2004 House Bill 5833 / Public Act 586

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Introduced in the House

April 29, 2004

Introduced by Rep. Matt Milosch (R-55)

To allow a financial institution to establish and maintain collective investment funds, which are funds that consist solely of the assets of retirement, pension, profit sharing, stock bonus, or other trusts. This places in statute what is already in administrative law, and brings the state and federal regulations on this subject into conformity.

Referred to the Committee on Commerce

May 4, 2004

Reported without amendment

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

Sept. 29, 2004

Substitute offered

To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.

The substitute passed by voice vote

Passed in the House 101 to 0 (details)

Received in the Senate

Sept. 30, 2004

Referred to the Committee on Banking and Financial Institutions

Dec. 7, 2004

Reported without amendment

With the recommendation that the bill pass.

Dec. 8, 2004

Substitute offered by Sen. Mike Bishop (R-12)

To replace the previous version of the bill with one that revises the definition of financial institution.

The substitute passed by voice vote

Passed in the Senate 36 to 0 (details)

To allow a financial institution to establish and maintain collective investment funds, which are funds that consist solely of the assets of retirement, pension, profit sharing, stock bonus, or other trusts. This places in statute what is already in administrative law, and brings the state and federal regulations on this subject into conformity.

Received in the House

Dec. 8, 2004

Dec. 9, 2004

Passed in the House 99 to 0 (details)

To concur with the Senate-passed version of the bill.

Signed by Gov. Jennifer Granholm

Dec. 30, 2004