November 29, 2006, Introduced by Rep. Kolb and referred to the Committee on Commerce.
A bill to amend 1984 PA 270, entitled
"Michigan strategic fund act,"
(MCL 125.2001 to 125.2094) by adding section 79.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 79. (1) The fund shall establish and operate a center for
the development of nonprofit banks and credit unions.
(2) The center for the development of nonprofit banks and
credit unions, along with the Michigan economic development
corporation, shall provide loans, grants, and other support for the
attraction, development, and growth of nonprofit banks and credit
unions that will finance 1 or more of the following:
(a) Economic development.
(b) Access to capital.
(c) Neighborhood reinvestment.