MI SB0388

Allows domestic credit unions to permit members to designate an account as inactive, with the member retaining membership but losing membership privileges while the account is inactive.

Requires agreement from all individuals if the account basis for membership involves more than one person.

Prohibits credit unions from charging any fees to inactive accounts.

Permits members to remove the inactive designation at any time.

Requires credit unions to deliver unclaimed money or property to the Department of Treasury and terminate membership if the inactive designation is not removed within the timeframe specified in the Uniform Unclaimed Property Act (1995 PA 29).