Michigan § 490.412 - Check cashing fees.
Full text of Michigan Michigan Compiled Laws § 490.412 — Check cashing fees., with citation guidance and answers to common questions.
§ 490.412. Check cashing fees.
Except as provided in subsection (2), a domestic credit union shall not contract for, receive, impose, assess, or collect a charge or fee for the cashing of a check that exceeds 1 of the following percentages of the face amount of the check, as applicable:
Five percent for a payroll, pension, or government check.
Seven percent for a check from an insurance company, including, but not limited to, a private health or disability insurance plan payment.
Ten percent for a personal check, money order, or other check.
A domestic credit union may contract for, receive, impose, assess, or collect a charge or fee that does not exceed $25.00 for the first check the credit union cashes for an individual.
Frequently Asked Questions About Michigan § 490.412
What does Michigan Compiled Laws § 490.412 cover?
Section 490.412 ("Check cashing fees.") 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 § 490.412?
A common citation format is "Michigan Compiled Laws § 490.412" (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 § 490.412 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.