Michigan SB1027: Financial institutions: credit unions; requirements for amending the bylaws of credit unions; modify. Amends sec. 303 of 2003 PA 215 (MCL 490.303).

What the bill says

To amend 2003 PA 215, entitled "Credit union act," by amending section 303 (MCL 490.303), as amended by 2016 PA 153.

From the introduced text, June 10, 2026:

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.

Read the full official text

Sponsors

• Cavanagh, Mary (D, 6) · primary sponsor
• Klinefelt, Veronica (D, 11)
• Wojno, Paul (D, 10)
• Bellino, Joseph (R, 16)
• Chang, Stephanie (D, 3)
• Johnson, Ruth (R, 24)

Latest actions

1. October 27, 2026: REFERRED TO COMMITTEE OF THE WHOLE WITH SUBSTITUTE (S-1)
2. October 14, 2026: REPORTED FAVORABLY WITH SUBSTITUTE (S-1) 10/14/2026
3. June 10, 2026: REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION
4. June 10, 2026: INTRODUCED BY SENATOR MARY CAVANAGH

Votes

• Reported Favorably With Substitute S-1 10/14/2026 (October 27, 2026): 7 yea, 0 nay, passed

Common questions

What is SB1027?

SB1027 is a bill in the Michigan Legislature (103rd Legislature): Financial institutions: credit unions; requirements for amending the bylaws of credit unions; modify. Amends sec. 303 of 2003 PA 215 (MCL 490.303).

What does SB1027 do?

In its own words: To amend 2003 PA 215, entitled "Credit union act," by amending section 303 (MCL 490.303), as amended by 2016 PA 153.

What is the status of SB1027?

In committee as of October 27, 2026. Latest action: REFERRED TO COMMITTEE OF THE WHOLE WITH SUBSTITUTE (S-1) (October 27, 2026).

Who sponsored SB1027?

Cavanagh, Mary (D, 6), with 5 co-sponsors.

Where is the official record for SB1027?

On the Michigan Legislature website: https://www.legislature.mi.gov/Bills/Bill?ObjectName=2026-SB-1027