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HB-5779, As Passed House, June 17, 2026
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HOUSE BILL NO. 5779
A bill to amend 2003 PA 215, entitled
"Credit union act,"
by amending section 301 (MCL 490.301), as amended by 2004 PA 471.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 301. (1) Seven individuals, a majority of whom are 1
residents of this state and all of whom are within the proposed 2
field of membership of the domestic credit union, may file an 3
application to organize a domestic credit union under this act. 4
This subsection does not apply to the organization of a corporate 5
April 14, 2026, Introduced by Reps. Harris, DeBoyer, Woolford, McFall, Bierlein and BeGole
and referred to Committee on Insurance.
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credit union under this act. 1
(2) A domestic credit union is organized in the following 2
manner: 3
(a) The applicants shall file an application in the form 4
prescribed by the commissioner. director. The application shall 5
must contain all of the following information: 6
(i) The name and all proposed assumed names of the domestic 7
credit union. 8
(ii) The location of the principal place of business and any 9
initial branches of the domestic credit union. 10
(iii) The names and addresses of the applicants and the number 11
of shares subscribed by each applicant. 12
(iv) The par value of the shares of the domestic credit union. 13
The par value of a share shall must not exceed $100.00. 14
(v) The proposed field of membership. 15
(vi) Any other information required by the 16
commissioner.director. 17
(b) The applicants shall deliver the application to the 18
commissioner, director with an application fee in an amount 19
established by the commissioner.director. 20
(c) Within Not later than 60 days after receipt of receiving 21
an application or the last amendment or supplement to the 22
application, the commissioner director shall do all of the 23
following: 24
(i) Examine the information contained in the application and 25
conduct any investigation the commissioner director considers 26
necessary pertaining to the organization of the new domestic credit 27
union. 28
(ii) Determine whether the organization of the proposed 29
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domestic credit union will benefit its members. 1
(iii) Determine whether a federal agency authorized to insure 2
share and deposit accounts or a qualified private insurance 3
organization as that term is defined in section 387 has issued a 4
firm commitment to provide that insurance for insure the share and 5
deposit accounts of the domestic credit union. 6
(iv) Determine whether organization of the domestic credit 7
union is consistent with the purposes of this act. 8
(v) Approve or disapprove the proposed field of membership 9
only on the basis of safety and soundness. 10
(d) The commissioner director approves or disapproves of the 11
organization of the domestic credit union. 12
(e) If the commissioner director approves, he or she the 13
director issues a certificate of approval. 14
(3) The decision to approve or disapprove of the organization 15
of a domestic credit union under subsection (2) is discretionary 16
with the commissioner. director. The commissioner director shall 17
notify the applicants of his or her the decision. If the 18
commissioner director approves, he or she the director shall issue 19
a certificate of organization and approved bylaws of the domestic 20
credit union. If all of the organizers sign the certificate of 21
organization and adopt the bylaws and return the certificate of 22
organization and bylaws to the commissioner, director, the 23
commissioner director shall issue the certificate of approval 24
authorizing the commencement of business. If the commissioner 25
director disapproves, he or she the director shall state the 26
reasons for the decision and the applicant may request a hearing to 27
reconsider the decision before the commissioner within director not 28
later than 30 days after the mailing of a copy of the decision to 29
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the applicants. Within Not later than 10 days after receipt of 1
receiving a request for a hearing to reconsider, the commissioner 2
director shall set a date for the hearing that is within not later 3
than 60 days after the date the request was received. If the 4
commissioner director does not approve the organization of the 5
domestic credit union after the hearing to reconsider, the 6
applicants may file an appeal of the commissioner's director's 7
decision in the circuit court for the county stated in the 8
application as the location of the principal office of the domestic 9
credit union or in the circuit court for Ingham county within 10
County not later than 30 days after the date of mailing by 11
certified mail of a copy of the decision to the applicants. If the 12
applicants appeal to the circuit court, the commissioner director 13
shall retain the exhibits introduced at the hearing and shall 14
forward them to the circuit court. The applicants shall pay the 15
cost of preparation of the stenographer's record of the hearing to 16
reconsider. 17
(4) If a certificate of approval authorizing a domestic credit 18
union to commence business is issued under subsection (2), the 19
domestic credit union is organized for purposes of this act. 20
(5) The commissioner director shall retain the original 21
certificate of organization and the original bylaws. The 22
commissioner director shall deliver the certificate of approval and 23
a copy of the approved bylaws to the domestic credit union. 24
(6) The commissioner director shall prescribe the form of the 25
certificate of organization and the bylaws and shall furnish them 26
upon request to a domestic credit union or a person who is 27
considering organization of a domestic credit union. 28
Enacting section 1. This amendatory act does not take effect 29
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unless all of the following bills of the 103rd Legislature are 1
enacted into law: 2
(a) Senate Bill No. ____ (request no. S05532'25) or House Bill 3
No. 5780 (request no. H05532'25). 4
(b) Senate Bill No. ____ (request no. S05544'25) or House Bill 5
No. 5782 (request no. H05544'25). 6
(c) Senate Bill No. ____ (request no. S05545'25) or House Bill 7
No. 5781 (request no. H05545'25). 8
(d) Senate Bill No. ____ (request no. S06228'26) or House Bill 9
No. 5783 (request no. H06228'26). 10