PERSON; MODIFY DEFINITION                                                           S.B. 926:

                                                                                         SUMMARY OF BILL

                                                                         REPORTED FROM COMMITTEE

Senate Bill 926 (as reported without amendment)

Sponsor:  Senator Wayne A. Schmidt

Committee:  Economic and Small Business Development

CONTENT

The bill would amend the Michigan Limited Liability Company Act to modify the definition of "person" to include a nonprofit corporation.

MCL 450.4102                                        Legislative Analyst:  Tyler P. VanHuyse

FISCAL IMPACT

The bill likely would not have a significant fiscal impact on State or local units of government. Existing appropriations, as well as revenue obtained from fees collected because of the change in the definition of "person" in the bill, likely would adequately fund any additional work performed by LARA.

Date Completed:  4-22-22                           Fiscal Analyst: Elizabeth Raczkowski

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.