reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 41 of 1968 - Credit Union Multiple-Party Accounts (490.51 - 490.65) › Section 490.57 - Trust Account; Beneficial Ownership; Death of Trustee; Survivorship.

490.57 Trust account; beneficial ownership; death of trustee; survivorship.
Sec. 7.
An account which states that a party is a trustee for 1 or more other identified persons, including but not limited to minors, is a trust account. Except where there is evidence of a trust other than as provided by the form of the account, the account and any sums withdrawn therefrom are presumed to belong beneficially to the trustee until his death. At the death of the trustee or surviving trustee any sums remaining on deposit are presumed to belong to the person or persons named as beneficiaries, if living, or to the survivor of them if 1 or more have died before the trustee. The death thereafter of any beneficiary has no effect on the equal ownership of all who survived the trustee, as no right of survivorship is presumed to attend the relationship of several beneficiaries who survive a trustee. If no beneficiary survives the trustee, the sums are presumed to belong to the estate of the last trustee to die. If 2 or more parties are named as trustees on the account, and there is no evidence of trust except as provided by the form of the account, the account is presumed to be a survivorship account as between trustees. It is presumed to be owned between trustees as provided by this act.
History:
1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 41 of 1968 - Credit Union Multiple-Party Accounts (490.51 - 490.65) › Section 490.58 - Bases of Presumptions; Evidence to Rebut; Wills.

490.58 Bases of presumptions; evidence to rebut; wills.
Sec. 8.
The presumptions stated herein are based upon inferences of the intention of parties to multiple-party accounts arising from the form of the account and the usual expectations of people using these accounts. The presumptions are rebuttable by clear and convincing evidence of a different intention. The presumptions of survivorship are not subject to change by will but may be rebutted by a written order received by the credit union to change the form of account or directing that payment not be made in accordance with the account which is signed by a party and is received by the credit union during the party's lifetime.
History:
1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 41 of 1968 - Credit Union Multiple-Party Accounts (490.51 - 490.65) › Section 490.59 - Effect of Unrebutted Presumptions; Transfers, Effect.

490.59 Effect of unrebutted presumptions; transfers, effect.
Sec. 9.
Where not rebutted by clear and convincing evidence, the presumptions provided in this act are effective to establish beneficial ownership. Any transfers resulting from the application of these presumptions are effective by reason of the account contracts involved in this act and are not to be considered as testamentary or subject to the probate code.
History:
1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 41 of 1968 - Credit Union Multiple-Party Accounts (490.51 - 490.65) › Section 490.60 - Multiple-Party Accounts; Authority to Enter; Payment; Inquiry; Creation; Joint Tenant, Rights.

490.60 Multiple-party accounts; authority to enter; payment; inquiry; creation; joint tenant, rights.
Sec. 10.
A credit union may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on demand, to any 1 or more of the parties unless the terms of the account expressly stipulate that joint signatures are required. No credit union shall be required to inquire as to the source of funds received for deposit to a multiple-party account or to inquire as to the proposed application of any sum withdrawn from an account. Such an account may be created with any person designated by the credit union member, but no joint tenant shall be permitted to vote, obtain loans or hold office unless he is within the field of membership and is a qualified member.
History:
1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 41 of 1968 - Credit Union Multiple-Party Accounts (490.51 - 490.65) › Section 490.61 - Multiple-Party Accounts; Withdrawals; Survivorship Accounts, Proof of Death.

490.61 Multiple-party accounts; withdrawals; survivorship accounts, proof of death.
Sec. 11.
Any sums in a multiple-party account which does not include a stipulation requiring joint signatures for withdrawals may be paid, on demand, to any party without regard to whether any other party is incompetent or deceased at the time the payment is demanded, except, if the account is one presumed to be a survivorship account under section 6 or 7 payment may not be made to the personal representative or heirs of a deceased party unless proofs of death are presented to the credit union showing that the decedent was the last surviving party.
History:
1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 41 of 1968 - Credit Union Multiple-Party Accounts (490.51 - 490.65) › Section 490.62 - Trust Accounts; Payments.

