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Michigan Compiled Laws, Chapter 490. Credit Unions § 490.412

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 412. (1) Except as provided in subsection (2), a domestic credit union shall not contract for, receive, impose, assess, or collect a charge or fee for the cashing of a check that exceeds 1 of the following percentages of the face amount of the check, as applicable:

(a) Five percent for a payroll, pension, or government check.

(b) Seven percent for a check from an insurance company, including, but not limited to, a private health or disability insurance plan payment.

(c) Ten percent for a personal check, money order, or other check.

(2) A domestic credit union may contract for, receive, impose, assess, or collect a charge or fee that does not exceed $25.00 for the first check the credit union cashes for an individual.

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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 490. Credit Unions § 490.412 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-490-credit-unions/mi-comp-laws-490-412/

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