Bill Text: MI SB0906 | 2015-2016 | 98th Legislature | Introduced
Bill Title: Higher education; financial aid; student loan program; provide for issuance of student loans and loan guarantees. Amends secs. 2, 3, 4 & 10 of 1960 PA 77 (MCL 390.952 et seq.) & adds sec. 7c. TIE BAR WITH: HB 5583'16, SB 0905'16
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Introduced - Dead) 2016-04-21 - Referred To Committee On Banking And Financial Institutions [SB0906 Detail]
Download: Michigan-2015-SB0906-Introduced.html
SENATE BILL No. 906
April 21, 2016, Introduced by Senators KNEZEK, ANANICH, WARREN, YOUNG, GREGORY, JOHNSON, BIEDA, HOOD, HOPGOOD and HERTEL and referred to the Committee on Banking and Financial Institutions.
A bill to amend 1960 PA 77, entitled
"An act to create the Michigan higher education assistance
authority and to prescribe its powers and duties; to authorize
persons, corporations, and associations to make gifts to the
authority; to prescribe the powers and duties of certain state
officials; to authorize, ratify, and confirm certain guarantees of
students' loans and authorize reguarantees; to authorize, ratify,
and confirm certain guarantees of loans made to parents of
students; to validate certain prior appropriations; and to
authorize the transfer of certain appropriations to be transferred
to and administered by the authority,"
by amending sections 2, 3, 4, and 10 (MCL 390.952, 390.953,
390.954, and 390.960), section 10 as amended by 1989 PA 128, and by
adding section 7c.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
2. The authority shall consist of the superintendent of
public
instruction, student loan
ombudsman, ex officio, who shall
be
chairman, 2 representatives from private colleges located within
this
state, 2 representatives from community colleges located
within
this state, 1 representative each from the university of
Michigan,
Michigan state university, and Wayne state university, 2
representatives
from all other state supported 4-year colleges and
universities
within the state, 1 representative from the secondary
schools
of the state, 1 representative from an eligible lending
institution
of the state, 1 representative from the private
occupational
schools within the state, and 3 representatives from
the
citizens of the state chosen for their interest in higher
education
but not employed by, professionally affiliated with, or
on
the governing body of a college, university, or public high
school
of this state, to be appointed by the governor with the
advice
and consent of the senate.chairperson,
and 3 members
appointed by the superintendent of public instruction. As used in
this section, "student loan ombudsman" means that term as defined
in section 3 of the student loan ombudsman act.
Sec. 3. The terms of office of the members of the authority
shall be 4 years, and they shall hold office until the appointment
and
qualification of their successors, except that the original
members first appointed after the effective date of the amendatory
act that amended this section shall be appointed in such manner as
to
provide for the expiration each year of the terms of one-fourth
of
the members. term of not more
than 1 member. The governor
superintendent of public instruction may remove any member for
misfeasance, malfeasance, or nonfeasance in office, after hearing.
Sec.
4. The governor superintendent
of public instruction
shall fill any vacancy for the balance of the unexpired term by the
appointment
of a person an individual with the same status as the
predecessor
of the appointee. The governor superintendent
of public
instruction may remove any appointee for misfeasance, malfeasance,
or nonfeasance in office, after hearing.
Sec. 7c. Members of the authority shall also serve as members
of the Michigan higher education student loan authority, as
provided by section 3 of the higher education loan authority act,
1975 PA 222, MCL 390.1153.
Sec. 10. The authority is subject to the supervision and
examination
of the commissioner of the financial institutions
bureau
of the department of commerce. director
of insurance and
financial services. However, the authority is not considered to be
a banking organization and is not required to pay a fee for the
supervision or examination. The authority shall make an annual
report
of its condition to the governor superintendent of public
instruction and the legislature within 60 days after the
legislature convenes.
Enacting section 1. This amendatory act takes effect 90 days
after the date it is enacted into law.
Enacting section 2. This amendatory act does not take effect
unless Senate Bill No. 905
of the 98th Legislature is enacted into law.