Allows domestic credit unions to obtain insurance commitments from private organizations.

This bill amends the Michigan Credit Union Act to allow domestic credit unions to obtain insurance commitments from qualified private insurance organizations. It modifies the process for organizing a domestic credit union, including the application requirements and the commissioner's role in approving or disapproving the organization. The bill also specifies that the commissioner's decision to approve or disapprove is discretionary and based on safety and soundness. The amendment takes effect only if certain related bills are enacted.

Allows domestic credit unions to obtain insurance commitments from private organizations.

This bill amends the Michigan Credit Union Act to allow domestic credit unions to obtain insurance commitments from qualified private insurance organizations. It modifies the process for organizing a domestic credit union, including the application requirements and the commissioner's role in approving or disapproving the organization. The bill also specifies that the commissioner's decision to approve or disapprove is discretionary and based on safety and soundness. The amendment takes effect only if certain related bills are enacted.