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HB-5781, As Passed House, June 17, 2026
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HOUSE BILL NO. 5781
A bill to amend 2003 PA 215, entitled
"Credit union act,"
by amending section 501 (MCL 490.501).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 501. (1) A foreign credit union, other than a federal 1
credit union, may conduct business as a credit union in this state 2
only with the written approval of the commissioner. director. The 3
commissioner director shall not grant approval unless the 4
commissioner director finds that the foreign credit union meets all 5
of the following requirements: 6
April 14, 2026, Introduced by Reps. Schuette, Harris, Woolford, McFall, DeBoyer, Bierlein and
BeGole and referred to Committee on Insurance.
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JJB H05545'25_HB5781_APH_1 63qy8g
(a) The credit union is organized under a law similar to this 1
act. 2
(b) The credit union is financially solvent. 3
(c) The credit union has insurance through an agency of the 4
federal government of member of its share and deposit accounts from 5
a federal agency authorized to insure share and deposit accounts or 6
from a qualified private insurance organization as that term is 7
defined in section 387. 8
(d) The credit union is examined and supervised by the 9
supervisory authority of the state or territory in which it is 10
organized. 11
(e) The credit union conducts business in this state to 12
adequately serve its members in this state. 13
(2) The commissioner director shall not grant approval under 14
subsection (1) unless the foreign credit union agrees in writing as 15
a condition of the approval to do all of the following: 16
(a) To charge a rate of interest that does not exceed any rate 17
of interest permitted by under the credit reform act, 1995 PA 162, 18
MCL 445.1851 to 445.1864, for a loan in this state by a domestic 19
credit union. 20
(b) Comply with the same consumer protection laws that a 21
domestic credit union must comply with when making a loan or 22
providing other services in this state. For purposes of this 23
subdivision, a loan is made in this state if any person, other than 24
a guarantor, while physically in this state, signed the loan 25
agreement setting forth the terms and conditions of any obligation 26
created or to be created under the agreement. For purposes of this 27
subdivision, a service other than a loan is provided in this state 28
if a person does not physically travel out of this state to obtain 29
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JJB H05545'25_HB5781_APH_1 63qy8g
the service or if an agreement to provide the service is signed by 1
a person in this state. 2
(c) Designate and maintain an agent for the service of process 3
in this state. 4
(d) File any reports required by the commissioner.director. 5
(e) Allow the commissioner director to conduct an examination, 6
if necessary, to the same extent as the commissioner director is 7
authorized to conduct examinations of domestic credit unions under 8
article 2. 9
(f) Meet any other requirements that the commissioner director 10
requires of domestic credit unions under this act. 11
(3) The commissioner director shall not grant approval under 12
subsection (1) if the state or territory in which the credit union 13
is organized does not permit credit unions organized in this state 14
to do business in that state or territory. 15
(4) This section does not exempt a foreign credit union from 16
complying with the laws of this state to the extent compliance is 17
otherwise required. 18
Enacting section 1. This amendatory act does not take effect 19
unless all of the following bills of the 103rd Legislature are 20
enacted into law: 21
(a) Senate Bill No. ____ (request no. S05525'25) or House Bill 22
No. 5779 (request no. H05525'25). 23
(b) Senate Bill No. ____ (request no. S05532'25) or House Bill 24
No. 5780 (request no. H05532'25). 25
(c) Senate Bill No. ____ (request no. S05544'25) or House Bill 26
No. 5782 (request no. H05544'25). 27
(d) Senate Bill No. ____ (request no. S06228'26) or House Bill 28
No. 5783 (request no. H06228'26). 29