Michigan § 490.244 - Authority of commissioner to borrow money; conditions; secured loans.
Full text of Michigan Michigan Compiled Laws § 490.244 — Authority of commissioner to borrow money; conditions; secured loans., with citation guidance and answers to common questions.
§ 490.244. Authority of commissioner to borrow money; conditions; secured loans.
With the prior approval of the commissioner, a conservator appointed under this part may borrow money necessary or expedient to aid in the operation or reorganization of the domestic credit union and may secure the loans by the pledge of or lien, security interest, or mortgage on the assets of the domestic credit union.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 490.244
What does Michigan Compiled Laws § 490.244 cover?
Section 490.244 ("Authority of commissioner to borrow money; conditions; secured loans.") 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 § 490.244?
A common citation format is "Michigan Compiled Laws § 490.244" (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 § 490.244 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.