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SENATE BILL NO. 1026
A bill to amend 2003 PA 215, entitled
"Credit union act,"
by amending section 304 (MCL 490.304), as amended by 2016 PA 152.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 304. (1) If a domestic credit union changes the location 1
of its principal place of business in this state, the domestic 2
credit union must shall provide the director with written notice at 3
least not less than 7 days before the change of location. 4
(2) A domestic credit union shall file the address of the 5
principal place of business and the names and titles of the 6
June 10, 2026, Introduced by Senators KLINEFELT, WOJNO, CAVANAGH, CHANG,
BELLINO and JOHNSON and referred to Committee on Finance, Insurance, and Consumer
Protection.
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JJB S06252'26_SB1026_INTR_1 bap8e3
officials and senior management employees of the domestic credit 1
union with the director on a form prescribed by the director. If 2
the name or title of an official or senior management employee of a 3
domestic credit union changes, the credit union shall provide the 4
director with written notice of the change within not more than 7 5
days after the change. 6
(3) A domestic credit union may establish and maintain 7
branches. The credit union shall provide written notice to the 8
director of the location of a branch before establishing the 9
branch. 10
(4) A domestic credit union and 1 or more domestic or foreign 11
credit unions or other financial organizations may establish and 12
maintain service centers. One or more of the financial 13
organizations that establish a service center may operate the 14
service center, or the financial organizations organizing the 15
service center may contract with another person to operate the 16
service center. A domestic credit union may refer to a service 17
center as a branch. 18
(5) Subject to all of the following, a domestic credit union 19
may adopt or change 1 or more assumed names: 20
(a) The domestic credit union shall give written notice of a 21
proposed assumed name to the director at least not less than 30 22
days before using the assumed name. 23
(b) The director may deny a domestic credit union the right to 24
use an assumed name or terminate a credit union's right to use an 25
assumed name if the director determines that the assumed name is 26
confusing or misleading or for any other reason. 27
(c) A domestic credit union using an assumed name shall 28
clearly and conspicuously disclose the name of the credit union and 29
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the assumed name in all signs, advertising, mailings, and similar 1
materials and shall clearly and conspicuously disclose the assumed 2
name and the name of the credit union in all legal documents, 3
certificates of deposit, signature cards, loan agreements, account 4
statements, checks, drafts, and other similar documents. 5
(d) An assumed name may contain the phrase "credit union". 6