Financial institutions: credit unions; notices to credit union members of certain mergers; modify requirements for. Amends sec. 371 of 2003 PA 215 (MCL 490.371).

This bill modifies the rules for credit unions in Michigan to change how they must notify members about potential mergers. It allows credit unions to merge with each other or with foreign credit unions while ensuring that member votes and board approvals are properly documented and submitted to the state director. The legislation also clarifies the process for converting member shares during a merger and permits the state director to waive the requirement for a member vote in specific cases, such as when a credit union is insolvent.