{"data":{"id":"us-mi/mich.-comp.-laws-490.251","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 490.251","heading":"Merger or sale; determination by commissioner; order; “distressed credit union” defined.","body":"Sec. 251.\n\nThe commissioner may order the merger or sale of a domestic credit union under this section if the commissioner determines that all of the following are met:\n\nThe domestic credit union is in danger of insolvency, in an unsafe or unsound condition, or in danger of becoming in an unsafe or unsound condition.\n\nThat expeditious action is required by the commissioner to deal with a condition described in subdivision (a).\n\nThat other actions available to the commissioner under this act are not reasonably available to the commissioner with respect to the credit union described in subdivision (a).\n\nThe commissioner may initiate and order an involuntary merger of a distressed credit union with another credit union if both of the following are met:\n\nThe other credit union agrees to a merger.\n\nIf the other credit union is a foreign credit union, it is authorized to complete the merger under any state or federal law applicable to it.\n\nThe commissioner may initiate and order an involuntary merger of a distressed credit union with a financial institution other than a credit union if all of the following are met:\n\nThe commissioner is unable to complete an involuntary merger under subsection (2).\n\nThe other financial institution agrees to a merger.\n\nThe other financial institution is authorized to complete the merger under any state or federal law applicable to it.\n\nAs used in this section, \"distressed credit union\" means a domestic credit union that the commissioner determines is insolvent, in danger of insolvency, in an unsafe or unsound condition, or in danger of becoming in an unsafe or unsound condition under subsection (1).","path":["MI Code","Chapter 490","Act Act-215-of-2003"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-490-251","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"0c992ed6a558c04e00ab5810469844ee8f3935892d4d710751444c4be367a105","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-490.245","next":"us-mi/mich.-comp.-laws-490.301"},"notice":"GroundRules: Original legal text. Not legal advice."}