Public Act 308 of 2008

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• Introduced by Sen. Tony Stamas (R) on September 18, 2008, to allow local governments 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 Senate Local, Urban, & State Affairs Committee on September 18, 2008.
    • Reported in the Senate on September 25, 2008, with the recommendation that the substitute (S-3) 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.
  Who Voted "Yes" and Who Voted "No"
• Received in the House on October 15, 2008.
  • Referred to the House Banking and Financial Services Committee on October 15, 2008.
    • Reported in the House on November 12, 2008, without amendment and with the recommendation that the bill pass.
• Passed 103 to 0 in the House on November 13, 2008, to allow local governments 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"
• Signed by Gov. Jennifer Granholm on December 17, 2008.