Economic development: other; Michigan BIDCO act; amend to reflect elimination of the Michigan strategic fund. Amends secs. 104 & 105 of 1986 PA 89 (MCL 487.1104 & 487.1105). TIE BAR WITH: SB 0631'25
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the Michigan BIDCO Act to eliminate the Michigan Strategic Fund. It updates definitions within the act, particularly regarding the ‘Board of the Michigan Strategic Fund,’ to reflect the transition to the Bureau of Fair Competition and Free Enterprise. The amendment is contingent upon the enactment of Senate Bill 631, which addresses economic development fair competition and free enterprise.
Key provisions
- Eliminates the Michigan Strategic Fund as defined in the act.
- Updates definitions related to the ‘Board of the Michigan Strategic Fund’ to reference the ‘Bureau’.
- Replaces references to the ‘Michigan Strategic Fund Act’ with references to the ‘Economic Development Fair Competition and Free Enterprise Act’.
- Defines ‘Affiliate,’ ‘BIDCO,’ ‘Business Development Enterprise,’ and ‘Business Firm’ as they relate to the revised act.
- Clarifies definitions of ‘Incorporating Statute,’ ‘Insolvent,’ ‘Licensee,’ ‘License,’ ‘Manager,’ ‘Member,’ and ‘Michigan Corporation/Limited Liability Company.’
- Specifies that the ‘Commissioner’ is the Commissioner of the Office of Financial and Insurance Regulation.
Who is affected
- Businesses and industrial development companies (BIDCOs)
- Investors in Michigan corporations and limited liability companies
- The Michigan Department of Licensing and Regulatory Affairs
Bill text
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