HB-6380, As Passed House, September 7, 2006
August 30, 2006, Introduced by Reps. Moore, Emmons, Mortimer, Farhat and Nitz and referred to the Committee on Higher Education and Career Preparation.
A bill to amend 1975 PA 222, entitled
"Higher education loan authority act,"
by amending section 2 (MCL 390.1152), as amended by 1987 PA 206.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2. As used in this act:
(a) "Authority" means the Michigan higher education student
loan authority created by section 3.
(b) "Bonds" means the bonds authorized to be issued by the
authority under this act, which may consist of bonds, notes, term
loans, commercial paper, or other debt obligations evidencing an
obligation to repay borrowed money and payable solely from revenues
and other money pledged by the authority.
(c) "Bond resolution" or "resolution", when used in relation
to the issuance of bonds, means either the resolution or trust
agreement securing the bonds.
(d)
"Eligible institution" means
: an institution of higher
education; a vocational school; or, with respect to students or
their parents who are citizens or nationals of the United States,
an institution outside the United States comparable to an
institution
of higher education or to a vocational school which
that
is approved by the state
board of education superintendent
of public instruction and by the United States secretary of
education for purposes of the guaranteed loan program.
(e) "National of the United States" means a person who, though
not a citizen of the United States, owes permanent allegiance to
the
United States, as defined described in section 101(a)(22)
101(a)(22)(B)
of the immigration and nationality act,
8 U.S.C.
USC 1101.
(f) "Obligations" or "borrower obligations" means loan notes
and other debt obligations evidencing loans to students or parents
of students which the authority may take, acquire, buy, sell, or
indorse under this act and may include a direct or indirect
interest in whole or part of the notes or obligations.
(g) "Parent" means a biological or adoptive parent or legal
guardian.
(h) "Standard rating service" means a service recognized in
the investment profession which evaluates and measures securities
investment and credit risk.
(i) "Student" means a person who is enrolled or accepted for
enrollment at an eligible institution and who is making suitable
progress in his or her education toward obtaining a degree or other
appropriate certification in accordance with standards acceptable
to the authority.
Enacting section 1. This amendatory act is intended to
transfer back to the superintendent of public instruction certain
powers, duties, and functions that were transferred to the former
department of career development by Executive Reorganization Order
No. 1999-7, MCL 388.995.