Bill
Bill > HB6082
MI HB6082
MI HB6082State finance: bonds; baby bond trust fund act; create. Creates new act. TIE BAR WITH: HB 6097'24, HB 6081'24
summary
Introduced
11/13/2024
11/13/2024
In Committee
11/13/2024
11/13/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
102nd Legislature
Bill Summary
A bill to establish the baby bond trust fund in the department of treasury; to provide for the distribution of the money from the fund; to prescribe the powers and duties of certain agencies and officials; and to provide for appropriations.
AI Summary
This bill establishes the "Baby Bond Trust Fund" in the Department of Treasury to provide funds for the implementation, administration, and support of the "Baby Bond Trust Account Program." The fund can receive money from any source, and the state treasurer is responsible for investing the fund and contracting with various entities to design, administer, and provide the best investment options. The Department of Treasury is the administrator of the fund and will use the funds to establish accounts for designated beneficiaries and make disbursements for eligible expenditures under the Baby Bond Trust Account Program. The bill also requires the Department to annually report on the activities of the fund to the legislature and other state officials. The bill's enactment is tied to the passage of two other bills related to the Baby Bond Trust Account Program.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Bill Electronically Reproduced 11/14/2024 (on 11/14/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.mi.gov/Bills/Bill?ObjectName=2024-HB-6082 |
| BillText | https://legislature.mi.gov/documents/2023-2024/billintroduced/House/htm/2024-HIB-6082.htm |
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