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Can you summarize MICL, Act 215 of 2003?
CREDIT UNIONS > CREDIT UNION ACT (490.101 - 490.601)
Short Summary
This legal provision, found in the Michigan Compiled Laws under the Credit Union Act, governs the conduct of business by foreign credit unions in the state of Michigan. It specifies that a foreign credit union, other than a federal credit union, can only conduct business as a credit union in Michigan with the written approval of the commissioner. The commissioner will grant approval if the foreign credit union meets certain requirements, including being organized under a similar law, being financially solvent, having insurance through a federal government agency, being examined and supervised by the supervisory authority of the state or territory where it is organized, and adequately serving its members in Michigan. The foreign credit union must also agree to certain conditions, such as charging interest rates within the limits set by the credit reform act, complying with consumer protection laws, designating an agent for service of process, filing required reports, allowing examinations by the commissioner, and meeting other requirements imposed on domestic credit unions. Approval will not be granted if the state or territory where the credit union is organized does not permit Michigan credit unions to do business there. It is important to note that this section does not exempt foreign credit unions from complying with other applicable laws in Michigan.
Whom does it apply to?
Foreign credit unions, other than federal credit unions, seeking to conduct business as a credit union in Michigan
What does it govern?
Conduct of business by foreign credit unions in the state of Michigan
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Michigan