Public Act 307 of 2008

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• Introduced by Rep. Ed Clemente (D) on June 27, 2008, to allow school districts and intermediate school districts to invest retirement funds, building and site funds, sinking funds, or general funds in a Certificate of Deposit Account Registry Service program, which spreads an investor's funds among as many member institutions as necessary so that no more than $100,000 is invested in any single institution -- thus allowing the investment to be fully covered by the FDIC insurance.
  • Referred to the House Banking and Financial Services Committee on June 27, 2008.
    • Reported in the House on September 16, 2008, without amendment and with the recommendation that the bill pass.
  • Amendment offered by Rep. Ed Clemente (D) on September 18, 2008, to clarify a statutory reference in the bill. The amendment passed in the House by voice vote on September 18, 2008.
• Passed in the House (107 to 0) on September 18, 2008. [Vote Details and Comments]
• Received in the Senate on September 23, 2008.
  • Referred to the Senate Banking and Financial Institutions Committee on September 23, 2008.
    • Reported in the Senate on September 25, 2008, with the recommendation that the substitute (S-1) be adopted and that the bill then pass.
  • Substitute offered in the Senate on October 2, 2008, 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 in the Senate by voice vote on October 2, 2008.
• Passed in the Senate (38 to 0) on October 2, 2008, to allow school districts and intermediate school districts to invest retirement funds, building and site funds, sinking funds, or general funds in a Certificate of Deposit Account Registry Service program, which spreads an investor's funds among as many member institutions as necessary so that no more than $100,000 is invested in any single institution -- thus allowing the investment to be fully covered by the FDIC insurance. [Vote Details and Comments]
• Received in the House on October 15, 2008.
• Passed in the House (103 to 0) on November 13, 2008, to concur with the Senate-passed version of the bill. [Vote Details and Comments]
• Signed by Gov. Jennifer Granholm on December 17, 2008.