MichiganBuilding authority bonds count as negotiable instruments
The bill would revise rules for state building authority bonds, but would take effect only if a separate bill, HB 6347, becomes law.
What it does
The state building authority’s bonds and attached interest coupons count as negotiable instruments, subject to any registration terms printed on the bonds.
Argument forTreating the authority’s bonds as negotiable instruments may make it easier for buyers to transfer them.
Argument againstBecause the bonds rely on pledged rentals or other pledged funds, bondholders may face limited payment sources if those funds fall short.
More detail
The building authority’s bonds and attached interest coupons count as negotiable instruments under Michigan’s Uniform Commercial Code. This applies to bonds and any attached interest coupons issued under the state building authority law. The bonds remain subject to any registration terms printed on them.
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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. Joseph AragonaIntroduced
Government & Ethics