Financial 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
What changed between versions
Requires credit union boards to send written notices to members at least 30 days before voting, detailing the reasons for conversion, major positive and negative effects, and requesting written member comments.
Mandates that credit unions post copies of the conversion notice at all branch locations in at least 12-point type where members conduct business.
Requires credit unions with websites to display conversion notice information in a conspicuous location on their internet sites.
Establishes a 2/3 vote requirement for both the credit union board and the voting members to approve a conversion plan.
Prohibits providing any remuneration or economic benefit to credit union officials in connection with the conversion.
Requires the filing of certified records, member comments, regulatory consents, and verification of federal deposit insurance qualification upon conversion.
Allows for alternative voting methods with prior commissioner approval to ensure all members have an opportunity to vote.
Sets specific timelines for notices (30 days before voting, 90 days for special meeting notice, 60 days for posting) and requires special meetings to be called.
