Financial institutions: credit unions; notice requirements for certain closures by credit unions; modify. Amends sec. 221 of 2003 PA 215 (MCL 490.221).

Michigan Senate Bill 1029 proposes changes to the notice requirements for credit unions when they close their main office or branches. The bill amends Section 221 of the Credit Union Act (2003 PA 215, MCL 490.221) to modify the procedures and notifications associated with such closures. The bill was introduced on June 10, 2026, by a bipartisan group of senators and has been referred to the Senate Committee on Finance, Insurance, and Consumer Protection. ([legiscan.com](https://legiscan.com/MI/bill/SB1029/2025?utm_source=openai))

MI SB1029 is a senate bill in the Michigan 103rd Legislature, sponsored by Kevin Daley (R), currently “Introduced” since June 10, 2026.

We track 4,230 Michigan bills this session, 13 of them sponsored by Kevin Daley.

While specific media coverage on Senate Bill 1029 is currently unavailable, the bipartisan sponsorship of the bill suggests a collaborative effort to address credit union operations. The proposed changes aim to enhance transparency and communication between credit unions and their members during closures, which could lead to improved member trust and satisfaction. If enacted, the bill may streamline closure procedures and ensure that members are promptly informed, potentially reducing confusion and inconvenience.

As of now, there is no specific media coverage on Senate Bill 1029. However, some stakeholders might express concerns about the potential administrative burden that the new notice requirements could impose on credit unions, especially smaller institutions with limited resources. Additionally, members accustomed to the previous procedures might find the changes disruptive or confusing, leading to temporary dissatisfaction. Without detailed media reports, these considerations remain speculative.