Bill Text: MI SB1027 | 2025-2026 | 103rd Legislature | Introduced
Bill Title: Financial institutions: credit unions; requirements for amending the bylaws of credit unions; modify. Amends sec. 303 of 2003 PA 215 (MCL 490.303).
Sponsorship: Slight Partisan Bill (Democrat 4-2)
Status: (Introduced) 2026-06-10 - Referred To Committee On Finance, Insurance, And Consumer Protection [SB1027 Detail]
Download: Michigan-2025-SB1027-Introduced.html
SENATE BILL NO. 1027
A bill to amend 2003 PA 215, entitled
"Credit union act,"
by amending section 303 (MCL 490.303), as amended by 2016 PA 153.
the people of the state of michigan enact:
Sec. 303. (1) If approved by a majority of the members present at a duly constituted annual or special meeting of the members, the membership may amend the certificate of organization or bylaws of a domestic credit union or delegate authority to the credit union board, or rescind the authority of the credit union board, to amend the certificate of organization or bylaws.
(2) Any proposed action to amend the certificate of organization or the bylaws or to delegate authority to amend the certificate of organization or bylaws to the credit union board under subsection (1) shall must be stated in a notice of the meeting.
(3) An amendment to the certificate of organization or bylaws of a domestic credit union is not effective unless it the amendment is submitted to the director for review and approved by the director. This subsection does not apply to an amendment to the bylaws of a domestic credit union if the amendment makes only changes that are logistical in nature.
