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.
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