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MI SB0942

Bill

Official Source

Status

Passed

9/5/2018

Primary Sponsor

Goeff Hansen

Click for details

Origin

Senate

99th Legislature

AI Summary

  • Amends the Michigan Higher Education Student Loan Authority Act to add definitions including "talent investment fund" and clarifies terms related to eligible institutions, students, parents, and borrower obligations.

  • Grants the Michigan Higher Education Student Loan Authority the power to contribute $100,000,000 to the talent investment fund in state fiscal year ending September 30, 2018.

  • Creates the talent investment fund within the state treasury to receive deposits from any source, with funds invested by the state treasurer and interest credited back to the fund.

  • Prohibits talent investment fund money from lapsing to the general fund at fiscal year end and dedicates funds to enhancing economic talent, increasing access to academic and technical credentials, and improving educational opportunities.

  • Takes effect immediately upon approval by the Governor on June 26, 2018.

Legislative Description

State financing and management; authorities; talent investment fund in the higher education loan authority act; implement. Amends secs. 2 & 4 of 1975 PA 222 (MCL 390.1152 & 390.1154) & adds sec. 8a.

State agencies (existing): treasury

Last Action

Assigned Pa 0228'18 With Immediate Effect

9/5/2018

Committee Referrals

Appropriations4/12/2018

Full Bill Text

No bill text available