MichiganCredit unions would give 45–90 days’ notice before merger meetings
Members of Michigan-chartered credit unions merging into another would receive written notice before special meetings to approve the merger, unless the regulator waives voting.
What it does
Michigan-chartered credit unions merging into another would send members written notice 45–90 days before a special meeting to vote on the merger, unless the state regulator waives the vote.
Argument forA 45-day minimum notice could help members review a proposed merger and prepare questions before voting at a meeting.
Argument againstWhen a vote is required, the 45-day minimum could delay a merger meeting that members and credit union leaders want sooner.
More detail
Credit unions would send members written notice of special meetings to vote on a merger. This covers Michigan-chartered credit unions merging into another credit union. This notice rule applies to meeting votes. The regulator may waive voting if it serves members’ best interests or the credit union cannot cover its debts or is close to that point. Notice would be due at least 45 and no more than 90 days before the meeting.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Nov 5referred to Committee on FinanceLatest
- Vote recorded PASSED ROLL CALL # 267 YEAS 33 NAYS 0 EXCUSED 5 NOT VOTING 0. Result: pass.Upper
- Nov 5read a first timeMinor
- Nov 5received on 11/05/2026Minor
- Nov 5PASSED ROLL CALL # 267 YEAS 33 NAYS 0 EXCUSED 5 NOT VOTING 0Passed Senate
- Nov 5PLACED ON IMMEDIATE PASSAGE
- Nov 5RULES SUSPENDED
- Nov 5PLACED ON ORDER OF THIRD READING WITH SUBSTITUTE (S-2)
- Nov 5SUBSTITUTE (S-2) CONCURRED IN
- Nov 5REPORTED BY COMMITTEE OF THE WHOLE FAVORABLY WITH SUBSTITUTE (S-2)Minor
- Oct 27REFERRED TO COMMITTEE OF THE WHOLE WITH SUBSTITUTE (S-1)Minor
- Oct 27REPORTED FAVORABLY WITH SUBSTITUTE (S-1) 10/14/2026Minor
- Jun 10REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTIONMinor
- Jun 10INTRODUCED BY SENATOR MICHELE HOITENGAIntroduced
- Nov 5referred to Committee on FinanceLatest
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