The bill amends the Credit Union Act of 2003 by changing the approval authority for foreign credit unions wishing to operate in Michigan from the "commissioner" to the "director." This change is reflected throughout the bill, where references to the commissioner have been replaced with the director. Additionally, the bill outlines the requirements that a foreign credit union must meet to receive approval, including being organized under similar laws, being financially solvent, having appropriate insurance for member accounts, and being supervised by a relevant authority in its home state or territory.

Furthermore, the bill stipulates that the director will only grant approval if the foreign credit union agrees to certain conditions, such as adhering to interest rate limits set by the credit reform act, complying with consumer protection laws applicable to domestic credit unions, designating an agent for service of process in Michigan, and allowing examinations by the director. The bill also includes a provision that prevents approval if the foreign credit union's home state does not allow Michigan credit unions to operate there. Lastly, the enactment of this bill is contingent upon the passage of several other specified bills in the legislature.

Statutes affected:
House Introduced Bill: 490.501