Michigan Laws 490.104 – “Credit union”; use in name or title; restrictions; “corporate” or “corporate central”; use in name
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 490.104
- Corporate credit union: means a credit union whose field of membership consists primarily of other credit unions. See Michigan Laws 490.102
- Credit union: means a domestic or foreign credit union. See Michigan Laws 490.102
- Credit union service organization: means a corporation or other legal entity that is engaged primarily in providing 1 or more of the products or services described in section 407 to credit unions or their members, that a domestic credit union may organize, invest in, or lend to under section 401(2)(gg), and that may or may not be controlled by 1 or more credit unions. See Michigan Laws 490.102
- Foreign credit union: means a credit union organized under the laws of another state or territory of the United States or a federal credit union. See Michigan Laws 490.102
- Person: means an individual, corporation, partnership, limited liability company, association, governmental entity, or any other legal entity. See Michigan Laws 490.103
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
(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.