Financial institutions: credit unions; commitment for insurance from a qualified private insurance organization; allow for domestic credit unions in certain filings. Amends sec. 301 of 2003 PA 215 (MCL 490.301). TIE BAR WITH: HB 5780'26, HB 5781'26, HB 5782'26, HB 5783'26

This bill amends Michigan's Credit Union Act to clarify the requirements for organizing domestic credit unions, specifically regarding insurance commitments. It mandates that applicants must secure a firm commitment from either a federal agency or a qualified private insurance organization to cover share and deposit accounts before the state commissioner can approve the new credit union. The legislation also outlines the application process, including specific information that must be submitted, the commissioner's authority to investigate and approve the organization, and the steps available for applicants to request a hearing or appeal if their application is denied. Because this bill is tied to several companion bills, it will only take effect if all related legislation is passed into law.