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MI HB6440
Bill
Status
9/15/2010
Primary Sponsor
Mary Valentine
Click for details
AI Summary
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Beginning January 1, 2011, the state treasurer shall not invest or deposit surplus funds in any financial institution unless it is a participating servicer under the Michigan Helping Hardest Hit Homeowners Plan operated by the Michigan State Housing Development Authority.
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The Michigan Helping Hardest Hit Homeowners Plan must be funded and operated by the U.S. Department of Treasury and the Department of Housing and Urban Development.
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By April 1, 2011, the state treasurer must divest all state investments in and withdraw all surplus funds from financial institutions that are not participating servicers in the specified program.
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The divestment requirement does not apply if the state treasurer determines that divesting, removing, or withdrawing surplus funds would cause a financial loss to the state.
Legislative Description
State financing and management; other; state deposits in banks not participating in certain MSHDA programs; prohibit. Amends 1855 PA 105 (MCL 21.141 - 21.147) by adding sec. 2g.
Housing, housing development authority
Last Action
Printed Bill Filed 09/16/2010
9/16/2010