment to certificate of organization or bylaws.Sec. 303.  (1) If approved by a majority of the members present at a duly constituted annual or special meeting of the members, the membership may amend the certificate of organization or bylaws of a domestic credit union or delegate authority to the credit union board, or rescind the authority of the credit union board, to amend the certificate of organization or bylaws.  (2) Any proposed action to amend the certificate of organization or the bylaws or to delegate authority to amend the certificate of organization or bylaws to the credit union board under subsection (1) shall be stated in a notice of the meeting.  (3) An amendment to the certificate of organization or bylaws of a domestic credit union is not effective unless it is submitted to the director for review and approved by the director. History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2016, Act 153, Eff. Sept. 7, 2016
MI Comp L § 490.304 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-1 - Part 1 Formation and Operation (490.301...490.307)|Section 490.304 - Principal Place of Business; Notice of Change in Location; Establishment and Maintenance of Branches; Service Centers; Assumed Names.

490.304 Principal place of business; notice of change in location; establishment and maintenance of branches; service centers; assumed names.Sec. 304.  (1) If a domestic credit union changes the location of its principal place of business in this state, the domestic credit union must provide the director with written notice at least 7 days before the change of location.  (2) A domestic credit union shall file the address of the principal place of business and the names and titles of the officials and senior management employees of the domestic credit union with the director on a form prescribed by the director. If the name or title of an official or senior management employee of a domestic credit union changes, the credit union shall provide the director with written notice of the change within 7 days after the change.  (3) A domestic credit union may establish and maintain branches. The credit union shall provide written notice to the director of the location of a branch before establishing the branch.  (4) A domestic credit union and 1 or more domestic or foreign credit unions or other financial organizations may establish and maintain service centers. One or more of the financial organizations that establish a service center may operate the service center, or the financial organizations organizing the service center may contract with another person to operate the service center. A domestic credit union may refer to a service center as a branch.  (5) Subject to all of the following, a domestic credit union may adopt or change 1 or more assumed names:  (a) The domestic credit union shall give written notice of a proposed assumed name to the director at least 30 days before using the assumed name.  (b) The director may deny a domestic credit union the right to use an assumed name or terminate a credit union's right to use an assumed name if the director determines that the assumed name is confusing or misleading or for any other reason.  (c) A domestic credit union using an assumed name shall clearly and conspicuously disclose the name of the credit union and the assumed name in all signs, advertising, mailings, and similar materials and shall clearly and conspicuously disclose the assumed name and the name of the credit union in all legal documents, certificates of deposit, signature cards, loan agreements, account statements, checks, drafts, and other similar documents.  (d) An assumed name may contain the phrase "credit union". History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2004, Act 471, Imd. Eff. Dec. 28, 2004 ;-- Am. 2016, Act 152, Eff. Sept. 7, 2016
MI Comp L § 490.305 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-1 - Part 1 Formation and Operation (490.301...490.307)|Section 490.305 - Books and Records; Availability; Court Order.

490.305 Books and records; availability; court order.Sec. 305.  (1) A domestic credit union shall maintain its books and records at its principal place of business filed with the director under section 304 and make the books and records available for examination by the director or his or her authorized agent, except as follows:  (a) A credit union may maintain specified books and records at a location in this state other than its principal place of business if it gives notice to the director of the location of the specified books and records and can produce those books and records at its principal place of business within 3 business days after a request from the commissioner to examine them.  (b) Except as required by other applicable law, a credit union may store records at an off-site facility or on alternative storage media if the records are available for examination by the director or his or her appointed agent.  (c) A domestic credit union may maintain records specific to a branch located outside of this state at that branch if the credit union can make the originals of those records available to the director within this state within 3 business days after a request from the director to examine them. If a law applicable in the state where the branch is located prohibits the removal of the original records from that state, the credit union shall notify the director of that law and provide copies of the records to the director.  (2) If a domestic credit union does not make its books and records available to the director or his or her authorized agent in the manner described in subsection (1), the director may obtain an order from the circuit court of the county in which the credit union is located that requires the credit union to produce the books and records for examination. History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2016, Act 152, Eff. Sept. 7, 2016
MI Comp L § 490.306 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-1 - Part 1 Formation and Operation (490.301...490.307)|Section 490.306 - Conducting Business by Mail or Electronic Communication.

490.306 Conducting business by mail or electronic communication.Sec. 306.  With prior written notice to the director, a domestic credit union may conduct its business solely by mail or through electronic communication without having a physical location where members may transact business with the credit union. A domestic credit union conducting business under this section shall maintain a principal place of business in this state. History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2016, Act 153, Eff. Sept. 7, 2016
MI Comp L § 490.307 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-1 - Part 1 Formation and Operation (490.301...490.307)|Section 490.307 - Repealed. 2005, Act 194, Imd. Eff. Nov. 7, 2005.

490.307 Repealed. 2005, Act 194, Imd. Eff. Nov. 7, 2005. Compiler's Notes: The repealed section pertained to filing of a supicious activity report by a domestic credit union with a federal agency.