490.62 Trust accounts; payments.
Sec. 12.
Any account payable to a trustee for another person may be paid on demand to the trustee. Unless the credit union has received written notice of the terms of any trust other than the form of the account, payment may be made to the personal representative or heirs of a deceased trustee if proof of death is presented to the credit union showing that his decedent was the survivor of all other persons named on the account either as trustee or beneficiary; and payment may be made, on demand, to the beneficiary upon presentation to the credit union of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustees.
History:
1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 41 of 1968 - Credit Union Multiple-Party Accounts (490.51 - 490.65) › Section 490.63 - Payments; Effect; Notice of Change.

490.63 Payments; effect; notice of change.
Sec. 13.
Payment made pursuant to sections 10, 11 or 12 discharges the credit union from all claims for amounts so paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, or beneficiaries, or their successors. The protection here given does not extend to payments made after a credit union has received written notice from any party who has a present right of withdrawal to the effect that withdrawals in accordance with the terms of the account should not be permitted. Unless the notice is withdrawn by the person giving it, the death of any party after notice has no effect on withdrawal rights, and the personal representative, or heirs, of the decedent must concur in any demand for withdrawal if the credit union is to be protected under this section. No other notice or any other information shown to have been available to a credit union shall affect its right to the protection provided here. The protection here provided shall have no bearing on the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts.
History:
1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 41 of 1968 - Credit Union Multiple-Party Accounts (490.51 - 490.65) › Section 490.64 - Right to Set-Off or Lien.

490.64 Right to set-off or lien.
Sec. 14.
Without qualifying any other statutory right to set-off or lien and subject to any contractual provision, when a party to a multiple-party account is indebted to a credit union, the credit union has a right to set-off against the entire amount of the account.
History:
1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 41 of 1968 - Credit Union Multiple-Party Accounts (490.51 - 490.65) › Section 490.65 - Repeal.

490.65 Repeal.
Sec. 15.
Section 24 of Act No. 285 of the Public Acts of 1925, being section 490.24 of the Compiled Laws of 1948, is repealed.
History:
1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 31 of 1992 - Beneficiary Accounts in Credit Unions (490.81 - 490.83) › Section 490.81 - Definitions.

490.81 Definitions.
Sec. 1.
As used in this act:
(a) “Beneficiary” means a person who does not have an ownership interest in a beneficiary account but is the person designated to receive the funds in the beneficiary account upon the death of the owner of the account.
(b) “Beneficiary account” means a share or deposit account in a credit union where 1 or more persons are designated as owners and 1 or more other persons are designated as beneficiaries. A beneficiary account is not a trust or trustee for beneficiary account.
(c) “Credit union” means a state or federal chartered credit union.
(d) “Owner” means the person or persons designated as the owner in the documents establishing a credit union beneficiary account.
(e) “Person” means an individual, corporation, partnership, association, governmental entity, or any other legal entity.
History:
1992, Act 31, Imd. Eff. Apr. 17, 1992
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 31 of 1992 - Beneficiary Accounts in Credit Unions (490.81 - 490.83) › Section 490.82 - Credit Union Beneficiary Account; Rights of Owners to Money in Account; Passage of Ownership Rights to Beneficiaries.

490.82 Credit union beneficiary account; rights of owners to money in account; passage of ownership rights to beneficiaries.
Sec. 2.
(1) During the lifetime of 1 or more owners of a credit union beneficiary account, all rights to the money in the account belong to the owners. The rights of the owners, if there is more than 1, shall be governed by the contract between them and the credit union establishing the account, and by any applicable law pertaining to accounts with more than 1 owner other than section 7 of Act No. 41 of the Public Acts of 1968, being section 490.57 of the Michigan Compiled Laws.
(2) Upon the death of the owner of a credit union beneficiary account or upon the death of the last surviving owner of a credit union beneficiary account if there was more than 1 owner, all ownership interests in the account shall pass to the person or persons designated as beneficiaries.
(3) If no person designated as beneficiary of a credit union beneficiary account is living at the time of the death of the owner, the account shall be probated as part of the owner's estate. If there is more than 1 person designated as owner and no beneficiary is living at the time of the death of the last surviving owner, the account shall be probated as part of the last surviving owner's estate.
(4) If more than 1 person designated as beneficiary is living at the time of the death of the owner, or at the time of the death of the last surviving owner if there was more than 1 designated owner, the account shall be divided equally among the beneficiaries still living at that time. There shall be no rights of joint ownership among living beneficiaries and each shall only be entitled to his or her equal share.
(5) The passage of ownership rights to any account covered by this act is not subject to change by will.
History:
1992, Act 31, Imd. Eff. Apr. 17, 1992
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 31 of 1992 - Beneficiary Accounts in Credit Unions (490.81 - 490.83) › Section 490.83 - Applicability of Act.

