490.202 Fee, fine, or other money received or collected by director; disposition; establishment of credit union regulatory fund.
241 words·~1 min read·
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490.202 Fee, fine, or other money received or collected by director; disposition; establishment of credit union regulatory fund.
Sec. 202.
(1)A fee, a civil or administrative fine, or any other money received or collected by the director or the department under this act, except a fine imposed for a violation of section 217, is not refundable and shall be deposited into the credit union regulatory fund created in subsection (2).
(2)The credit union regulatory fund is established in the department of treasury. All of the following apply to the credit union regulatory fund:
(a)The fund shall consist of the following:
(i)Fees, civil or administrative fines, and any other money received or collected under this act, except fines imposed for violations of section 217.
(ii)Money appropriated to the fund.
(iii)Donations of money made to the fund from any source.
(iv)Interest and earnings from fund investments.
(b)Money in the fund at the close of a fiscal year shall remain in the fund and shall not revert to the general fund.
(c)Upon appropriation, the department shall use the money in the fund only for credit union regulatory purposes, as determined by the director.
(d)The state treasurer shall direct the investment of the fund.
(e)The department is the administrator of the fund for auditing purposes.
History: 2003, Act 215 , Eff. June 1, 2004 ;-- Am. 2016, Act 152 , Eff. Sept. 7, 2016