Financial institutions: credit unions; commitment for insurance from a qualified private insurance organization; allow for domestic credit unions in certain filings. Amends sec. 301 of 2003 PA 215 (MCL 490.301). TIE BAR WITH: HB 5780'26, HB 5781'26, HB 5782'26, HB 5783'26

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Plain-English Summary

This bill amends the Credit Union Act in Michigan, changing who oversees the organization of new credit unions. It replaces references to the "commissioner" with the "director" throughout the process of applying, approving, and appealing decisions related to forming a domestic credit union. The bill also updates some language regarding application requirements and timelines for the director's review and decision-making.

No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text

Votes

Sponsorship · 6 Sponsors

Democrat1Republican5Independent0Other0

R · PrimeMike Harris
R · CoJay DeBoyer
R · CoJason Woolford
D · CoMike McFall
R · CoMatthew Bierlein
R · CoBrian BeGole

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