Financial institutions: credit unions; insurance from a qualified private insurance organization; allow for domestic credit unions during certain conversions. Amends sec. 373 of 2003 PA 215 (MCL 490.373). TIE BAR WITH: HB 5779'26, HB 5781'26, HB 5782'26, HB 5783'26

Where it is in the process

Plain-English Summary

This bill outlines the process for a credit union to change into a mutual savings bank or association. It requires the credit union's board to notify members, approve a conversion plan, and hold a special meeting where members vote on the change. The bill also specifies that the conversion plan must not provide extra pay to officials and must ensure the new bank or association will be financially sound.

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

Votes

Sponsorship · 6 Sponsors

Democrat1Republican5Independent0Other0

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

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