Michigan Laws > Chapter 490 > Act 215 of 2003 > Article 4 – Domestic Credit Union Powers
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Terms Used In Michigan Laws > Chapter 490 > Act 215 of 2003 > Article 4 - Domestic Credit Union Powers
- Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Affiliate: means a person, other than an individual or governmental entity, to which any of the following apply:
(i) A credit union directly or indirectly owns or controls a majority of the person's voting shares or other voting ownership interests. See Michigan Laws 490.102Alien credit union: means a credit union that is organized under the laws of a country other than the United States. See Michigan Laws 490.102 annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant. Appraisal: A determination of property value. Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. 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 Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings. Board member: means a member of a board of directors, board of trustees, or similar governing body of an organization. See Michigan Laws 490.102 Borrower: means a member who obtains a loan from a credit union. 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 Commissioner: means the director. See Michigan Laws 490.102 Contract: A legal written agreement that becomes binding when signed. Conviction: A judgement of guilt against a criminal defendant. 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. County drain: means any drain, irrespective of size, carrying drainage water or sewage or both originating in 1 county, and includes drains located, established and constructed by a county drain commissioner or drainage board, by a city, village or township. See Michigan Laws 280.461 county drain commissioner: means the elected county drain commissioner or the person or persons designated to perform the duties of the elected county drain commissioner as provided in section 21 and 21a. See Michigan Laws 280.4 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. 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 drain: whenever used in this act , shall include the main stream or trunk and all tributaries or branches of any creek or river, any watercourse or ditch, either open or closed, any covered drain, any sanitary or any combined sanitary and storm sewer or storm sewer or conduit composed of tile, brick, concrete, or other material, any structures or mechanical devices, that will properly purify the flow of such drains, any pumping equipment necessary to assist or relieve the flow of such drains and any levee, dike, barrier, or a combination of any or all of same constructed, or proposed to be constructed, for the purpose of drainage or for the purification of the flow of such drains, but shall not include any dam and flowage rights used in connection therewith which is used for the generation of power by a public utility subject to regulation by the public service commission. See Michigan Laws 280.3 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 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC Fiduciary: A trustee, executor, or administrator. Field of membership: means that term as established under section 352. See Michigan Laws 490.102 Financial institution: means a credit union, bank, savings bank, or savings and loan association. See Michigan Laws 490.102 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes. Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. 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. Lien: A claim against real or personal property in satisfaction of a debt. Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money. Net worth: means the sum of a credit union's undivided earnings and reserves. See Michigan Laws 490.103 Oath: A promise to tell the truth. oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. 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 Official: means a member of a credit union board or an officer, member of a credit committee or supervisory committee, or member of any other committee performing functions similar to a credit committee or supervisory committee, of a credit union. See Michigan Laws 490.103 Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC 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, partnership, copartnership, cooperative, firm, company, public or private association or corporation, political subdivision, agency of the state, agency of the federal government, trust, estate, joint structure company, or any other legal entity, or their legal representative, agent, or assigns. See Michigan Laws 325.1002 Person: means an individual, corporation, partnership, limited liability company, association, governmental entity, or any other legal entity. See Michigan Laws 490.103 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. Principal place of business: means the place where a domestic credit union keeps its principal records. See Michigan Laws 490.103 Public corporation: includes this state, counties, cities, villages, townships, metropolitan districts and authorities created by or pursuant to state statutes. See Michigan Laws 280.461 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Quorum: The number of legislators that must be present to do business. Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Savings and loan association: means a savings association that is organized under the laws of this state, a savings and loan association, building and loan association, or homestead association that is organized under the laws of any other state, the District of Columbia, or a territory or protectorate of the United States, or a federal savings association organized under the home owners' loan act, 12 USC 1461 to 1470, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.103 Savings bank: means a savings bank that is organized under the laws of this state, any other state, the District of Columbia, a territory or protectorate of the United States, or of the United States, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.103 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSenior management employee: means any individual who is designated as a senior policy-making employee of a credit union by the board of the credit union. See Michigan Laws 490.103 Service center: means a place of business of a credit union, other than the principal place of business or a branch, where the credit union may transact business authorized by the credit union board. See Michigan Laws 490.103 State: means this state. See Michigan Laws 280.461 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 State drinking water standards: means quality standards setting limits for contaminant levels or establishing treatment techniques to meet standards necessary to protect the public health. See Michigan Laws 325.1002 system: means a system of pipes and structures through which water is obtained and distributed, including but not limited to wells and well structures, intakes and cribs, pumping stations, treatment plants, storage tanks, pipelines and appurtenances, or a combination thereof, actually used or intended for use for the purpose of furnishing water for drinking or household purposes. See Michigan Laws 325.1002 Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o