2004 House Bill 6284 / Public Act 471

Revise credit union regulations

Introduced in the House

Sept. 29, 2004

Introduced by Rep. David Palsrok (R-101)

To revise a number of technical provisions of the law regulating credit unions. Among other things the bill would impose certain loan amount caps, and prohibit certain transactions that benefit management insiders.

Referred to the Committee on Commerce

Nov. 9, 2004

Reported without amendment

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

Nov. 10, 2004

Substitute offered

To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.

The substitute passed by voice vote

Passed in the House 107 to 0 (details)

Received in the Senate

Nov. 30, 2004

Referred to the Committee on Banking and Financial Institutions

Dec. 7, 2004

Reported without amendment

With the recommendation that the bill pass.

Dec. 8, 2004

Passed in the Senate 36 to 0 (details)

To revise a number of technical provisions of the law regulating credit unions. Among other things the bill would impose certain loan amount caps, and prohibit certain transactions that benefit management insiders.

Signed by Gov. Jennifer Granholm

Dec. 22, 2004