Introduced
by
To require the higher Michigan Education Loan Authority to establish a special reserve fund to provide security for the debt it has incurred, allow the Authority to determine the minimum size of the reserve fund, and require the legislature to give it money in an appropriations bill should the reserve fall below the minimum the Authority has established. This relates to a law passed by Congress in 2007 that has had the unintended consequence of drying up college loans made through financial institutions.
Referred to the Committee on Appropriations
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 100 to 9 (details)
To require the higher Michigan Education Loan Authority to establish a special reserve fund to provide security for the debt it has incurred, allow the Authority to determine the minimum size of the reserve fund, and require the legislature to give it money in an appropriations bill should the reserve fall below the minimum the Authority has established.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the bill pass.
Amendment offered
To require the approval of the Department of Treasury to create a reserve fund.
The amendment passed by voice vote
Passed in the Senate 29 to 0 (details)
To require the higher Michigan Education Loan Authority to establish a special reserve fund to provide security for the debt it has incurred; allow the Authority to determine the minimum size of the reserve fund; and require the legislature to give it money in an appropriations bill should the reserve fall below the minimum the Authority has established.
Passed in the House 96 to 9 (details)
To concur with the Senate-passed version of the bill.
