Financial institutions: credit unions; insurance from a qualified private insurance organization; allow for foreign credit unions. Amends sec. 501 of 2003 PA 215 (MCL 490.501). TIE BAR WITH: HB 5779'26, HB 5780'26, HB 5782'26, HB 5783'26

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Plain-English Summary

This bill amends the Credit Union Act to change the term "commissioner" to "director" when referring to the state official who approves foreign credit unions operating in Michigan. It outlines the requirements foreign credit unions must meet to conduct business in the state, including being financially sound, having insured accounts, and agreeing to follow Michigan's consumer protection and interest rate laws. The bill also states that approval will not be granted if the foreign credit union's home state does not allow Michigan credit unions to operate there.

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

Votes

Sponsorship · 7 Sponsors

Democrat1Republican6Independent0Other0

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

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