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SB1027 • 2026

Financial institutions: credit unions; requirements for amending the bylaws of credit unions; modify. Amends sec. 303 of 2003 PA 215 (MCL 490.303).

Financial institutions: credit unions; requirements for amending the bylaws of credit unions; modify. Amends sec. 303 of 2003 PA 215 (MCL 490.303).

Labor
Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Mary Cavanagh (District 6), Veronica Klinefelt (District 11), Paul Wojno (District 10), Joseph N. Bellino Jr. (District 16), Stephanie Chang (District 3), Ruth A. Johnson (District 24)
Last action
2026-06-10
Official status
REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Financial institutions: credit unions; requirements for amending the bylaws of credit unions; modify. Amends sec. 303 of 2003 PA 215 (MCL 490.303).

Financial institutions: credit unions; requirements for amending the bylaws of credit unions; modify.

What This Bill Does

  • Financial institutions: credit unions; requirements for amending the bylaws of credit unions; modify.
  • Amends sec.
  • 303 of 2003 PA 215 (MCL 490.303).

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-06-10 SJ 51 Pg. 611

    INTRODUCED BY SENATOR MARY CAVANAGH

  2. 2026-06-10 SJ 51 Pg. 611

    REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION

Official Summary Text

Financial institutions: credit unions; requirements for amending the bylaws of credit unions; modify. Amends sec. 303 of 2003 PA 215 (MCL 490.303).

Current Bill Text

Read the full stored bill text 
JJB S06246'26_SB1027_INTR_1 a6wk0p

SENATE BILL NO. 1027

A bill to amend 2003 PA 215, entitled
"Credit union act,"
by amending section 303 (MCL 490.303), as amended by 2016 PA 153.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 303. (1) If approved by a majority of the members present 1
at a duly constituted annual or special meeting of the members, the 2
membership may amend the certificate of organization or bylaws of a 3
domestic credit union or delegate authority to the credit union 4
board, or rescind the authority of the credit union board, to amend 5
the certificate of organization or bylaws. 6
June 10, 2026, Introduced by Senators CAVANAGH, KLINEFELT, WOJNO, BELLINO,
CHANG and JOHNSON and referred to Committee on Finance, Insurance, and Consumer
Protection.
2
Final Page
JJB S06246'26_SB1027_INTR_1 a6wk0p
(2) Any proposed action to amend the certificate of 1
organization or the bylaws or to delegate authority to amend the 2
certificate of organization or bylaws to the credit union board 3
under subsection (1) shall must be stated in a notice of the 4
meeting. 5
(3) An amendment to the certificate of organization or bylaws 6
of a domestic credit union is not effective unless it the amendment 7
is submitted to the director for review and approved by the 8
director. This subsection does not apply to an amendment to the 9
bylaws of a domestic credit union if the amendment makes only 10
changes that are logistical in nature. 11