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MI HB5432
Bill
Status
1/18/2018
Primary Sponsor
Abdullah Hammoud
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AI Summary
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Amends 1855 PA 105 to include the Community Bank of Michigan in the list of financial institutions where state surplus funds may be deposited or invested.
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Requires the state treasurer to deposit or invest at least 90% of surplus funds in the Community Bank of Michigan.
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Limits deposits, loans, or investments in other financial institutions to no more than 10% of surplus funds under existing statutory provisions.
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Redefines "commissioner" to mean the director of the Department of Insurance and Financial Services rather than the commissioner of the Office of Financial and Insurance Services.
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Takes effect 90 days after enactment, contingent upon passage of House Bill 5431 and House Bill 5434.
Legislative Description
Financial institutions; other; investments of surplus funds in the state-owned bank; require. Amends title & sec. 7 of 1855 PA 105 (MCL 21.147) & adds sec. 3a. TIE BAR WITH: HB 5431'18, HB 5434'18
State agencies (existing): treasury
Last Action
Bill Electronically Reproduced 01/18/2018
1/24/2018