Michigan Laws > Chapter 490 > Act 215 of 2003 > Article 2 – Supervision by Commissioner
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| Part 1 | Administration, Supervision, and Enforcement |
| Part 2 | Receivers |
| Part 3 | Conservatorships |
| Part 4 | Involuntary Mergers or Sales |
Terms Used In Michigan Laws > Chapter 490 > Act 215 of 2003 > Article 2 - Supervision by Commissioner
- 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 490.102Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it. 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. Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal. Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Attachment: A procedure by which a person's property is seized to pay judgments levied by the court. Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC 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 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 Cemetery: means 1, or a combination of more than 1, of the following:
(i) A burial ground for earth interments. See Michigan Laws 328.213Cemetery services: means cremations, grave openings and closings, and installation of grave memorials. See Michigan Laws 328.213 Code: means all or a part of the mobile home code promulgated under section 5. See Michigan Laws 125.2302 Commission: means the manufactured housing commission. See Michigan Laws 125.2302 Commissioner: means the director. See Michigan Laws 490.102 Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Contract: A legal written agreement that becomes binding when signed. Contract beneficiary: means an individual specified or implied in a prepaid contract for whom the funeral or cemetery services or merchandise shall be performed or furnished after death. See Michigan Laws 328.213 Contract buyer: means an individual, including a contract beneficiary, who purchases merchandise or funeral or cemetery services pursuant to a prepaid contract. See Michigan Laws 328.213 contract price: means money and other property to be paid as total compensation to a contract seller or provider for the funeral or cemetery services or merchandise, or both, to be performed or furnished under a prepaid contract, late payment penalties, payments required to be made to a governmental agency at the time the contract is entered into, and income earned on the funds. See Michigan Laws 328.213 Contract seller: means a person who sells, makes available, or provides prepaid contracts. See Michigan Laws 328.213 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 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Deed: The legal instrument used to transfer title in real property from one person to another. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Department: means the department of licensing and regulatory affairs, except as follows:
(i) Department means the department of state in all of the following circumstances:
(A) As used in section 5(1) with respect to rules promulgated under section 5(1)(h). See Michigan Laws 125.2302Department: means the department of labor and economic growth. See Michigan Laws 328.213 Department: means the department of insurance and financial services. See Michigan Laws 490.102 Depository: means a state or nationally chartered bank or state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government under the laws of this state or the United States. See Michigan Laws 328.214 Devise: To gift property by will. Director: means the director of the department. See Michigan Laws 490.102 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. 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 Emergency: means a condition, event, or occurrence that meets both of the following:
(i) It has or may interfere with the conduct of normal business operations, or poses an imminent or existing threat to the safety and security of a person or property, at the principal place of business or 1 or more branches of a credit union. See Michigan Laws 490.102Equitable: 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 Escrow: Money given to a third party to be held for payment until certain conditions are met. Escrow agent: means a person who holds, invests, and disburses principal and income from the funds received under a prepaid contract. See Michigan Laws 328.214 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. Executor: A male person named in a will to carry out the decedent Federal credit union: means a credit union that is organized under the laws of the United States. See Michigan Laws 490.102 Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it. Fiduciary: A trustee, executor, or administrator. 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 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 Fraud: Intentional deception resulting in injury to another. 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 Funds: means all money or other consideration actually received from a contract buyer by a contract seller or provider or an assignee from the contract buyer in connection with any aspect of the sale of a prepaid contract, including finance charges, but does not include late payment penalties, payments required to be made to a governmental agency at the time the contract is entered into, or a commission authorized by section 12(1). See Michigan Laws 328.214 Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Guaranteed price contract: means a prepaid contract under which funds received are held pursuant to an escrow agreement. See Michigan Laws 328.214 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 Income: means the money earned by the investment of the principal, including, but not limited to, interest, dividends, and gains or losses on the sale of, deposit of, or exchange of, property using invested principal amounts. See Michigan Laws 328.214 Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies. Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Insolvent: means a credit union that meets either of the following:
(i) It is not able to pay its debts and other obligations, including those related to member shares, as they become due. See Michigan Laws 490.102Jurisdiction: (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. Local government: means a county or municipality. See Michigan Laws 125.2302 merchandise: means both of the following:
(i) Cemetery burial vaults or other outside containers, grave memorials, and urns. See Michigan Laws 328.214Mobile home: means a structure that is transportable in 1 or more sections, built on a chassis, and designed to be used as a dwelling, with or without a permanent foundation, when connected to the required utilities, and includes the plumbing, heating, air-conditioning, and electrical systems contained in the structure. See Michigan Laws 125.2302 Mobile home park: means a parcel or tract of land under the control of a person upon which 3 or more mobile homes are located on a continual, nonrecreational basis and which is offered to the public for that purpose regardless of whether a charge is made for the parcel or tract of land, together with any building, structure, enclosure, street, equipment, or facility used or intended for use incident to the occupancy of a mobile home. See Michigan Laws 125.2302 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Municipality: means a city, village, or township. See Michigan Laws 125.2302 National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC Nonguaranteed price contract: means a prepaid contract under which funds received are held pursuant to an escrow agreement between a contract seller or provider and a contract buyer and are applied to the cost of the merchandise or funeral or cemetery services, which merchandise or funeral or cemetery services may be selected by the contract buyer at the time the contract is signed or as selected by a person legally authorized to procure merchandise or funeral or cemetery services at the time of death of the contract beneficiary. See Michigan Laws 328.215 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. Office of financial and insurance services: means the department. See Michigan Laws 490.103 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 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, association, trust, or corporation, or any other legal entity or combination of legal entities. See Michigan Laws 125.2302 Person: means an individual, group of individuals, sole proprietorship, partnership, limited liability company, association, corporation, government agency, cemetery, or a combination of these legal entities. See Michigan Laws 328.215 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. Plaintiff: The person who files the complaint in a civil lawsuit. Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer. Prepaid contract: means a contract requiring payment in advance for funeral or cemetery services or merchandise, physical delivery and retention of which would occur after death under a guaranteed price contract or a nonguaranteed price contract. See Michigan Laws 328.215 Principal: means the money or other consideration actually deposited in the escrow or trust accounts required by this act. See Michigan Laws 328.215 Principal place of business: means the place where a domestic credit union keeps its principal records. See Michigan Laws 490.103 Probate: Proving a will Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. Provider: means any person who furnishes or agrees to furnish merchandise or funeral or cemetery services pursuant to a prepaid contract, whether or not that person is the contract seller. See Michigan Laws 328.215 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Seasonal mobile home park: means a parcel or tract of land under the control of a person upon which 3 or more mobile homes are located on a continual or temporary basis but occupied on a temporary basis only, and which is offered to the public for that purpose regardless of whether a charge is made for the parcel or tract of land, together with any building, enclosure, street, equipment, or facility used or intended for use incident to the occupancy of a mobile home. See Michigan Laws 125.2302 Secured party: means that term as defined in section 9102 of the uniform commercial code, 1962 PA 174, MCL 440. See Michigan Laws 125.2302 Security interest: means that term as defined in section 1201 of the uniform commercial code, 1962 PA 174, MCL 440. See Michigan Laws 125.2302 Service of process: The service of writs or summonses to the appropriate party. shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c 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 Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. Summons: Another word for subpoena used by the criminal justice system. Termination statement: means that term as defined in section 9102 of the uniform commercial code, 1962 PA 174, MCL 440. See Michigan Laws 125.2302 Testify: Answer questions in court. Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Writ of certiorari: An order issued by the Supreme Court directing the lower court to transmit records for a case for which it will hear on appeal.