Act No. 425

Public Acts of 2006

Approved by the Governor

October 3, 2006

Filed with the Secretary of State

October 5, 2006

EFFECTIVE DATE: October 5, 2006

STATE OF MICHIGAN

93RD LEGISLATURE

REGULAR SESSION OF 2006

Introduced by Reps. Kooiman, Kolb, Hummel and Brown

ENROLLED HOUSE BILL No. 6249

AN ACT 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," (MCL 390.951 to 390.961) by adding section 7a; and to repeal acts and parts of acts.

The People of the State of Michigan enact:

Sec. 7a. (1) The authority may use money from the Michigan guaranty agency's operating fund for the state competitive scholarship program described in 1964 PA 208, MCL 390.971 to 390.981, if all of the following are met:

(a) The money is used by the authority only in the state fiscal year ending September 30, 2006.

(b) Federal law does not prohibit use of the money used from the Michigan guaranty agency's operating fund in the manner described in this subsection.

(2) The authority may use money from the Michigan guaranty agency's operating fund for the state competitive scholarship program described in 1964 PA 208, MCL 390.971 to 390.981, or for the tuition incentive program described in section 310 of article 8 of 2005 PA 154 or a successor to that program, if all of the following are met:

(a) The money is used by the authority only in the state fiscal year ending September 30, 2007.

(b) Federal law does not prohibit use of the money used from the Michigan guaranty agency's operating fund in the manner described in this subsection.

(3) The authority described in this section is in addition to the powers described in section 7.

Enacting section 1. Section 7a of 1960 PA 77, MCL 390.957a, is repealed effective October 1, 2007.

This act is ordered to take immediate effect.

Clerk of the House of Representatives

Secretary of the Senate

Approved

Governor