Public Act 61 of 2010

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• Introduced by Sen. Gerald Van Woerkom (R) on February 25, 2010, to rewrite the rules for corporate acquisitions so as to raise obstacles to the acquisition of a controlling interest in the Fremont Insurance Company (which is located in the district of the bill sponsor) by the Indianapolis-based Steak and Shake Corporation. Specifically, the bill would require a two-thirds supermajority of shareholders to vote in favor of the sale if the current board of directors opposes being taken over, but only for a "domestic (Michigan-based) insurer with 200 employees or fewer".
  • Referred to the Senate Economic Development and Regulatory Reform Committee on February 25, 2010.
    • Reported in the Senate on March 23, 2010, with the recommendation that the substitute (S-3) be adopted and that the bill then pass.
  • Substitute offered in the Senate on March 23, 2010, to replace the previous version of the bill with one that revises details but does not change the substance as previously described. The substitute passed in the Senate by voice vote on March 23, 2010.
• Passed in the Senate (27 to 10) on March 23, 2010. [Vote Details and Comments]
• Received in the House on March 23, 2010.
  • Referred to the House Insurance Committee on March 23, 2010.
    • Reported in the House on April 15, 2010, with the recommendation that the substitute (H-1) be adopted and that the bill then pass.
    • Substitute offered in the House on April 22, 2010, to replace the previous version of the bill with one that revises details but does not change the substance as previously described. The substitute passed in the House by voice vote on April 22, 2010.
  • Amendment offered by Rep. Tim Melton (D) on April 22, 2010, to sunset the bill in 2012. The amendment passed in the House by voice vote on April 22, 2010.
  • Amendment offered by Rep. Barb Byrum (D) on April 22, 2010, to leave the bill's provisions in effect until 2030. The amendment failed in the House by voice vote on April 22, 2010.
• Passed in the House (83 to 24) on April 22, 2010, to rewrite the rules for corporate acquisitions so as to raise obstacles to the acquisition of a controlling interest in the Fremont Insurance Company (which is located in the district of the bill sponsor) by the Indianapolis-based Steak and Shake Corporation. Specifically, the bill would require a two-thirds supermajority of shareholders to vote in favor of the sale if the current board of directors opposes being taken over, but only for a "domestic (Michigan-based) insurer with 200 employees or fewer". [Vote Details and Comments]
• Received in the Senate on April 27, 2010, to concur with a House-passed version of the bill. Passed in the Senate (28 to 8) on April 27, 2010. [Vote Details and Comments]
• Signed by Gov. Jennifer Granholm on April 30, 2010.