490.83 Applicability of act.
Sec. 3.
This act shall apply to all credit union beneficiary accounts where at least 1 owner was still alive on the effective date of this act.
History:
1992, Act 31, Imd. Eff. Apr. 17, 1992
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 215 of 2003 - Credit Union Act (490.101 - 490.601) › Article 1 - General Provisions (490.101...490.105) › Section 490.101 - Short Title.

490.101 Short title.
Sec. 101.
This act shall be known and may be cited as the “credit union act”.
History:
2003, Act 215, Eff. June 1, 2004
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 215 of 2003 - Credit Union Act (490.101 - 490.601) › Article 1 - General Provisions (490.101...490.105) › Section 490.104 - "Credit Union"; Use in Name or Title; Restrictions; "Corporate" or "Corporate Central"; Use in Name.

490.104 "Credit union"; use in name or title; restrictions; "corporate" or "corporate central"; use in name.
Sec. 104.
(1) A person shall not use the words "credit union" in its name or any assumed names, unless it is 1 of the following:
(a) A domestic credit union or a foreign credit union.
(b) A credit union trade association.
(c) A credit union service organization.
(d) An organization that is wholly owned by 1 or more domestic credit unions, foreign credit unions, credit union trade associations, or credit union service organizations.
(e) A separate segregated fund established under section 55 of the Michigan campaign finance act, 1976 PA 388, MCL 169.255, or a political action committee under federal law.
(2) A credit union may not use the word "corporate" or the words "corporate central" immediately before the words "credit union" in its name unless it is a corporate credit union organized under this act, the laws of another state or territory of the United States, or the laws of the United States.
History:
2003, Act 215, Eff. June 1, 2004 ;-- Am. 2004, Act 471, Imd. Eff. Dec. 28, 2004
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 215 of 2003 - Credit Union Act (490.101 - 490.601) › Article 1 - General Provisions (490.101...490.105) › Section 490.105 - Domestic Credit Union; Exemption From Tax; Exception; Stock Transfer Tax.

490.105 Domestic credit union; exemption from tax; exception; stock transfer tax.
Sec. 105.
A domestic credit union is exempt from taxation by this state or a political subdivision of this state except property taxes on real property. The shares of a domestic credit union are not subject to a stock transfer tax when issued by the credit union or when transferred from 1 member to another.
History:
2003, Act 215, Eff. June 1, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.202 - Fee, Fine, or Other Money Received or Collected by Director; Disposition; Establishment of Credit Union Regulatory Fund.

490.202 Fee, fine, or other money received or collected by director; disposition; establishment of credit union regulatory fund.
Sec. 202.
(1) A fee, a civil or administrative fine, or any other money received or collected by the director or the department under this act, except a fine imposed for a violation of section 217, is not refundable and shall be deposited into the credit union regulatory fund created in subsection (2).
(2) The credit union regulatory fund is established in the department of treasury. All of the following apply to the credit union regulatory fund:
(a) The fund shall consist of the following:
(i) Fees, civil or administrative fines, and any other money received or collected under this act, except fines imposed for violations of section 217.
(ii) Money appropriated to the fund.
(iii) Donations of money made to the fund from any source.
(iv) Interest and earnings from fund investments.
(b) Money in the fund at the close of a fiscal year shall remain in the fund and shall not revert to the general fund.
(c) Upon appropriation, the department shall use the money in the fund only for credit union regulatory purposes, as determined by the director.
(d) The state treasurer shall direct the investment of the fund.
(e) The department is the administrator of the fund for auditing purposes.
History:
2003, Act 215, Eff. June 1, 2004 ;-- Am. 2016, Act 152, Eff. Sept. 7, 2016
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.203 - Office of Financial and Insurance Services; Hearing or Proceeding; Document Retention; Order or Ruling.

