The bill amends the Credit Union Act of 2003 by updating the process for organizing a domestic credit union in Michigan. It specifies that an application to organize a credit union must be filed by seven individuals, a majority of whom must be residents of Michigan and within the proposed field of membership. The bill changes the title of the overseeing authority from "commissioner" to "director" throughout the application process. It also clarifies that the application must include specific information such as the name, location, and proposed field of membership of the credit union, and it establishes that the par value of shares must not exceed $100.

Additionally, the bill outlines the responsibilities of the director in reviewing applications, including conducting investigations and determining the benefits of the proposed credit union to its members. It stipulates that the director must approve or disapprove the organization based on safety and soundness criteria and provides a process for applicants to appeal decisions. The bill also includes provisions for the retention of documents and the issuance of certificates of approval and organization. Importantly, the enactment of this bill is contingent upon the passage of several other specified bills in the legislature.

Statutes affected:
House Introduced Bill: 490.301