MichiganStudent loan notes and bonds would count as transferable promises
If House Bill 6347 becomes law, notes and bonds issued for Michigan higher education student loans would count as transferable promises to pay.
What it does
Notes and bonds issued under Michigan’s higher education student loan law would count as transferable promises to pay, while keeping any registration terms written into them.
Argument forTreating the notes and bonds as transferable could make it easier for their holders to pass them to others.
Argument againstTransferable notes and bonds could make it harder for issuing universities to track who holds them, even though their registration terms remain in place.
More detail
Notes and bonds issued under the student loan law would count as negotiable instruments, which are written promises to pay that can generally be transferred. The provision concerns notes and bonds issued under Michigan's law for establishing and financing student loan programs. This amendment would take effect only if House Bill 6347 is enacted into law. The provision would take effect only if House Bill 6347 is enacted into law.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 29bill electronically reproduced 09/24/2026Latest
- Sep 24referred to Committee on FinanceMinor
- Sep 24read a first timeMinor
- Sep 24introduced by Representative Rep. Jason HoskinsIntroduced
Education