CREDIT UNION: DIRECTORS - S.B. 596: COMMITTEE SUMMARY
Senate Bill 596 (as introduced 5-11-99)
Sponsor: Senator Shirley Johnson
Committee: Banking and Financial Institutions
Date Completed: 9-21-99
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.
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.
- Fiscal Analyst: M. TyszkiewiczS9900\s596sa
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.