reglab/housing_qa huggingface dataset:
MI Comp L § 490.384 (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)|215-2003-3-7 - Part 7 Administration (490.381...490.387)|Section 490.384 - Participation in Deliberation or Board Action.

490.384 Participation in deliberation or board action. Sec. 384.  (1) Unless the matter involves setting dividends, loan rates, or fees for services or other general policy applicable to all members of the domestic credit union, a director, committee member, officer, or employee of a domestic credit union shall not in any manner, directly or indirectly, participate in the deliberation or board action on any matter that affects his or her pecuniary interest or the pecuniary interest of an entity other than the domestic credit union in which he or she is interested.  (2) If 1 or more directors are disqualified from participating in a matter before the credit union board pursuant to subsection (1), the remaining qualified directors present at the meeting, if constituting a quorum with the disqualified directors, may by majority vote exercise all the powers of the board with respect to the matter under consideration. If all of the directors are disqualified, the members of the domestic credit union shall act on the matter.  (3) If 1 or more committee members are disqualified from participating in a matter before the committee pursuant to subsection (1), the remaining qualified committee members, if constituting a quorum with the disqualified committee members, may by majority vote exercise all the powers of the committee with respect to the matter under consideration. If all of the committee members are disqualified, the credit union board shall act on the matter.  (4) As used in this section, an individual is “interested” in an entity if he or she meets any of the following:  (a) Serves as a director, officer, or employee of the entity.  (b) Has a business or deposit relationship with the entity.  (c) Has an ownership interest in the entity that is more than a 10% equity interest.  (d) Has a business, financial, or familial relationship with an individual who he or she knows has a pecuniary interest in the entity. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.385 (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)|215-2003-3-7 - Part 7 Administration (490.381...490.387)|Section 490.385 - Payment to Person Claiming Interest in Account; Restrictions.

490.385 Payment to person claiming interest in account; restrictions. Sec. 385.  (1) A domestic credit union may refuse to make a payment from an account to a person claiming an interest in the account if the domestic credit union is uncertain under the agreement governing the account of who is entitled to receive that payment or if the domestic credit union has actual knowledge of a dispute between any account owners, beneficiaries with present vested rights in the account, or other persons concerning their respective ownership to the money in the account, the proposed withdrawal, or any previous withdrawals from the account.  (2) If a domestic credit union refuses to make a payment under subsection (1), the domestic credit union may notify the account owners, beneficiaries with present vested rights in the account, and other persons claiming an interest in the account in writing of the basis for its refusal and may refuse to make the payment until all interested parties consent in writing to the requested payment or a court with jurisdiction orders the domestic credit union to make the payment. The domestic credit union is not liable for any damages resulting from an action taken under this subsection. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.386 (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)|215-2003-3-7 - Part 7 Administration (490.381...490.387)|Section 490.386 - Establishment and Maintenance of Reserves.

490.386 Establishment and maintenance of reserves.Sec. 386.  (1) A domestic credit union shall establish and maintain reserves in an amount that qualifies the domestic credit union for insurance of its accounts under federal law and meets any requirement of the commissioner.  (2) A domestic credit union shall establish allowances for loan and lease losses account based on its reasonably foreseeable loan and lease losses and shall maintain the account in accordance with generally accepted accounting principles. A domestic credit union shall charge a loan or lease or any portion of a loan or lease to the allowance for loan and lease losses account if any of the following occur:  (a) The credit union board considers the loan or lease or any portion of a loan or lease uncollectible.  (b) The loan or lease is 12 or more contractual payments delinquent, the borrower has not made a contractual payment in the past 90 days, and the domestic credit union has not instituted judicial proceedings to collect the loan or lease.  (c) The commissioner orders the domestic credit union to charge the loan or lease or any portion of a loan or lease to the allowance for loan and lease losses account.  (3) A domestic credit union shall establish special reserves to protect the interests of members if required by rule of the commissioner or if the credit union board or the commissioner decide that a special reserve is necessary to protect the interests of the members concerning a specific event.  (4) This section applies to a corporate credit union organized under this act only to the extent the commissioner determines is necessary to protect the interests of the members and other share and deposit account holders of the corporate credit union. History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2004, Act 471, Imd. Eff. Dec. 28, 2004
MI Comp L § 490.387 (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)|215-2003-3-7 - Part 7 Administration (490.381...490.387)|Section 490.387 - Insurance of Member Share and Deposit Accounts.

