Terms Used In Michigan Laws > Chapter 490 > Act 215 of 2003 > Article 1 - General Provisions

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Associate board member: means an individual appointed by a credit union board to the position described in section 342(10). See Michigan Laws 490.102
• Bank: means a bank that is organized under the laws of this state, any other state, the District of Columbia, or a territory or protectorate of the United States, or a national banking association chartered by the federal government under the national bank act, 12 USC 21 to 216d, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.102
• Branch: means , except as otherwise provided in this subdivision, an office or other place of business at which a credit union receives deposits, pays checks, or lends money. See Michigan Laws 490.102
• Community supply: means a public water supply that provides year-round service to not fewer than 15 living units or which regularly provides year-round service to not fewer than 25 residents. See Michigan Laws 325.1002
• Corporate credit union: means a credit union whose field of membership consists primarily of other credit unions. See Michigan Laws 490.102
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Credit union: means a domestic or foreign credit union. See Michigan Laws 490.102
• Credit union board: means a board of directors, board of trustees, or other governing body of a 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
• Debt management: means that term as defined in section 2 of the debt management act, 1975 PA 148, MCL 451. See Michigan Laws 490.102
• Department: means the department of environmental quality or its authorized agent or representative. See Michigan Laws 325.1002
• Department: means the department of insurance and financial services. See Michigan Laws 490.102
• Director: means the director of the department of environmental quality or his or her authorized agent or representative. See Michigan Laws 325.1002
• Director: means the director of the department. See Michigan Laws 490.102
• Domestic credit union: means a cooperative, nonprofit entity organized under this act for the purposes of encouraging thrift among its members, providing a variety of financial services to its members, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. See Michigan Laws 490.102
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Federal credit union: means a credit union that is organized under the laws of the United States. See Michigan Laws 490.102
• Field of membership: means that term as established under section 352. 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
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• mobile office: means a credit union office or facility that does not have a permanent location and is designed to be moveable from place to place. See Michigan Laws 490.102
• month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Noncommunity supply: means a public water supply that is not a community supply, but that has not less than 15 service connections or that serves not fewer than 25 individuals on an average daily basis for not less than 60 days per year. See Michigan Laws 325.1002
• Officer: means the chairperson of the board, the vice-chairperson of the board, the secretary, the treasurer, the general manager, an individual whose title is "president" an assistant treasurer, or an assistant secretary of a credit union, or any other individual who is specifically designated as an officer of a credit union by the credit union board. See Michigan Laws 490.103
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, corporation, partnership, limited liability company, association, governmental entity, or any other legal entity. See Michigan Laws 490.103
• Principal place of business: means the place where a domestic credit union keeps its principal records. See Michigan Laws 490.103
• Public water supply: means a waterworks system that provides water for drinking or household purposes to persons other than the supplier of the water, and does not include either of the following: