§ 490.501 Conduct of business by foreign credit union
§ 490.502 Violations by foreign credit union
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Terms Used In Michigan Laws > Chapter 490 > Act 215 of 2003 > Article 5 - Foreign Credit Unions

  • 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.
  • Agent: includes , but is not limited to, an attorney-in-fact under a durable or nondurable power of attorney and an individual authorized to make decisions as a patient advocate concerning another's health care. See Michigan Laws 700.1103
  • Alternate valuation date: The earlier of the date six months after the decedent
  • Amendment: 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.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • 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.
  • Application: means a written request to the probate register for an order of informal probate or informal appointment under part 3 of article III. See Michigan Laws 700.1103
  • Appraisal: A determination of property value.
  • 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
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney: means , if appointed to represent a child under the provisions referenced in section 5213, an attorney serving as the child's legal advocate in the manner defined and described in section 13a of chapter XIIA of the probate code of 1939, 1939 PA 288, MCL 712A. See Michigan Laws 700.1103
  • 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
  • Beneficiary: includes , but is not limited to, the following:
    (i) In relation to a trust, a person that is a trust beneficiary as defined in section 7103. See Michigan Laws 700.1103
  • Bequest: Property gifted by will.
  • 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
  • charter county: means a home rule county created under Act No. See Michigan Laws 330.1200a
  • Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
  • Child: means an individual less than 14 years of age. See Michigan Laws 330.1260
  • Child: includes , but is not limited to, an individual entitled to take as a child under this act by intestate succession from the parent whose relationship is involved. See Michigan Laws 700.1103
  • Claim: includes , but is not limited to, in respect to a decedent's or protected individual's estate, a liability of the decedent or protected individual, whether arising in contract, tort, or otherwise, and a liability of the estate that arises at or after the decedent's death or after a conservator's appointment, including funeral and burial expenses and costs and expenses of administration. See Michigan Laws 700.1103
  • Commissioner: means the director. See Michigan Laws 490.102
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Conservator: means a person appointed by a court to manage a protected individual's estate. See Michigan Laws 700.1103
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Court: means the probate court for the county in which an individual, for whom a request for substance use disorder treatment and rehabilitation services has been made or a petition for involuntary treatment has been filed, either resides or is found. See Michigan Laws 330.1260
  • Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103
  • Credit union: means a domestic or foreign 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.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Dependent: A person dependent for support upon another.
  • Depository library: means a depository library designated under section 10 of the library of Michigan act, 1982 PA 540, MCL 397. See Michigan Laws 141.422d
  • Descendant: means , in relation to an individual, all of his or her descendants of all generations, with the relationship of parent and child at each generation being determined by the definitions of child and parent contained in this act. See Michigan Laws 700.1103
  • Devise: To gift property by will.
  • Devise: means , when used as a noun, a testamentary disposition of real or personal property and, when used as a verb, to dispose of real or personal property by will. See Michigan Laws 700.1103
  • Devisee: means a person designated in a will to receive a devise. See Michigan Laws 700.1103
  • Disability: means cause for a protective order as described in section 5401. See Michigan Laws 700.1103
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Distributee: means a person that receives a decedent's property from the decedent's personal representative or trust property from the trustee other than as a creditor or purchaser. See Michigan Laws 700.1103
  • 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
  • Donor: The person who makes a gift.
  • 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
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this act as the property is originally constituted and as it exists throughout administration. See Michigan Laws 700.1104
  • 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.
