490.208 Application for additional powers by domestic credit unions.
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490.208 Application for additional powers by domestic credit unions.
Sec. 208.
(1)If 1 or more domestic credit unions apply for authority to exercise powers not specifically authorized by this act, the commissioner may by rule, order, or declaratory ruling authorize domestic credit unions to exercise those powers if the commissioner finds that those powers are appropriate and necessary to compete with other providers of financial services in this state.
(2)In acting under subsection (1), the commissioner shall consider the ability of the domestic credit unions to exercise the additional power in a safe and sound manner, the authority of the domestic credit unions under state or federal law or regulation, the powers of other competing entities providing financial services, and any specific limitations on domestic credit union powers contained in this act or in any rules or other law of this state.
(3)The commissioner shall make any rules, declaratory rulings, orders, or findings made under this section available to domestic credit unions.
History: 2003, Act 215 , Eff. June 1, 2004