CREDIT UNION CONVERSION PLAN - S.B. 464: FLOOR ANALYSIS


Senate Bill 464 (as reported by the Committee of the Whole)

Sponsor: Senator Shirley Johnson

Committee: Banking and Financial Institutions


CONTENT


The bill would amend the credit union Act to establish notification, voting, and approval procedures for a credit union's plan of conversion into a mutual savings bank or mutual savings association, or a bank, stock savings bank, or stock savings and loan association.


The bill also would allow conversion into a credit union chartered under the laws of the District of Columbia or a U.S. protectorate. Under procedures similar to those outlined in the bill, the Act currently allows a credit union organized under it to convert into a credit union chartered under Federal law, the laws of another state, or the laws of a U.S. territory.


MCL 490.1a et al. - Legislative Analyst: N. Nagata


FISCAL IMPACT


The bill would have no fiscal impact on State or local government.



Date Completed: 5-23-01 - Fiscal Analyst: M. Tyszkiewicz

floor\sb464 - Analysis available @ http://www.michiganlegislature.org

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.