  • Exempt property: means property of a decedent's estate that is described in section 2404. See Michigan Laws 700.1104
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Family allowance: means the allowance prescribed in section 2403. See Michigan Laws 700.1104
  • Federal credit union: means a credit union that is organized under the laws of the United States. See Michigan Laws 490.102
  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary: includes , but is not limited to, a personal representative, funeral representative, guardian, conservator, trustee, plenary guardian, partial guardian, and successor fiduciary. See Michigan Laws 700.1104
  • Financial institution: means an organization authorized to do business under state or federal laws relating to a financial institution and includes, but is not limited to, a bank, trust company, savings bank, building and loan association, savings and loan company or association, credit union, insurance company, and entity that offers mutual fund, securities brokerage, money market, or retail investment accounts. See Michigan Laws 700.1104
  • 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
  • Formal proceedings: means proceedings conducted before a judge with notice to interested persons. See Michigan Laws 700.1104
  • 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
  • Fund: means a budget stabilization fund. See Michigan Laws 141.441
  • Fund: means the health and safety fund created in section 3. See Michigan Laws 141.472
  • General personal representative: means a personal representative other than a special personal representative. See Michigan Laws 700.1104
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing instrument: means a deed; will; trust; funeral representative designation; insurance or annuity policy; account with POD designation; security registered in beneficiary form (TOD); pension, profit-sharing, retirement, or similar benefit plan; instrument creating or exercising a power of appointment or a power of attorney; or dispositive, appointive, or nominative instrument of any similar type. See Michigan Laws 700.1104
  • Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Guardian: means a person who has qualified as a guardian of a minor or a legally incapacitated individual under a parental or spousal nomination or a court appointment and includes a limited guardian as described in sections 5205, 5206, and 5306. See Michigan Laws 700.1104
  • Health professional: means an individual licensed or otherwise authorized to engage in a health profession under article 15 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 330.1260
  • Heir: means , except as controlled by section 2720, a person, including the surviving spouse or the state, that is entitled under the statutes of intestate succession to a decedent's property. See Michigan Laws 700.1104
  • Homestead allowance: means the allowance prescribed in section 2402. See Michigan Laws 700.1104
  • Hospital: means a hospital licensed under part 215 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 330.1260
  • 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
  • Incapacitated individual: means an individual who is impaired by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, or other cause, not including minority, to the extent of lacking sufficient understanding or capacity to make or communicate informed decisions. See Michigan Laws 700.1105
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Informal proceedings: means proceedings for probate of a will or appointment of a personal representative conducted by the probate register without notice to interested persons. See Michigan Laws 700.1105
  • Inter vivos: Transfer of property from one living person to another living person.
  • Intestate: Dying without leaving a will.
  • Issue: means an individual's descendant. See Michigan Laws 700.1105
  • 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
  • Lease: includes , but is not limited to, an oil, gas, or other mineral lease. See Michigan Laws 700.1105
  • Legally incapacitated individual: means an individual, other than a minor, for whom a guardian is appointed under this act or an individual, other than a minor, who has been adjudged by a court to be an incapacitated individual. See Michigan Laws 700.1105
  • Legislative body: means any of the following:
    •     (a) The council, commission, or other entity vested with the legislative power of a village. See Michigan Laws 141.422d
  • Letters: includes , but is not limited to, letters testamentary, letters of guardianship, letters of administration, and letters of conservatorship. See Michigan Laws 700.1105
  • 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.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • local unit: means a county, township, city, village, authority or school district empowered by the constitution or by law to prepare budgets of estimated expenditures and revenues. See Michigan Laws 141.411
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Michigan prudent investor rule: means the fiduciary investment and management rule prescribed by part 5 of this article. See Michigan Laws 700.1106
  • Minor: means an individual 14 or more years of age and less than 18 years of age. See Michigan Laws 330.1260
  • Minor: means an individual who is less than 18 years of age. See Michigan Laws 700.1106
  • Money: means legal tender or a note, draft, certificate of deposit, stock, bond, check, or credit card. See Michigan Laws 700.1106
  • 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
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage: means a conveyance, agreement, or arrangement in which property is encumbered or used as security. See Michigan Laws 700.1106
  • Municipality: means a county, city, village, or township. See Michigan Laws 141.441
  • Nonresident decedent: means a decedent who was domiciled in another jurisdiction at the time of the decedent's death. See Michigan Laws 700.1106
  • 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.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Parent: includes , but is not limited to, an individual entitled to take, or who would be entitled to take, as a parent under this act by intestate succession from a child who dies without a will and whose relationship is in question. See Michigan Laws 700.1106
  • Park: means an area of land or water, or both, dedicated to 1 or more of the following uses:
    •     (i) Recreational purposes, including but not limited to landscaped tracts; picnic grounds; playgrounds; athletic fields; camps; campgrounds; zoological and botanical gardens; swimming, boating, hunting, fishing, and birding areas; and foot and bridle paths. See Michigan Laws 141.321
  • 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
  • Person: means an individual or an organization. See Michigan Laws 700.1106
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Person in loco parentis: means an individual who is not the parent or guardian of a child or minor but who has legal custody of the child or minor and is providing support and care for the child or minor. See Michigan Laws 330.1260
  • Personal property: All property that is not real property.
