Michigan SB1029 amends credit union closure notice requirements during emergencies.

Michigan SB1029 modifies notice requirements for credit union closures during emergencies. It allows the director to order a credit union to close if an emergency exists, with the closure remaining until the director determines the emergency is over. If no order is issued, a credit union can close under certain conditions, provided it notifies the director and any other required entities. The closure period is considered an emergency condition or legal holiday, not a banking day. This change does not affect credit unions' obligations to their employees under state or federal law.

Michigan SB1029 amends credit union closure notice requirements during emergencies.

Michigan SB1029 modifies notice requirements for credit union closures during emergencies. It allows the director to order a credit union to close if an emergency exists, with the closure remaining until the director determines the emergency is over. If no order is issued, a credit union can close under certain conditions, provided it notifies the director and any other required entities. The closure period is considered an emergency condition or legal holiday, not a banking day. This change does not affect credit unions' obligations to their employees under state or federal law.