Bill Text: MI HB5779 | 2025-2026 | 103rd Legislature | Engrossed
Bill Title: Financial institutions: credit unions; commitment for insurance from a qualified private insurance organization; allow for domestic credit unions in certain filings. Amends sec. 301 of 2003 PA 215 (MCL 490.301). TIE BAR WITH: HB 5780'26, HB 5781'26, HB 5782'26, HB 5783'26
Sponsorship: Moderate Partisan Bill (Republican 5-1)
Status: (Engrossed) 2026-06-23 - Referred To Committee On Finance, Insurance, And Consumer Protection [HB5779 Detail]
Download: Michigan-2025-HB5779-Engrossed.html
HOUSE BILL NO. 5779
A bill to amend 2003 PA 215, entitled
"Credit union act,"
by amending section 301 (MCL 490.301), as amended by 2004 PA 471.
the people of the state of michigan enact:
Sec. 301. (1) Seven individuals, a majority of whom are residents of this state and all of whom are within the proposed field of membership of the domestic credit union, may file an application to organize a domestic credit union under this act. This subsection does not apply to the organization of a corporate credit union under this act.
(2) A domestic credit union is organized in the following manner:
(a) The applicants shall file an application in the form prescribed by the commissioner. director. The application shall must contain all of the following information:
(i) The name and all proposed assumed names of the domestic credit union.
(ii) The location of the principal place of business and any initial branches of the domestic credit union.
(iii) The names and addresses of the applicants and the number of shares subscribed by each applicant.
(iv) The par value of the shares of the domestic credit union. The par value of a share shall must not exceed $100.00.
(v) The proposed field of membership.
(vi) Any other information required by the commissioner.director.
(b) The applicants shall deliver the application to the commissioner, director with an application fee in an amount established by the commissioner.director.
(c) Within Not later than 60 days after receipt of receiving an application or the last amendment or supplement to the application, the commissioner director shall do all of the following:
(i) Examine the information contained in the application and conduct any investigation the commissioner director considers necessary pertaining to the organization of the new domestic credit union.
(ii) Determine whether the organization of the proposed domestic credit union will benefit its members.
(iii) Determine whether a federal agency authorized to insure share and deposit accounts or a qualified private insurance organization as that term is defined in section 387 has issued a firm commitment to provide that insurance for insure the share and deposit accounts of the domestic credit union.
(iv) Determine whether organization of the domestic credit union is consistent with the purposes of this act.
(v) Approve or disapprove the proposed field of membership only on the basis of safety and soundness.
(d) The commissioner director approves or disapproves of the organization of the domestic credit union.
(e) If the commissioner director approves, he or she the director issues a certificate of approval.
(3) The decision to approve or disapprove of the organization of a domestic credit union under subsection (2) is discretionary with the commissioner. director. The commissioner director shall notify the applicants of his or her the decision. If the commissioner director approves, he or she the director shall issue a certificate of organization and approved bylaws of the domestic credit union. If all of the organizers sign the certificate of organization and adopt the bylaws and return the certificate of organization and bylaws to the commissioner, director, the commissioner director shall issue the certificate of approval authorizing the commencement of business. If the commissioner director disapproves, he or she the director shall state the reasons for the decision and the applicant may request a hearing to reconsider the decision before the commissioner within director not later than 30 days after the mailing of a copy of the decision to the applicants. Within Not later than 10 days after receipt of receiving a request for a hearing to reconsider, the commissioner director shall set a date for the hearing that is within not later than 60 days after the date the request was received. If the commissioner director does not approve the organization of the domestic credit union after the hearing to reconsider, the applicants may file an appeal of the commissioner's director's decision in the circuit court for the county stated in the application as the location of the principal office of the domestic credit union or in the circuit court for Ingham county within County not later than 30 days after the date of mailing by certified mail of a copy of the decision to the applicants. If the applicants appeal to the circuit court, the commissioner director shall retain the exhibits introduced at the hearing and shall forward them to the circuit court. The applicants shall pay the cost of preparation of the stenographer's record of the hearing to reconsider.
(4) If a certificate of approval authorizing a domestic credit union to commence business is issued under subsection (2), the domestic credit union is organized for purposes of this act.
(5) The commissioner director shall retain the original certificate of organization and the original bylaws. The commissioner director shall deliver the certificate of approval and a copy of the approved bylaws to the domestic credit union.
(6) The commissioner director shall prescribe the form of the certificate of organization and the bylaws and shall furnish them upon request to a domestic credit union or a person who is considering organization of a domestic credit union.
Enacting section 1. This amendatory act does not take effect unless all of the following bills of the 103rd Legislature are enacted into law:
(a) Senate Bill No. ____ (request no. S05532'25) or House Bill No. 5780 (request no. H05532'25).
(b) Senate Bill No. ____ (request no. S05544'25) or House Bill No. 5782 (request no. H05544'25).
(c) Senate Bill No. ____ (request no. S05545'25) or House Bill No. 5781 (request no. H05545'25).
(d) Senate Bill No. ____ (request no. S06228'26) or House Bill No. 5783 (request no. H06228'26).
