MichiganBill would describe how authority bonds qualify as negotiable instruments
If House Bill 6347 also becomes law, this bill would describe how higher education loan authority bonds and attached interest coupons are treated under Michigan's commercial code.
What it does
The bill text describes higher education loan authority bonds as having the qualities of negotiable instruments, while allowing terms for registering the bonds.
Argument forTreating these bonds like negotiable instruments could make transferring them easier for holders.
Argument againstBondholders might find transfers less convenient when bonds include terms for registering them.
More detail
The bill text describes authority bonds and attached interest coupons as having the qualities of negotiable instruments under Michigan's commercial code. This applies to bonds issued under the Higher Education Loan Authority Act and any interest coupons attached to them. Terms for registering the bonds may still apply. This amendment 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. Joe TateIntroduced