Public Act 307 of 2008

      Comments on this legislation    Post new comment    Text and Analysis    Add to Watch List 
  Previous   Next 

• Introduced by Rep. Ed Clemente (D) on June 27, 2008, to allow school districts and intermediate school districts to invest retirement funds, building and site funds, sinking funds, or general funds in a Certificate of Deposit Account Registry Service program, which spreads an investor's funds among as many member institutions as necessary so that no more than $100,000 is invested in any single institution -- thus allowing the investment to be fully covered by the FDIC insurance.
  • Referred to the House Banking and Financial Services Committee on June 27, 2008.
    • Reported in the House on September 16, 2008, without amendment and with the recommendation that the bill pass.
  • Amendment offered by Rep. Ed Clemente (D) on September 18, 2008, to clarify a statutory reference in the bill. The amendment passed by voice vote in the House on September 18, 2008.
• Passed 107 to 0 in the House on September 18, 2008.
  Who Voted "Yes" and Who Voted "No"
• Received in the Senate on September 23, 2008.
  • Referred to the Senate Banking and Financial Institutions Committee on September 23, 2008.
    • Reported in the Senate on September 25, 2008, with the recommendation that the substitute (S-1) be adopted and that the bill then pass.
  • Substitute offered in the Senate on October 2, 2008, 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 in the Senate on October 2, 2008.
• Passed 38 to 0 in the Senate on October 2, 2008, to allow school districts and intermediate school districts to invest retirement funds, building and site funds, sinking funds, or general funds in a Certificate of Deposit Account Registry Service program, which spreads an investor's funds among as many member institutions as necessary so that no more than $100,000 is invested in any single institution -- thus allowing the investment to be fully covered by the FDIC insurance.
  Who Voted "Yes" and Who Voted "No"
• Received in the House on October 15, 2008.
• Passed 103 to 0 in the House on November 13, 2008, to concur with the Senate-passed version of the bill.
  Who Voted "Yes" and Who Voted "No"
• Signed by Gov. Jennifer Granholm on December 17, 2008.