Section 490.306 - Conducting business by mail or electronic communication.
CREDIT UNION ACT (EXCERPT)
Act 215 of 2003
490.306 Conducting business by mail or electronic communication.
Sec. 306.
With the prior approval of the commissioner, a domestic credit union may conduct its business solely by mail or through electronic communication without having a physical location where members may transact business with the credit union. A domestic credit union conducting business under this section shall maintain a principal place of business in this state.
History: 2003, Act 215, Eff. June 1, 2004