Michigan § 490.422 - Loan agreement with member or another domestic credit union.
Full text of Michigan Michigan Compiled Laws § 490.422 — Loan agreement with member or another domestic credit union., with citation guidance and answers to common questions.
§ 490.422. Loan agreement with member or another domestic credit union.
A loan made by a domestic credit union to another domestic credit union is not subject to any interest rate limitation contained in any law of this state.
In addition to any other loan authorized by law, a domestic credit union may enter into a loan agreement under this subsection with a member. All of the following apply to a loan under this subsection:
The loan may be for any amount up to $1,000.00.
The term of the loan shall be 30 days.
The domestic credit union may charge a fee in addition to any interest in connection with the loan. A fee is in addition to interest authorized by law and is not part of the interest collected or agreed to be paid on loans within the meaning of a law of this state that limits the rate of interest which may be exacted in a transaction.
The total interest, fees, and other costs of the loan shall not exceed 10% of the principal amount.
A member shall not have more than 1 loan under this subsection outstanding with the credit union.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 490.422
What does Michigan Compiled Laws § 490.422 cover?
Section 490.422 ("Loan agreement with member or another domestic credit union.") 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 § 490.422?
A common citation format is "Michigan Compiled Laws § 490.422" (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 § 490.422 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.