Michigan legislation · 103rd Legislature
Michigan SB1030: Financial institutions: credit unions; notices to credit union members of certain mergers; modify requirements for. Amends sec. 371 of 2003 PA 215 (MCL 490.371).
Status: In committee, October 27, 2026
What the bill says
To amend 2003 PA 215, entitled "Credit union act," by amending section 371 (MCL 490.371), as amended by 2016 PA 156.
From the introduced text, June 10, 2026:
A bill to amend 2003 PA 215, entitled "Credit union act," by amending section 371 (MCL 490.371), as amended by 2016 PA 156. the people of the state of michigan enact: Sec. 371. (1) Two or more domestic credit unions may merge into 1 of the credit unions, or into a newly formed domestic credit union, if all of the following are met: (a) The credit union board of each constituent credit union by majority vote adopts a plan of merger that includes all of the following: (i) The name of each constituent credit union and the name of the surviving credit union. (ii) The terms and conditions of the proposed merger, including the manner and basis of converting the member shares in each constituent credit union into member shares in the surviving credit union, or into cash or other property, or into a combination of shares, cash, or other property. (iii) A statement of any amendment to the certificate of organization of the surviving credit union affected by the merger or a statement that no changes are to be made in the certificate of organization of the surviving credit union. (iv) Any other provisions concerning the proposed merger that the constituent credit unions consider necessary or desirable. (b) If the credit union board of each constituent credit union adopts …
Sponsors
- Hoitenga, Michele (R, 36) · 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 MICHELE HOITENGA
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 SB1030?
- SB1030 is a bill in the Michigan Legislature (103rd Legislature): Financial institutions: credit unions; notices to credit union members of certain mergers; modify requirements for. Amends sec. 371 of 2003 PA 215 (MCL 490.371).
- What does SB1030 do?
- In its own words: To amend 2003 PA 215, entitled "Credit union act," by amending section 371 (MCL 490.371), as amended by 2016 PA 156.
- What is the status of SB1030?
- In committee as of October 27, 2026. Latest action: REFERRED TO COMMITTEE OF THE WHOLE WITH SUBSTITUTE (S-1) (October 27, 2026).
- Who sponsored SB1030?
- Hoitenga, Michele (R, 36), with 6 co-sponsors.
- Where is the official record for SB1030?
- On the Michigan Legislature website: https://www.legislature.mi.gov/Bills/Bill?ObjectName=2026-SB-1030
Source: official Michigan record. Tracked by Delilah, AI for legislation across all 50 states and Congress.