490.203 Office of financial and insurance services; hearing or proceeding; document retention; order or ruling.
Sec. 203.
(1) Any hearing or other proceeding pending before the office of financial and insurance services under former 1925 PA 285 before the effective date of this act is transferred to the office of financial and insurance services under this act, and the office of financial and insurance services shall conduct and determine the proceeding as follows:
(a) If the commissioner determines that this act establishes an identical or substantially similar proceeding for the conduct or act that was the basis of the proceeding under former 1925 PA 285, the office of financial and insurance services shall conduct and determine the proceeding under this act.
(b) If the commissioner determines that this act does not establish an identical or substantially similar proceeding for the conduct or act that was the basis of the proceeding under former 1925 PA 285, the office of financial and insurance services shall conduct and determine the proceeding in the manner described in former 1925 PA 285.
(2) The office of financial and insurance services shall retain all of its property, credits, books, correspondence, funds, appropriations, records, files, and other papers acquired or retained under former 1925 PA 285.
(3) An order or declaratory ruling issued by the commissioner under former 1925 PA 285 that is in effect on the effective date of this act shall continue in effect until modified, suspended, revoked, or repealed by the commissioner.
History:
2003, Act 215, Eff. June 1, 2004 ;-- Am. 2004, Act 471, Imd. Eff. Dec. 28, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.204 - Immunity.

490.204 Immunity.
Sec. 204.
The commissioner and the other employees of the office of financial and insurance services are not liable in any civil action for damages for any act done or omitted in performing the functions of their office under this act to the same extent protected by the immunity conferred by 1964 PA 170, MCL 691.1401 to 691.1415.
History:
2003, Act 215, Eff. June 1, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.205 - Disclosure of Information.

490.205 Disclosure of information.
Sec. 205.
(1) The commissioner and all deputies, agents, and employees of the office of financial and insurance services shall keep secret all facts and information obtained in the course of their duties, except if the person is required under law to report upon, take official action, or testify in any proceedings regarding the affairs of a credit union. This subsection applies to all former commissioners, deputies, agents, and employees of the office of financial and insurance services.
(2) This section does not apply to, and does not prohibit the furnishing of information or documents to, any federal, foreign, or out-of-state credit union regulatory agencies, and is not applicable to disclosures made in the public interest by the commissioner, at his or her discretion.
History:
2003, Act 215, Eff. June 1, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.206 - Rules; Orders; Declaratory Rulings.

490.206 Rules; orders; declaratory rulings.
Sec. 206.
The commissioner may promulgate rules or issue orders or declaratory rulings for the enforcement and administration of this act. The commissioner shall promulgate rules and issue orders and declaratory rulings pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328.
History:
2003, Act 215, Eff. June 1, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.208 - Application for Additional Powers by Domestic Credit Unions.

490.208 Application for additional powers by domestic credit unions.
Sec. 208.
(1) If 1 or more domestic credit unions apply for authority to exercise powers not specifically authorized by this act, the commissioner may by rule, order, or declaratory ruling authorize domestic credit unions to exercise those powers if the commissioner finds that those powers are appropriate and necessary to compete with other providers of financial services in this state.
(2) In acting under subsection (1), the commissioner shall consider the ability of the domestic credit unions to exercise the additional power in a safe and sound manner, the authority of the domestic credit unions under state or federal law or regulation, the powers of other competing entities providing financial services, and any specific limitations on domestic credit union powers contained in this act or in any rules or other law of this state.
(3) The commissioner shall make any rules, declaratory rulings, orders, or findings made under this section available to domestic credit unions.
History:
2003, Act 215, Eff. June 1, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.209 - Issuance of Subpoena by Circuit Court.

490.209 Issuance of subpoena by circuit court.
Sec. 209.
The commissioner may petition the circuit court for the county of Ingham or the circuit court in the jurisdiction where an examination is being conducted to issue a subpoena on behalf of the commissioner that requires the person subpoenaed to appear and testify under oath to any matter related to the examination and to produce any relevant documents.
History:
2003, Act 215, Eff. June 1, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.211 - Temporary Cease and Desist Order; Conditions; Injunction for Setting Aside Order.

