S.B. 555: ENROLLED SUMMARY                                                     REPEAL PSC OVERSIGHT

Senate Bill 555 (as enrolled)                                                                    PUBLIC ACT 246 of 1995

Sponsor: Senator Mat J Dunaskiss Senate Committee: Financial Services House Committee: Commerce

Date Completed: 1-16-97

CONTENT

The bill repealed Public Act 144 of 1909 (MCL 460.301-460.303) and Public Act 19 of 1967 (MCL 486.551-486.571). The bill specifies that the repeal of Public Act 144 does not alter or void an order issued by the Michigan Public Service Commission (PSC) authorizing the issue of securities under that Act. The bill took effect on December 27, 1995.

(Public Act 144 of 1909 governed the issuance of securities by public utilities, and provided that any public utility seeking to issue stocks, bonds, notes, or other debt of more than 12 months’ duration had to obtain approval from the PSC. Public Act 19 of 1967 authorized the PSC to regulate water companies, which generally meant nongovernmental entities with at least 75 customers that owned or operated equipment or facilities for the production, transmission, or furnishing of water for compensation.)

Legislative Analyst: S. Margules

S9596\S555es

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.

Page 1 of 1