Allows foreign credit unions to operate in Michigan with certain conditions.
This bill amends Michigan's credit union laws to allow foreign credit unions to conduct business in the state, provided they meet specific criteria. These include being organized under a similar law, being financially solvent, and having insurance. The foreign credit union must also agree to charge interest rates no higher than those permitted for domestic credit unions, comply with consumer protection laws, and maintain an agent for service of process in Michigan.
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