Financial institutions: credit unions; designation of inactive account; allow under certain conditions. Amends sec. 355 of 2003 PA 215 (MCL 490.355).

This law allows credit union members to designate their accounts as inactive if they are not using them but wish to keep their membership status. Under this rule, the credit union cannot charge fees on these inactive accounts, and the member can remove the inactive status at any time. If an account remains inactive for three years, the credit union must turn the funds over to the state treasury and end the membership. The change applies to domestic credit unions and requires all members of a shared account to agree before designating it as inactive.