Michigan legislation · 103rd Legislature
Michigan SB1029: Financial institutions: credit unions; notice requirements for certain closures by credit unions; modify. Amends sec. 221 of 2003 PA 215 (MCL 490.221).
Status: In committee, October 27, 2026
What the bill says
To amend 2003 PA 215, entitled "Credit union act," by amending section 221 (MCL 490.221), 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 221 (MCL 490.221), as amended by 2016 PA 153. the people of the state of michigan enact: Sec. 221. (1) The director may by order require a domestic credit union to close its principal place of business or 1 or more branches if it appears to the director determines that the action is required because an emergency exists. The facilities closed shall must remain closed until the director by order finds that the emergency is ended. The director shall promptly notify the governor of the issuance of an order under this section. (2) The director may authorize a domestic credit union to close on a day designated by the president of the United States or the governor of this state as a day of national mourning, rejoicing, or other special observance. (3) If the director has not issued and does not issue an order of emergency under subsection (1) and the general manager or other designated officer of a domestic credit union determines that an emergency exists, the designated officer may close the principal place of business or 1 or more branches of the domestic credit union until he or she the designated officer finds that the emergency is ended. (4) A domestic credit union closing …
Sponsors
- Daley, Kevin (R, 26) · primary sponsor
- Klinefelt, Veronica (D, 11)
- Bellino, Joseph (R, 16)
- Wojno, Paul (D, 10)
- Cavanagh, Mary (D, 6)
- Chang, Stephanie (D, 3)
- 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 KEVIN DALEY
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 SB1029?
- SB1029 is a bill in the Michigan Legislature (103rd Legislature): Financial institutions: credit unions; notice requirements for certain closures by credit unions; modify. Amends sec. 221 of 2003 PA 215 (MCL 490.221).
- What does SB1029 do?
- In its own words: To amend 2003 PA 215, entitled "Credit union act," by amending section 221 (MCL 490.221), as amended by 2016 PA 153.
- What is the status of SB1029?
- In committee as of October 27, 2026. Latest action: REFERRED TO COMMITTEE OF THE WHOLE WITH SUBSTITUTE (S-1) (October 27, 2026).
- Who sponsored SB1029?
- Daley, Kevin (R, 26), with 6 co-sponsors.
- Where is the official record for SB1029?
- On the Michigan Legislature website: https://www.legislature.mi.gov/Bills/Bill?ObjectName=2026-SB-1029
Source: official Michigan record. Tracked by Delilah, AI for legislation across all 50 states and Congress.