490.104 "Credit union"; use in name or title; restrictions; "corporate" or "corporate central"; use in name.
191 words·~1 min read·
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490.104 "Credit union"; use in name or title; restrictions; "corporate" or "corporate central"; use in name.
Sec. 104.
(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.
History: 2003, Act 215 , Eff. June 1, 2004 ;-- Am. 2004, Act 471 , Imd. Eff. Dec. 28, 2004