490.211 Temporary cease and desist order; conditions; injunction for setting aside order.
Sec. 211.
(1) If the commissioner determines that a violation or threatened violation or an unsafe or unsound practice or practices specified in the notice of charges served upon a domestic credit union under section 210, or the continuation of the violation or practice, is likely to cause insolvency or substantial dissipation of assets or earnings of the domestic credit union, or is likely to otherwise seriously prejudice the interests of its depositors, the commissioner may issue a temporary order requiring the domestic credit union to cease and desist from that violation or practice. The temporary order is effective upon service upon the domestic credit union and is effective and enforceable until a cease and desist order under section 210 is issued and becomes effective or until it is stayed, modified, terminated, or set aside by action of the commissioner or a reviewing court in a proceeding under subsection (2).
(2) Within 10 days after a domestic credit union has been served with a temporary cease and desist order under subsection (1), the domestic credit union may apply to the circuit court for the county in which the principal office of the domestic credit union is located for an injunction setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the order pending the completion of the proceedings under section 210.
History:
2003, Act 215, Eff. June 1, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.213 - Stay of Suspension or Prohibition.

490.213 Stay of suspension or prohibition.
Sec. 213.
Within 10 days after the date a person has been suspended from office or prohibited from participation in the conduct of the affairs of any domestic credit union under section 212(3), the person may apply to the circuit court for Ingham county or the circuit court for the county where the principal office of the domestic credit union is located for a stay of the suspension or prohibition pending the completion of the administrative proceedings pursuant to the notice served on the person under section 212(1) or (2).
History:
2003, Act 215, Eff. June 1, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.214 - Individual Charged With Crime Involving Dishonesty or Breach of Trust; Suspension From Office or Prohibition From Participation in Conduct of Affairs; Finding of Not Guilty or Other Disposition.

490.214 Individual charged with crime involving dishonesty or breach of trust; suspension from office or prohibition from participation in conduct of affairs; finding of not guilty or other disposition.
Sec. 214.
(1) If an individual who participates in the conduct of the affairs of a domestic credit union is charged in any information, indictment, warrant, or complaint by a county, state, or federal authority with the commission of, or participation in, a crime that involves dishonesty or breach of trust, the director may, by written notice served on the individual, suspend the individual from office or prohibit the individual from further participation in any manner in the conduct of the affairs of the domestic credit union. The director shall also serve a copy of the suspension or prohibition on the domestic credit union. A suspension or prohibition is in effect until the information, indictment, warrant, or complaint is finally disposed of or until terminated by the director.
(2) If a judgment of conviction with respect to an offense described in subsection (1) is entered against an individual, after the judgment is not subject to further appellate review, the director may issue an order removing the individual from office or prohibiting the individual from further participation in the conduct of the affairs of any domestic credit union. If an order described in this subsection is issued, the individual must obtain the prior consent of the director before participating in any manner in the conduct of the affairs of any domestic credit union.
(3) An individual who is removed from office under subsection (2) is removed when a copy of the order is served on the domestic credit union.
(4) A finding of not guilty or other disposition of the charge does not preclude the director from instituting proceedings to suspend or remove an individual from office or to prohibit further participation in the affairs of a domestic credit union under section 212(1), (2), or (3).
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
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.215 - Administrative Hearing.

490.215 Administrative hearing.
Sec. 215.
(1) The commissioner shall conduct an administrative hearing under section 210 or 212 under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. The commissioner shall close the hearing to the public unless the commissioner, after fully considering the views of the party who is the subject of the hearing, determines that a public hearing is necessary to protect the public interest. After the hearing and within 90 days after notifying the parties that he or she has received the case for final decision, the commissioner shall render a decision that includes findings of fact upon which the decision is predicated and issue and serve upon each party to the proceeding an order consistent with this section.
(2) A party to a proceeding or other person required by an order issued under section 210, 211, 212, or 214 to cease and desist from any of the violations or practices stated in the order, or who is suspended, removed, or prohibited from participation in the conduct of the affairs of the domestic credit union by the order, may request a review by a court of competent jurisdiction of an order issued under subsection (1). The party or person must make his or her request by filing a petition for review pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. This subsection does not apply to an order issued by consent.
(3) If a petition for review is not filed within the time period contained in subsection (2), the commissioner may modify, terminate, or set aside the order at any time with appropriate notice. If a petition for review is filed within the time period contained in subsection (2), the commissioner may modify, terminate, or set aside the order with the permission of the court.
(4) Unless otherwise specifically ordered by the court, a proceeding for review under this section does not stay an order issued by the commissioner.
History:
2003, Act 215, Eff. June 1, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.216 - Enforcement of Notice or Order; Court Jurisdiction.

