Senate Bill 906 Summary

• Replaces the superintendent of public instruction with the student loan ombudsman as an ex officio chairperson of the Michigan Higher Education Assistance Authority.

• Eliminates the previous composition of the authority requiring representatives from specific educational institutions and entities, replacing it with a simplified structure of the student loan ombudsman and 3 members appointed by the superintendent of public instruction.

• Transfers appointment and removal authority for authority members from the governor to the superintendent of public instruction.

• Adds a new provision requiring authority members to also serve as members of the Michigan Higher Education Student Loan Authority under 1975 PA 222.

• Changes the authority's supervisory oversight from the commissioner of financial institutions to the director of insurance and financial services.

• Effective 90 days after enactment, contingent upon Senate Bill 905 of the 98th Legislature being enacted into law.