Financial institutions: credit unions; insurance from a qualified private insurance organization; allow for domestic credit unions. Amends sec. 387 of 2003 PA 215 (MCL 490.387). TIE BAR WITH: HB 5779'26, HB 5780'26, HB 5781'26, HB 5783'26

Where it is in the process

Plain-English Summary

This bill allows Michigan credit unions to use a qualified private insurance organization, in addition to a federal agency, to insure their member share and deposit accounts. It outlines the process for private insurance carriers to become authorized and sets requirements for credit unions that choose this option. If passed, it would give credit unions more choices for insuring their accounts, but it would only take effect if several other related House Bills are also enacted into law.

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

Votes

Sponsorship · 7 Sponsors

Democrat1Republican6Independent0Other0

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

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