The bill amends the Credit Union Act of 2003 by updating the process for organizing a domestic credit union. 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 term "commissioner" to "director" throughout the application process and requires that the application must include specific information such as the name, location, and proposed field of membership of the credit union. Additionally, it mandates that the director must examine the application and determine its viability within 60 days of receipt.

Furthermore, the bill outlines the approval process for the organization of a domestic credit union, stating that the director has discretionary power to approve or disapprove the application based on safety and soundness criteria. If approved, a certificate of organization and bylaws will be issued, allowing the credit union to commence business. The bill also establishes a process for applicants to appeal the director's decision in circuit court if their application is denied. Overall, the amendments aim to streamline the organization process while ensuring regulatory oversight.

Statutes affected:
House Introduced Bill: 490.301
As Passed by the House: 490.301