Financial institutions: credit unions; requirements for amending the bylaws of credit unions; modify. Amends sec. 303 of 2003 PA 215 (MCL 490.303).

This bill modifies the rules for how Michigan credit unions can change their governing documents, such as bylaws. It allows a credit union's members to vote on whether to let the board of directors make these changes or to keep the power to amend them with themselves. The legislation also requires that any proposal to change these documents be clearly listed in the meeting notice so members are informed. Additionally, most changes to these documents must be reviewed and approved by the state director before they take effect, except for minor logistical updates.