Section 490.218 - Report from domestic credit union; requirements; notice; failure of domestic credit union to report by deadline; fine. - Michigan Statutes

CREDIT UNION ACT (EXCERPT)
Act 215 of 2003

490.218 Report from domestic credit union; requirements; notice; failure of domestic credit union to report by deadline; fine.

Sec. 218.

(1) The commissioner may require any report from a domestic credit union that in the commissioner's judgment is necessary to fully inform the commissioner about the condition of the domestic credit union. The commissioner shall give the domestic credit union notice in writing that a report is required, describing the report and the deadline for submission. The commissioner shall deliver the notice to the domestic credit union at least 30 days before the deadline for submission, unless the commissioner determines that a shorter period of time is necessary to protect the public interest.

(2) If the domestic credit union fails to deliver to the commissioner a report required under subsection (1) by the deadline for submission, the commissioner may assess an administrative fine against the domestic credit union that does not exceed $1,000.00 for each day the report is delinquent.

History: 2003, Act 215, Eff. June 1, 2004