MI HB5018

Establishes annual operating fee structure for domestic credit unions based on total assets, with base fee of $1.00 to $3.50 per $1,000 of assets up to $500,000, decreasing percentages for larger asset tiers, and minimum fee of $500.

Requires credit unions to invoice and pay annual operating fees by July 16 each year, computed on December 31 assets of previous year, with caps of $50,000 annually for corporate credit unions.

Imposes $100 daily fee for delinquent financial reports and authorizes director to revoke certificate of approval and take possession if delinquency exceeds 15 days.

Requires credit union board members and committee members to meet eligibility criteria including membership in good standing, bonding acceptability, no prior removal by regulators, no conviction for dishonesty within 20 years, and immediate removal if criteria are no longer met.

Allows domestic credit unions to conduct business solely by mail or electronic communication without physical location while maintaining a principal place of business in Michigan.