SB 1029

SENATE BILL NO. 1029
A bill to amend 2003 PA 215, entitled
"Credit union act,"
by amending section 221 (MCL 490.221), as amended by
2016 PA 153.
the people of the state of michigan enact:
Sec. 221. (1) The director may by order require a
domestic credit union to close its principal place of business or 1 or more
branches if it appears to the director determines that the action is required because an
emergency exists. The facilities closed shall must remain closed until the director by order finds
that the emergency is ended. The director shall promptly notify the governor of
the issuance of an order under this section.
(2) The director
may authorize a domestic credit union to close on a day designated by the
president of the United States or the governor of this state as a day of
national mourning, rejoicing, or other special observance.
(3) If the director
has not issued and does not issue an order of emergency under subsection (1)
and the general manager or other designated officer of a domestic credit union
determines that an emergency exists, the designated officer
may close the principal place of business or 1 or more branches of the domestic
credit union until he or she the designated officer finds that the emergency is
ended.
(4) A domestic
credit union closing its principal place of business or 1 or more branches
under this section shall give notice to the
director, and to any other appropriate
governmental entity if as otherwise required by law.
(5) The period
during which the principal place of business of a domestic credit union is
closed under this section is considered an emergency condition or a legal
holiday, and not a banking day, if the status of the closing as a legal
holiday, banking day, or a response to an emergency is relevant to any legal
obligation of the domestic credit union.
(6) This section
does not alter any obligations of a domestic credit union to its employees or
to the employees of another employer under state or federal law.