Financial institutions: credit unions; insurance from a qualified private insurance organization; allow for foreign credit unions. Amends sec. 501 of 2003 PA 215 (MCL 490.501). TIE BAR WITH: HB 5779'26, HB 5780'26, HB 5782'26, HB 5783'26

Summary

The bill lets non‑federal foreign credit unions do business in Michigan if the state commissioner gives written approval and the credit union meets several requirements, such as being organized under a similar law, being financially sound, and having insured deposits. Approved foreign credit unions must follow Michigan’s interest‑rate caps, consumer‑protection rules, and other obligations that apply to domestic credit unions. The changes only become effective if four companion bills also pass.

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