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MICHIGAN STATUTES AND CODES
Section 490.357 - Termination or withdrawal of member.
Act 215 of 2003
490.357 Termination or withdrawal of member.
Sec. 357.
(1) A credit union board may terminate the membership of, or terminate some or all services to, a member who does any of the following:
(a) Causes a loss to the domestic credit union.
(b) Commits fraud or another misdeed against the domestic credit union or against a person on the premises of the domestic credit union.
(2) Pending action by the credit union board at its next regularly scheduled meeting, a domestic credit union may immediately suspend any credit union services to a member who does any of the following:
(a) Causes a loss to the domestic credit union.
(b) Commits fraud or another misdeed against the domestic credit union or against a person on the premises of the domestic credit union.
(3) A member may withdraw from a domestic credit union at any time, but the domestic credit union may require a notice of withdrawal from the withdrawing member as a condition of withdrawal.
(4) When money becomes available, and after deducting all amounts owed to the domestic credit union by the member, a domestic credit union shall pay a person whose membership is terminated or who is a withdrawing member any amounts paid on shares or as deposits of the member and any dividends or interest accrued on the shares or deposits before the date of payment.
(5) Unless the withdrawal of a member occurs on a maturity date or within 7 days after a maturity date, a domestic credit union may require that a withdrawing member give a 60-day notice of intention to withdraw shares or a 30-day notice of intention to withdraw deposits. A domestic credit union that requires a notice of intention to withdraw may wait until the expiration of the applicable notice period before complying with subsection (4). A domestic credit union may waive an applicable notice period for a specific member or account in writing.
(6) After a termination or withdrawal under this section, the former member has no rights in the domestic credit union, but the termination or withdrawal does not release the former member from any remaining liability to the domestic credit union.
History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2004, Act 471, Imd. Eff. Dec. 28, 2004