Gov. Rick Snyder: Financial literacy courses will help high school students, Michigan's economy

Also signs 10 additional bills, including increased penalties for poaching

Monday, Nov. 16, 2015

LANSING, Mich. – Michigan high school students will be better equipped to understand and manage their personal finances by earning credit for financial literacy courses, under bipartisan legislation signed today by Gov. Rick Snyder.

“Learning how to navigate personal finances and budgeting in the real world is an important life skill for young adults,” Snyder said. “To have the best Michigan economy possible, we should empower high school students to learn the basics of our economic system and how to guide their own financial futures.”

House Bill 4390, sponsored by state Rep. Jim Tedder, allows the Michigan Merit Curriculum half-credit economic requirement to be satisfied by completing a course in personal economics that includes a financial literacy component. It was approved with unanimous support in both chambers and is now Public Act 186 of 2015.

Gov. Snyder also signed 10 additional measures today:

Senate Bill 244, sponsored by state Sen. Phil Pavlov, increases the amount of restitution due to the state of Michigan for killing certain game and protected species. For example, the current restitution fee of $1,500 for elk, moose or bear poaching will increase to $5,000 for elk or moose and $3,500 for bears. The bill is now PA 187. 

SBs 245 and 246, sponsored by state Sen. Dale Zorn, increase the penalties for illegal taking of certain game, including the amount of time a hunting license can be revoked and the length of a prison term. The bills are now PA 188 and 189. These measures come after increased black bear poaching in northern Michigan, including the killing of a bear who was with her three cubs.

HB 4039, sponsored by state Rep. John Bumstead, gives municipalities the option to save taxpayer dollars by granting flexibility in public notice requirements for tax foreclosure properties. Under the bill, a foreclosure notice can run for two consecutive weeks instead of three, and can be published in an insert or online instead of only in the newspaper. It is now PA 190.

HB 4134, sponsored by state Rep. Tom Barrett, allows military experience to be used for licensing or registration requirements regarding inspection, installation or repair of boilers as a boiler operator or stationary engineer. Allowing veterans to use their relevant military experience to count toward licensure enhances their employability and transition back into civilian occupation. The bill is now PA 191.

HB 4195, sponsored by state Rep. Al Pscholka, prevents new investments on behalf of the Early Stage Venture Investment Fund. HB 4196, sponsored by Rep. Mike McCready, sunsets the fund as of Jan. 1, 2030, and requires all money in the fund, minus outstanding debts and obligations, to be distributed in a specific manner upon dissolution. The first $140 million would be directed to the General Fund and any remaining amount to the 21st Century Jobs Trust Fund. HB 4365, sponsored by state Rep. Brandt Iden, limits the amount of future state liability on behalf of the venture fund by reducing the vouchers from $600 million to $450 million. The bills are now PA 192, 193 and 194, respectively.

HB 4362, sponsored by state Rep. Jason Sheppard, clarifies that employers who self-insure for workers compensation coverage own their proportional share of excess assets and must establish process and procedures for distribution of any excess with the approval of the Workers Compensation Agency. It is now PA 195.

HB 4562, also sponsored by Bumstead, names a portion of highway M-37 in Newaygo County as the Brian Derks Memorial Highway.  Specialist 4th Class Derks was a native of White Cloud, and was killed in action 10 years ago while serving in the United States Army with the Fox Group Second Squadron of the 11th Armored Calvary Regiment in Iraq during Operation Iraqi Freedom. The bill is now PA 196.

For more information on this and other legislation, please visit www.legislature.mi.gov.

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