Bill > SB1030

This bill modifies the requirements for credit unions in Michigan when they merge, specifically concerning the notices sent to their members. The key change is to the timeframe for notifying members about a special membership meeting called to vote on a merger plan; instead of giving members at least 7 days' notice, credit unions will now be required to provide notice not less than 45 days and not more than 90 days before the meeting. This amendment to the Credit Union Act aims to provide members with more adequate time to review merger proposals and make informed decisions. The bill also clarifies that the surviving credit union must use the term "credit union" in its name and makes minor wording changes, such as replacing "shall" with "must" in certain contexts, and allows the director to waive the membership vote if a credit union is insolvent or in danger of becoming insolvent, or if the merger is deemed to be in the best interest of the members.