490.216 Enforcement of notice or order; court jurisdiction.
Sec. 216.
(1) The commissioner may apply to the circuit court of the county in which the principal office of a domestic credit union is located, or to the circuit court for Ingham county, for the enforcement of any effective and outstanding notice or order issued under section 210, 211, 212, 214, or 215, including any temporary cease and desist order issued under section 211(1).
(2) Only a court described in subsection (1) has jurisdiction to review, modify, enjoin, or stay the issuance or enforcement of any notice or order issued under section 210, 211, 212, 214, or 215 or to review, modify, suspend, terminate, or set aside the notice or order.
History:
2003, Act 215, Eff. June 1, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.217 - Person Subject to Notice or Order for Violation of Law; Prohibited Conduct; Violation as Misdemeanor; Penalty.

490.217 Person subject to notice or order for violation of law; prohibited conduct; violation as misdemeanor; penalty.
Sec. 217.
(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 (3), section 214, or for a violation of any other law of this state that contains a grant of enforcement powers to the commissioner or the office of financial and insurance services, shall not do any of the following:
(a) Participate in any manner in the conduct of the affairs of the domestic credit union involved other than voting as an individual member of the domestic credit union.
(b) Serve or act as an official or employee of any domestic credit union.
(2) A person who violates subsection (1) is guilty of a misdemeanor punishable by imprisonment for not more than 1 year or a fine of not more than $5,000.00, or both.
(3) A person who willfully or intentionally violates any provision of this act for which specific punishment is not provided under this act is guilty of a misdemeanor and shall be imprisoned for not more than 6 months or shall be fined not less than $500.00 or more than $5,000.00, or both.
History:
2003, Act 215, Eff. June 1, 2004 ;-- Am. 2004, Act 471, Imd. Eff. Dec. 28, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.218 - Report From Domestic Credit Union; Requirements; Notice; Failure of Domestic Credit Union to Report by Deadline; Fine.

490.218 Report from domestic credit union; requirements; notice; failure of domestic credit union to report by deadline; fine.
Sec. 218.
(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 about the condition of the domestic credit union. The commissioner shall give the domestic credit union notice in writing that a report is required, describing the report and the deadline for submission. The commissioner shall deliver the notice to the domestic credit union at least 30 days before the deadline for submission, unless the commissioner determines that a shorter period of time is necessary to protect the public interest.
(2) If the domestic credit union fails to deliver to the commissioner a report required under subsection (1) by the deadline for submission, the commissioner may assess an administrative fine against the domestic credit union that does not exceed $1,000.00 for each day the report is delinquent.
History:
2003, Act 215, Eff. June 1, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.219 - Delivery of Order or Written Notice; Methods.

490.219 Delivery of order or written notice; methods.
Sec. 219.
If the commissioner is required to serve an order or the commissioner or any person is required to provide a written notice under this act, the commissioner or person may use any delivery method reasonably calculated to give actual notice, including, but not limited to, any of the following:
(a) Physical delivery, in person or by first-class mail or other express delivery service.
(b) If the recipient of the notice agrees to delivery by that method, electronic delivery, by facsimile, electronic transmission, or other means approved by the commissioner.
History:
2003, Act 215, Eff. June 1, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.220 - Civil Fine; Assessment; Limitation; Commencement of Action by Attorney General; Determination of Amount of Fine; Conduct of Administrative Hearing.

490.220 Civil fine; assessment; limitation; commencement of action by attorney general; determination of amount of fine; conduct of administrative hearing.
Sec. 220.
(1) Subject to subsection (2), if the commissioner finds that a credit union has violated this act or a rule promulgated under this act, the commissioner may assess a civil fine against the credit union or an official of the credit union of not more than $1,000.00 for each violation, plus the costs of investigation. Each injury to an individual or other person by a violation of this act or a rule is a separate violation.
(2) The commissioner may not assess civil fines under subsection (1) against a credit union or an official of the credit union that in the aggregate are more than $10,000.00, plus the costs of investigation, for multiple violations of this act or rules promulgated under this act that arise from the same transaction.
(3) The attorney general may commence an action to recover a civil fine assessed under subsection (1) or (2) by and in the name of the commissioner. The attorney general shall collect and enforce a civil fine and may utilize summary proceedings.
(4) In determining the amount of a fine under subsection (1) or (2), the commissioner shall consider the extent to which the violation was a knowing and willful violation and the extent of the injury suffered because of the violation. If the violation was committed by a credit union, the commissioner shall also consider any corrective action taken by the credit union to ensure that the violation will not be repeated and the record of the credit union in complying with this act.
(5) The commissioner shall conduct a proceeding under this section in accordance with the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328.
History:
2003, Act 215, Eff. June 1, 2004
2023 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) › 215-2003-2-1 - Part 1 Administration, Supervision, and Enforcement (490.201...490.221) › Section 490.221 - Closure of Principal Place of Business or Branch; Existence of Emergency or Legal Holiday.

