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JJB S06247'26_SB1029_INTR_1 4qpchf
SENATE BILL NO. 1029
A bill to amend 2003 PA 215, entitled
"Credit union act,"
by amending section 221 (MCL 490.221), as amended by 2016 PA 153.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 221. (1) The director may by order require a domestic 1
credit union to close its principal place of business or 1 or more 2
branches if it appears to the director determines that the action 3
is required because an emergency exists. The facilities closed 4
shall must remain closed until the director by order finds that the 5
emergency is ended. The director shall promptly notify the governor 6
June 10, 2026, Introduced by Senators DALEY, KLINEFELT, BELLINO, WOJNO,
CAVANAGH, CHANG and JOHNSON and referred to Committee on Finance, Insurance, and
Consumer Protection.
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JJB S06247'26_SB1029_INTR_1 4qpchf
of the issuance of an order under this section. 1
(2) The director may authorize a domestic credit union to 2
close on a day designated by the president of the United States or 3
the governor of this state as a day of national mourning, 4
rejoicing, or other special observance. 5
(3) If the director has not issued and does not issue an order 6
of emergency under subsection (1) and the general manager or other 7
designated officer of a domestic credit union determines that an 8
emergency exists, the designated officer may close the principal 9
place of business or 1 or more branches of the domestic credit 10
union until he or she the designated officer finds that the 11
emergency is ended. 12
(4) A domestic credit union closing its principal place of 13
business or 1 or more branches under this section shall give notice 14
to the director, and to any other appropriate governmental entity 15
if as otherwise required by law. 16
(5) The period during which the principal place of business of 17
a domestic credit union is closed under this section is considered 18
an emergency condition or a legal holiday, and not a banking day, 19
if the status of the closing as a legal holiday, banking day, or a 20
response to an emergency is relevant to any legal obligation of the 21
domestic credit union. 22
(6) This section does not alter any obligations of a domestic 23
credit union to its employees or to the employees of another 24
employer under state or federal law. 25