MI HB5021

Allows two or more domestic credit unions to merge into one existing credit union or a newly formed credit union if credit union boards adopt a merger plan and members approve (except the surviving credit union's members).

Requires merger plan to include constituent credit union names, surviving credit union name, conversion terms for member shares, and any certificate of organization amendments.

Permits domestic credit unions to merge with foreign credit unions if the merger complies with applicable laws of both jurisdictions.

Director may waive membership vote requirement if merger is in the best interests of membership or if the constituent credit union is insolvent or in imminent danger of insolvency.

Allows credit unions with different fields of membership to merge; effective date September 7, 2016, contingent on enactment of HB 5017, 5018, 5019, 5020, and 5022.