490.221 Closure of principal place of business or branch; existence of emergency or legal holiday.
Sec. 221.
(1) The director may by order require a domestic credit union to close its principal place of business or 1 or more branches if it appears to the director that the action is required because an emergency exists. The facilities closed shall remain closed until the director by order finds that the emergency is ended. The director shall promptly notify the governor of the issuance of an order under this section.
(2) The director may authorize a domestic credit union to close on a day designated by the president of the United States or the governor of this state as a day of national mourning, rejoicing, or other special observance.
(3) If the director has not issued and does not issue an order of emergency under subsection (1) and the general manager or other designated officer of a domestic credit union determines that an emergency exists, the officer may close the principal place of business or 1 or more branches of the domestic credit union until he or she finds that the emergency is ended.
(4) A domestic credit union closing its principal place of business or 1 or more branches under this section shall give notice to the director, and to any other appropriate governmental entity if required by law.
(5) The period during which the principal place of business of a domestic credit union is closed under this section is considered an emergency condition or a legal holiday, and not a banking day, if the status of the closing as a legal holiday, banking day, or a response to an emergency is relevant to any legal obligation of the domestic credit union.
(6) This section does not alter any obligations of a domestic credit union to its employees or to the employees of another employer under state or federal law.
History:
2003, Act 215, Eff. June 1, 2004 ;-- Am. 2016, Act 153, Eff. Sept. 7, 2016
2023 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 490.231 - Liquidation; Appointment of Federal Agency as Receiver.

490.231 Liquidation; appointment of federal agency as receiver.
Sec. 231.
(1) Except as provided in subsection (2), a domestic credit union shall only be liquidated as provided in this part. A receiver or other liquidating agent shall only be appointed for a domestic credit union or its assets and property under this part.
(2) If a federal agency is appointed as receiver of a domestic credit union, the receivership procedures of the federal agency shall govern the receivership.
History:
2003, Act 215, Eff. June 1, 2004
2023 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 490.232 - Appointment of Receiver; Conditions; Proceeding; Bond; Reporting Schedule; Subrogation of Federal Agency to Rights of Deposit Owners.

490.232 Appointment of receiver; conditions; proceeding; bond; reporting schedule; subrogation of federal agency to rights of deposit owners.
Sec. 232.
(1) If a domestic credit union refuses to pay its shares, deposits, or obligations in accordance with the terms under which the shares were received or the deposits or obligations were incurred, becomes insolvent, or refuses to submit its books, papers, and records for inspection by the commissioner, or if it appears to the commissioner that the domestic credit union is in an unsafe or unsound condition, the commissioner may either appoint a conservator under section 241 or apply to the circuit court for Ingham county or for the county in which the principal place of business of the domestic credit union is located for the appointment of a receiver for the domestic credit union.
(2) In a proceeding for the appointment of a receiver, the court may act upon the application immediately and without notice to any person. If at any time it appears to the court that the claimed reasons for receivership do not exist, the court shall dissolve the receivership and terminate the proceedings.
(3) An insuring federal agency may act as receiver without bond. All other receivers, with the exception of an employee of the office of financial and insurance services appointed as receiver in his or her official capacity, shall post a bond in an amount determined by the court.
(4) A receiver shall report to the commissioner regarding all matters involving the receivership on a schedule established by the commissioner.
(5) If a domestic credit union is closed and placed in receivership, and the insuring federal agency pays or makes available for payment the insured shares and deposit liabilities of the closed domestic credit union, the agency, whether or not it has become receiver of the domestic credit union, is subrogated to all of the rights of the owners of the deposits against the closed domestic credit union in the same manner and to the same extent as subrogation of the agency is provided for under federal law.
History:
2003, Act 215, Eff. June 1, 2004