Michigan § 490.208 - Application for additional powers by domestic credit unions.
Full text of Michigan Michigan Compiled Laws § 490.208 — Application for additional powers by domestic credit unions., with citation guidance and answers to common questions.
§ 490.208. Application for additional powers by domestic credit unions.
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.
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.
The commissioner shall make any rules, declaratory rulings, orders, or findings made under this section available to domestic credit unions.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 490.208
What does Michigan Compiled Laws § 490.208 cover?
Section 490.208 ("Application for additional powers by domestic credit unions.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 490.208?
A common citation format is "Michigan Compiled Laws § 490.208" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 490.208 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.