Section 490.217 - Person subject to notice or order for violation of law; prohibited conduct; violation as misdemeanor; penalty.
CREDIT UNION ACT (EXCERPT)
Act 215 of 2003
490.217 Person subject to notice or order for violation of law; prohibited conduct; violation as misdemeanor; penalty.
Sec. 217.
(1) A person who is the subject of an outstanding and effective notice or final order for a violation of section 212(1), (2), or (3), section 214, or for a violation of any other law of this state that contains a grant of enforcement powers to the commissioner or the office of financial and insurance services, shall not do any of the following:
(a) Participate in any manner in the conduct of the affairs of the domestic credit union involved other than voting as an individual member of the domestic credit union.
(b) Serve or act as an official or employee of any domestic credit union.
(2) A person who violates subsection (1) is guilty of a misdemeanor punishable by imprisonment for not more than 1 year or a fine of not more than $5,000.00, or both.
(3) A person who willfully or intentionally violates any provision of this act for which specific punishment is not provided under this act is guilty of a misdemeanor and shall be imprisoned for not more than 6 months or shall be fined not less than $500.00 or more than $5,000.00, or both.
History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2004, Act 471, Imd. Eff. Dec. 28, 2004