CREDIT UNION: DIRECTORS - S.B. 596 (S-1): FLOOR ANALYSIS
Senate Bill 596 (Substitute S-1 as reported)
Sponsor: Senator Shirley Johnson
Committee: Banking and Financial Institutions
CONTENT
The bill would amend the credit union Act to eliminate a current requirement that all members of a corporate central credit union's board of directors, supervisory committee (if any), and credit committee (if any) be residents of Michigan, and instead require that one member of the board or of the committees (if any) be a resident of Michigan.
Under the Act, a corporate central credit union is a credit union whose membership consists primarily of other credit unions, including credit unions chartered by the State, another state or U.S. territory, or the United States.
MCL 490.8 - Legislative Analyst: G. Towne
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 9-24-99 - Fiscal Analyst: M. TyszkiewiczFloor\sb596 - Bill Analysis @ http://www.state.mi.us/sfa
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.