Michigan legislation · 103rd Legislature
Michigan SB1026: Financial institutions: credit unions; requirements for use of assumed names by credit unions; modify. Amends sec. 304 of 2003 PA 215 (MCL 490.304).
Status: In committee, October 27, 2026
What the bill says
To amend 2003 PA 215, entitled "Credit union act," by amending section 304 (MCL 490.304), as amended by 2016 PA 152.
From the introduced text, June 10, 2026:
A bill to amend 2003 PA 215, entitled "Credit union act," by amending section 304 (MCL 490.304), as amended by 2016 PA 152. the people of the state of michigan enact: Sec. 304. (1) If a domestic credit union changes the location of its principal place of business in this state, the domestic credit union must shall provide the director with written notice at least not less than 7 days before the change of location. (2) A domestic credit union shall file the address of the principal place of business and the names and titles of the officials and senior management employees of the domestic credit union with the director on a form prescribed by the director. If the name or title of an official or senior management employee of a domestic credit union changes, the credit union shall provide the director with written notice of the change within not more than 7 days after the change. (3) A domestic credit union may establish and maintain branches. The credit union shall provide written notice to the director of the location of a branch before establishing the branch. (4) A domestic credit union and 1 or more domestic or foreign credit unions or other financial organizations may establish and maintain service centers. One or more of the financial organizations that establish …
Sponsors
- Klinefelt, Veronica (D, 11) · primary sponsor
- Wojno, Paul (D, 10)
- Cavanagh, Mary (D, 6)
- Chang, Stephanie (D, 3)
- Bellino, Joseph (R, 16)
- Johnson, Ruth (R, 24)
Latest actions
- : REFERRED TO COMMITTEE OF THE WHOLE WITH SUBSTITUTE (S-1)
- : REPORTED FAVORABLY WITH SUBSTITUTE (S-1) 10/14/2026
- : REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION
- : INTRODUCED BY SENATOR VERONICA KLINEFELT
Votes
- Reported Favorably With Substitute S-1 10/14/2026 (October 27, 2026): 7 yea, 0 nay, passed
Subjects: Financial institutions: credit unions
Common questions
- What is SB1026?
- SB1026 is a bill in the Michigan Legislature (103rd Legislature): Financial institutions: credit unions; requirements for use of assumed names by credit unions; modify. Amends sec. 304 of 2003 PA 215 (MCL 490.304).
- What does SB1026 do?
- In its own words: To amend 2003 PA 215, entitled "Credit union act," by amending section 304 (MCL 490.304), as amended by 2016 PA 152.
- What is the status of SB1026?
- In committee as of October 27, 2026. Latest action: REFERRED TO COMMITTEE OF THE WHOLE WITH SUBSTITUTE (S-1) (October 27, 2026).
- Who sponsored SB1026?
- Klinefelt, Veronica (D, 11), with 5 co-sponsors.
- Where is the official record for SB1026?
- On the Michigan Legislature website: https://www.legislature.mi.gov/Bills/Bill?ObjectName=2026-SB-1026
Source: official Michigan record. Tracked by Delilah, AI for legislation across all 50 states and Congress.