MI HB6101

Replaces "commissioner" with "director" throughout the section regarding Special Purpose Financial Captive (SPFC) oversight and regulatory authority.

Changes the deadline for filing annual statements of operations from March 1 each year to not later than 60 days after the SPFC's fiscal year ends.

Modifies language regarding material changes to SPFC plans, including securities issuance for continued securitization activities and counterparty substitutions in swap transactions.

Adjusts timing for filing audited financial statements from unspecified to not later than 5 months after the SPFC's fiscal year end.

Updates various statutory language for clarity, including substituting "under" for "pursuant to," "must" for "shall," and other grammatical refinements throughout the regulation.