  • Personal representative: includes , but is not limited to, an executor, administrator, successor personal representative, and special personal representative, and any other person, other than a trustee of a trust subject to article VII, who performs substantially the same function under the law governing that person's status. See Michigan Laws 700.1106
  • Petition: means a written request to the court for an order after notice. See Michigan Laws 700.1106
  • Petitioner: means a person that institutes a proceeding under section 281a. See Michigan Laws 330.1260
  • 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.
  • political subdivision: as used in this act shall be construed to mean any county, city, village, township, school district or other local unit of this state. See Michigan Laws 141.265
  • Power of appointment: means that term as defined in section 2 of the powers of appointment act of 1967, 1967 PA 224, MCL 556. See Michigan Laws 700.1106
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • 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.
  • Proceeding: includes an application and a petition, and may be an action at law or a suit in equity. See Michigan Laws 700.1106
  • Program: means a hospital, clinic, organization, or health professional licensed under part 62 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 330.1260
  • Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public corporation: means a county, city, village, township, charter township, port authority, metropolitan district, or authority of this state, or a combination of these entities when authorized by law to act jointly. See Michigan Laws 141.162
  • 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.
  • 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.
  • Respondent: means an individual alleged in a petition filed under section 281a to be an individual who has a substance use disorder and who may be ordered under section 281b or 281c to undergo involuntary treatment. See Michigan Laws 330.1260
  • Revenue: means an addition to the assets of a fund that does not increase a liability, does not represent the recovery of an expenditure, does not represent the cancellation of a liability without a corresponding increase in any other liability or a decrease in assets, and does not represent a contribution of fund capital in enterprise or in internal service funds. See Michigan Laws 141.422d
  • Security: includes , but is not limited to, a note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate, or interest in a regulated investment company or other entity generally referred to as a mutual fund or, in general, an interest or instrument commonly known as a security, or a certificate of interest or participation for, a temporary or interim certificate, receipt, or certificate of deposit for, or any warrant or right to subscribe to or purchase any of the items listed in this subdivision. See Michigan Laws 700.1107
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Settlement: means , in reference to a decedent's estate, the full process of administration, distribution, and closing. See Michigan Laws 700.1107
  • 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
  • Special personal representative: means a personal representative as described by section 3614 to 3618. See Michigan Laws 700.1107
  • State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 700.1107
  • 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.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Successor: means a person, other than a creditor, who is entitled to property of a decedent under the decedent's will or this act. See Michigan Laws 700.1107
  • Successor personal representative: means a personal representative, other than a special personal representative, who is appointed to succeed a previously appointed personal representative. See Michigan Laws 700.1107
  • Summons: Another word for subpoena used by the criminal justice system.
  • Supervised administration: means the proceedings described in part 5 of article III. See Michigan Laws 700.1107
  • Surplus: means an excess of the assets of a fund over its liabilities and reserves. See Michigan Laws 141.422d
  • Survive: means that an individual neither predeceases an event, including the death of another individual, nor is considered to predecease an event under section 2104 or 2702. See Michigan Laws 700.1107
  • Tax obligation: means a bond, note, contract obligation, assessment, or other evidence of indebtedness payable primarily or secondarily from ad valorem taxes as a general or full faith and credit obligation of a public corporation. See Michigan Laws 141.162
  • terms of the trust: means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. See Michigan Laws 700.1107
  • Testacy proceeding: means a proceeding to establish a will or determine intestacy. See Michigan Laws 700.1107
  • Testate: To die leaving a will.
  • Testator: A male person who leaves a will at death.
  • Testator: includes an individual of either gender. See Michigan Laws 700.1107
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trust: includes , but is not limited to, an express trust, private or charitable, with additions to the trust, wherever and however created. See Michigan Laws 700.1107
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by the court. See Michigan Laws 700.1107
  • trustee of a trust created by will: includes a trustee to whom property is transferred by will to the extent of the devised property. See Michigan Laws 700.1103
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Unlimited tax pledge: means an undertaking by a public corporation to secure and pay a tax obligation from ad valorem taxes to be levied on all taxable property within the boundaries of the public corporation without limitation as to rate or amount and in addition to other taxes which the public corporation may be authorized to levy. See Michigan Laws 141.162