Bill > SB1029

This bill modifies existing law regarding when credit unions in Michigan can close their main offices or branches due to emergencies. Previously, the director of the relevant state agency could order a closure if it "appears" an emergency existed, but this bill changes that to require the director to "determine" an emergency exists. It also clarifies that credit unions must give notice to the director and any other required government entities when closing due to an emergency. Additionally, if a credit union's officer, rather than the director, decides to close due to an emergency, the bill specifies that the "designated officer" will determine when the emergency has ended, replacing the previous language of "he or she." The bill also clarifies that the period a credit union is closed for an emergency is considered an emergency condition or legal holiday for the purpose of legal obligations.