490.387 Insurance of member share and deposit accounts. Sec. 387.  (1) A domestic credit union that is not a corporate credit union shall apply for and maintain insurance of member share accounts and member deposit accounts from an agency of the federal government that provides that insurance.  (2) A credit union that is denied a commitment for insurance of its share and deposit accounts by the insuring federal agency or that is given notice by the insuring federal agency of the agency's intent to terminate insurance of the credit union's shares and deposits shall either dissolve, merge with another credit union that is insured by an agency of the federal government, or apply in writing to the commissioner within 30 days after the denial or notice for additional time to obtain an insurance commitment.  (3) The commissioner shall grant a credit union described in subsection (2) 1 or more additional periods of time to obtain or reinstate an insurance commitment if the commissioner receives satisfactory evidence that the credit union has made or is making a substantial effort to meet the conditions required by the insuring federal agency for issuance of an insurance commitment.  (4) A credit union may contract with an insurance carrier licensed to do business in this state for insurance of the balances of its accounts that exceed the amount insured by the insuring federal agency. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.402 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 4 - Domestic Credit Union Powers (490.401...490.432)|215-2003-4-1 - Part 1 General Provisions (490.401...490.413)|Section 490.402 - Corporate Credit Union; Additional Powers.

490.402 Corporate credit union; additional powers.Sec. 402.  (1) A corporate credit union organized under this act has all of the following powers in addition to the powers granted by this act to all domestic credit unions:  (a) To accept funds, either as shares or deposits, from a domestic, foreign, or alien credit union, whether or not that credit union is a member of the corporate credit union.  (b) To make loans to or investments or deposits in a credit union, whether or not that credit union is a member of the corporate credit union.  (c) To make loans to or place deposits in a bank, savings bank, trust company, or savings and loan association chartered by this state, by another state or territory of the United States, or by the United States.  (d) To place deposits in a bank chartered under the laws of Canada or a member state of the European Union.  (e) To borrow from any source.  (f) To act as a fiscal agent for the United States, a state, or an agency or political subdivision of the United States or a state.  (g) To participate with any other credit union in making loans to its members or to members of the other participating credit union, on the terms and conditions to which the participating credit unions agree.  (h) To purchase, sell, and hold investment securities that are marketable obligations in the form of bonds, notes, or debentures and that are salable under ordinary circumstances. A corporate credit union board shall adopt a written investment policy and the corporate credit union shall make all investments and related contracts and agreements under this subdivision in accordance with that policy.  (i) To contract for penalties for loans paid before their scheduled maturity.  (j) To act as an intermediary of member and credit union funds.  (k) To act as an agent to pay, receive, and transfer assets and liabilities.  (l) To receive and hold securities and other assets.  (m) To provide payment systems services in conjunction with financial institutions or other vendors, or other correspondent services.  (n) To provide services to members involving investments and liquidity management.  (o) To engage in repurchase agreement transactions with broker-dealers.  (p) To purchase, sell, and hold financial derivatives.  (q) To exercise any other power approved by the commissioner by rule, order, or declaratory ruling.  (2) This act does not permit a corporate credit union organized under this act to make or participate in a loan to a natural person that has terms and conditions that would not otherwise be authorized for a loan to a natural person made by another domestic credit union. History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2004, Act 471, Imd. Eff. Dec. 28, 2004
MI Comp L § 490.403 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 4 - Domestic Credit Union Powers (490.401...490.432)|215-2003-4-1 - Part 1 General Provisions (490.401...490.413)|Section 490.403 - Domestic Credit Union; Incidental Powers.

