Bill Text: MI HB5171 | 2011-2012 | 96th Legislature | Introduced

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Bill Title: Financial institutions; savings banks; participation in business development corporations; authorize. Amends sec. 404 of 1996 PA 354 (MCL 487.3404). TIE BAR WITH: HB 5169'11

Spectrum: Partisan Bill (Democrat 13-0)

Status: (Introduced - Dead) 2011-11-29 - Printed Bill Filed 11/14/2011 [HB5171 Detail]

Download: Michigan-2011-HB5171-Introduced.html

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HOUSE BILL No. 5171

 

November 10, 2011, Introduced by Reps. Hovey-Wright, Meadows, Jackson, Brown, Segal, Liss, Barnett, Slavens, Lindberg, Townsend, Switalski, Irwin and Howze and referred to the Committee on Banking and Financial Services.

 

     A bill to amend 1996 PA 354, entitled

 

"Savings bank act,"

 

by amending section 404 (MCL 487.3404).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 404. Except as otherwise provided by this act or in its

 

articles of incorporation, a savings bank may purchase the shares

 

of stock of, or make loans to, the Michigan facilitated by, a

 

business development corporation incorporated under the business

 

development corporation act.

 

     Enacting section 1. This amendatory act does not take effect

 

unless Senate Bill No.____ or House Bill No. 5169(request no.

 

01519'11) of the 96th Legislature is enacted into law.