Bill Text: MI SB1028 | 2025-2026 | 103rd Legislature | Introduced
Bill Title: Financial institutions: credit unions; minimum voting age of members; allow credit unions to set. Amends sec. 351 of 2003 PA 215 (MCL 490.351).
Sponsorship: Slight Partisan Bill (Democrat 4-2)
Status: (Introduced) 2026-06-10 - Referred To Committee On Finance, Insurance, And Consumer Protection [SB1028 Detail]
Download: Michigan-2025-SB1028-Introduced.html
SENATE BILL NO. 1028
A bill to amend 2003 PA 215, entitled
"Credit union act,"
by amending section 351 (MCL 490.351).
the people of the state of michigan enact:
Sec. 351. (1) A domestic credit union shall hold an annual meeting of the members each calendar year in the manner indicated in the bylaws. The members shall elect the credit union board at the annual meeting.
(2) A domestic credit union may hold a special meeting of the members in the manner indicated in the bylaws.
(3) At Except as otherwise provided in subsection (4), at any meeting of the members, a member with 1 or more shares has 1 vote on any matter submitted to the members. A member may not vote by proxy. A member who that is not a natural person may vote through an agent with authority to vote on that member's behalf.
(4) A domestic credit union may establish in its bylaws a minimum age to vote on a matter submitted to the members. The minimum age to vote established by a domestic credit union under this subsection may be less than 18 years of age but must not be more than 18 years of age.
(5) (4) The members of a domestic credit union may remove a member of the credit union board or a credit committee or supervisory committee member elected by the members of the domestic credit union from office but only at a special meeting of the members called for that purpose.
