MI HB5584

Restructures the Michigan Higher Education Assistance Authority from a multi-representative board to a simpler body consisting of the student loan ombudsman (ex officio chairperson) and 3 members appointed by the superintendent of public instruction.

Removes all previous board positions including representatives from private colleges, community colleges, universities, secondary schools, lending institutions, and occupational schools.

Transfers authority member appointment and removal power from the governor to the superintendent of public instruction, with removal allowed only for misfeasance, malfeasance, or nonfeasance in office after hearing.

Designates authority members to also serve as members of the Michigan Higher Education Student Loan Authority under the 1975 PA 222 act.

Changes regulatory supervision of the authority from the commissioner of financial institutions to the director of insurance and financial services.

Effective 90 days after enactment, contingent upon passage of House Bill 5583 or a related Senate bill.