Michigan SB1026 modifies credit union name requirements, including assumed names and branch locations.

Michigan SB1026 amends the state's credit union laws, specifically section 304 of 2003 PA 215. It requires credit unions to notify the director of the Department of Financial and Insurance Services at least 30 days before using an assumed name. The director can deny or terminate the use of an assumed name if it is deemed confusing or misleading. Credit unions must clearly disclose their assumed names in all legal documents and materials. The bill also mandates that credit unions notify the director of changes in their principal place of business and senior management within seven days.

Michigan SB1026 modifies credit union name requirements, including assumed names and branch locations.

Michigan SB1026 amends the state's credit union laws, specifically section 304 of 2003 PA 215. It requires credit unions to notify the director of the Department of Financial and Insurance Services at least 30 days before using an assumed name. The director can deny or terminate the use of an assumed name if it is deemed confusing or misleading. Credit unions must clearly disclose their assumed names in all legal documents and materials. The bill also mandates that credit unions notify the director of changes in their principal place of business and senior management within seven days.