Bill > SB1026

This bill modifies the requirements for credit unions in Michigan regarding assumed names and operational notifications. Specifically, it changes the wording from "must" to "shall" for providing written notice to the director, which is the state official overseeing credit unions, about changes to their principal business location, requiring this notice at least 7 days in advance. It also updates the timeframe for notifying the director about changes in the names or titles of officials and senior management employees from "within" 7 days to "not more than" 7 days after the change. Furthermore, the bill adjusts the notice period for a credit union to use a new assumed name, or "doing business as" name, from at least 30 days to not less than 30 days before its use. It also clarifies that a credit union using an assumed name must disclose both its legal name and the assumed name on various documents, including legal documents, certificates of deposit, signature cards, and loan agreements, and allows assumed names to include the phrase "credit union."