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Bill > HB5780
MI HB5780
MI HB5780Financial 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
summary
Introduced
04/14/2026
04/14/2026
In Committee
04/14/2026
04/14/2026
Crossed Over
Passed
Dead
Introduced Session
103rd Legislature
Bill Summary
A bill to amend 2003 PA 215, entitled"Credit union act,"by amending section 373 (MCL 490.373), as amended by 2004 PA 471.
AI Summary
This bill amends the Credit Union Act to allow domestic credit unions, which are financial institutions owned by their members, to convert into a mutual savings bank or mutual savings association under specific conditions, including providing members with detailed information about the conversion's pros and cons, obtaining board and member approval through a supermajority vote, and ensuring the converted institution is economically viable and its deposits are insured either by a federal agency or a qualified private insurance organization, which is a company authorized to insure deposits. The bill also changes the term "commissioner" to "director" when referring to the state official overseeing these financial institutions and clarifies that certain conversion plans submitted before the bill's effective date are exempt from these new requirements.
Committee Categories
Business and Industry
Sponsors (6)
Mike McFall (D)*,
Brian BeGole (R),
Matthew Bierlein (R),
Jay DeBoyer (R),
Mike Harris (R),
Jason Woolford (R),
Last Action
Bill Electronically Reproduced 04/14/2026 (on 04/15/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-5780 |
| BillText | https://legislature.mi.gov/documents/2025-2026/billintroduced/House/htm/2026-HIB-5780.htm |
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