490.403 Domestic credit union; incidental powers. Sec. 403.  A domestic credit union may exercise any incidental powers that are necessary or required to enable it to effectively carry out the business for which it is organized. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.404 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 4 - Domestic Credit Union Powers (490.401...490.432)|215-2003-4-1 - Part 1 General Provisions (490.401...490.413)|Section 490.404 - Business Outside of State.

490.404 Business outside of state. Sec. 404.  A domestic credit union may do business outside of this state if permitted by the laws of that jurisdiction. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.405 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 4 - Domestic Credit Union Powers (490.401...490.432)|215-2003-4-1 - Part 1 General Provisions (490.401...490.413)|Section 490.405 - Pledging Domestic Credit Union Assets as Collateral Security; Limitations.

490.405 Pledging domestic credit union assets as collateral security; limitations. Sec. 405.  (1) A domestic credit union shall not give preference to any member or depositor by pledging the assets of the domestic credit union as collateral security for purposes of accepting the funds or money of any county, city, village, township, school district, or community college district. With written consent of the commissioner, a domestic credit union may pledge assets of the domestic credit union in an amount not in excess of 10% of its total shares and deposits for the purpose of securing any of the following:  (a) Shares or deposits belonging to the United States or belonging to or administered by an officer, instrumentality, or agent of the United States, shares or deposits of estates being administered by a federal court under federal bankruptcy laws, and any other shares or deposits if required or permitted to do so under the laws of the United States or an order of a federal court.  (b) Shares or deposits acquired or made with surplus funds of this state held by the state treasurer.  (c) Shares or deposits belonging to the Mackinac bridge authority, a political subdivision of this state under 1950 (Ex Sess) PA 21, MCL 254.301 to 254.304.  (d) Shares or deposits of the international bridge authority, a political subdivision of this state under 1954 PA 99, MCL 254.221 to 254.240.  (e) Shares owned or funds on deposit under 1941 PA 205, MCL 252.51 to 252.64.  (f) Shares or deposits belonging to the Michigan employment security commission.  (g) Shares or deposits acquired or made by the Michigan state housing development authority with funds constituting proceeds of the sale of the authority's notes and bonds and repayments of the notes and bonds under the state housing development authority act of 1966, 1966 PA 346, MCL 125.1401 to 125.1499c.  (2) The requirements, restrictions, and limitations imposed by subsection (1) do not apply to the pledging of obligations of the United States, direct or fully guaranteed, or both, for the purpose of securing shares or deposits owned by the United States when such shares or deposits are established coincidentally with the purchase of obligations of the United States by or through any domestic credit union. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.406 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 4 - Domestic Credit Union Powers (490.401...490.432)|215-2003-4-1 - Part 1 General Provisions (490.401...490.413)|Section 490.406 - Domestic Credit Union; Powers Authorized by Credit Union Board; Acquisition of Interest in Real Property; Definitions.

490.406 Domestic credit union; powers authorized by credit union board; acquisition of interest in real property; definitions. Sec. 406.  (1) If authorized by the credit union board, a domestic credit union may do any of the following:  (a) Assist in providing cooperative housing and related facilities for its members. A domestic credit union shall not invest more than 5% of its unimpaired share capital in programs described in this subdivision. This section does not authorize a domestic credit union to invest in the stock of a housing cooperative.  (b) Assist in creating a housing cooperative for its members.  (c) Assist a housing cooperative composed of its members in selecting a housing site.  (2) If authorized by the credit union board, a domestic credit union may acquire any interest in real property if all of the following are met:  (a) The property is suitable for a housing cooperative and related facilities for its members.  (b) The domestic credit union will dispose of its interest in the property to a housing cooperative within 3 years.  (c) The purchase price of the property does not exceed the appraised value of the property as determined by a competent disinterested appraiser retained by the domestic credit union.  (d) Before the domestic credit union acquires its interest, if state or federal assistance is contemplated, the domestic credit union where possible obtains the approval of the state or federal agency that will assist the housing cooperative in determining the acceptability to that agency of the property for use as a cooperative housing site.  (3) If within a reasonable time after the domestic credit union acquires its interest in a housing cooperative it determines that the property is not suitable for cooperative housing for its members, the domestic credit union shall dispose of its interest in the manner most advantageous to the domestic credit union.  (4) A domestic credit union may employ consultants, appraisers, or other persons or organizations qualified by experience and training to provide advice and assistance in the acquisition of cooperative housing sites, the creation of housing cooperatives, the processing of applications for state or federal assistance, or the development of plans for the housing and financing, and may take any other action related to its authority under this section.  (5) As used in this section:  (a) “Domestic credit union” may include more than 1 domestic credit union acting in combination.  (b) “Housing cooperative” means a nonprofit housing cooperative corporation. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.408 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 4 - Domestic Credit Union Powers (490.401...490.432)|215-2003-4-1 - Part 1 General Provisions (490.401...490.413)|Section 490.408 - Automated Information Processing Services.

490.408 Automated information processing services.Sec. 408.  (1) A domestic credit union that utilizes automated information processing services of a vendor must enter into a written contract, lease, or licensing agreement with the vendor for those services. The credit union board shall review the contract, lease, or licensing agreement to ensure the interests of the domestic credit union are protected. Approval of the contract, lease, or licensing agreement by the credit union board or its designee is required before any automated information processing services are performed or provided to the domestic credit union.  (2) A domestic credit union that utilizes the services of a vendor under subsection (1) retains permanent and exclusive ownership of all internal information and member information in the possession of the vendor. The vendor shall not disclose any of that information to third parties except as explicitly authorized in writing by the domestic credit union; the vendor shall not use any of that information for the vendor's own purposes except as explicitly authorized in writing by the domestic credit union; and if the vendor or any subcontractor of the vendor has access to any member information, the vendor or that subcontractor are subject to regulation and examination by the director.  (3) As used in this section:  (a) "Automated information processing" means automated processing, updating, and storage of internal information or member information.  (b) "Internal information" means the accounts, books, and records of a domestic credit union maintained in any form.  (c) "Member information" means the share, deposit, loan account balances, or other information related to any member of a domestic credit union maintained in any form.  (d) "Vendor" means a person who supplies hardware, software, or systems used for automated information processing services to a domestic credit union or performs automated information processing services for a domestic credit union. The term includes a subcontractor of a vendor. History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2016, Act 152, Eff. Sept. 7, 2016
MI Comp L § 490.410 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 4 - Domestic Credit Union Powers (490.401...490.432)|215-2003-4-1 - Part 1 General Provisions (490.401...490.413)|Section 490.410 - Safe Deposit Department.

490.410 Safe deposit department. Sec. 410.  (1) If authorized by the credit union board, a domestic credit union may invest in the stock of not more than 1 safe and collateral deposit company or may operate a safe deposit department.  (2) If a domestic credit union operates a safe deposit department, the legal liability of the domestic credit union for any loss to a customer shall not exceed the sum of $10,000.00 for any 1 box or compartment. The domestic credit union may contract with the renter to have the renter assume the risks arising from the use of the box or compartment.  (3) A domestic credit union has a lien for unpaid rental charges on the contents of any safe deposit box or compartment. If rental charges are not paid within 1 year after the date of accrual, the domestic credit union may sell the property in the box or compartment at public auction, after providing any notice required by any law applicable to the sale. The domestic credit union may retain from the proceeds of sale the amount of all charges due and owing at the time of the sale and the reasonable expenses of the sale and shall pay the balance, if any, to the renter of the box or compartment or to any person who proves to the satisfaction of the domestic credit union that he or she is entitled to the proceeds. If it acts fairly and in good faith, the domestic credit union may purchase all or part of the property at the sale. History: 2003, Act 215, Eff. June 1, 2004