Michigan HB6357: Commercial code: other; references to uniform commercial code in Michigan tobacco settlement finance authority act; revise. Amends sec. 3 of 2005 PA 226 (MCL 129.263). TIE BAR WITH: HB 6347'26

What the bill says

To amend 2005 PA 226, entitled "Michigan tobacco settlement finance authority act," by amending section 3 (MCL 129.263).

From the introduced text, September 24, 2026:

A bill to amend 2005 PA 226, entitled "Michigan tobacco settlement finance authority act," by amending section 3 (MCL 129.263). the people of the state of michigan enact: Sec. 3. As used in this act: (a) "Ancillary facility" means any revolving credit agreement, agreement establishing a line of credit or letter of credit, reimbursement agreement, interest rate exchange or similar agreement, currency exchange agreement, interest rate floor or cap, options, puts or calls to hedge payment, currency, rate, spread or similar exposure, or similar agreements, investment agreements, float agreements, forward agreements or other investment arrangements, insurance contract, surety bond, commitment to purchase or sell securities, purchase or sale agreements or commitments or other contracts or agreements and other security agreements approved by the authority, including without limitation any arrangements referred to in this act. (b) "Authority" means the Michigan tobacco settlement finance authority created under section 4. (c) "Benefited parties" means persons, firms, or corporations that enter into ancillary facilities with the authority according to the provisions of this act. (d) "Board" means the board of directors of the authority. (e) "Bond" means a bond, note, or other obligation issued by the authority under this act. (f) "Code" means the United States internal revenue code of 1986, as amended, and any successor provision of law. (g) "Encumbered tobacco revenues" means …

Read the full official text

Sponsors

• Aragona, Joseph (R, 60) · primary sponsor
• Wozniak, Douglas (R, 59)

Latest actions

1. September 24, 2026: bill electronically reproduced 09/24/2026
2. September 24, 2026: referred to Committee on Finance
3. September 24, 2026: read a first time
4. September 24, 2026: introduced by Representative Rep. Joseph Aragona

Common questions

What is HB6357?

HB6357 is a bill in the Michigan Legislature (103rd Legislature): Commercial code: other; references to uniform commercial code in Michigan tobacco settlement finance authority act; revise. Amends sec. 3 of 2005 PA 226 (MCL 129.263). TIE BAR WITH: HB 6347'26.

What does HB6357 do?

In its own words: To amend 2005 PA 226, entitled "Michigan tobacco settlement finance authority act," by amending section 3 (MCL 129.263).

What is the status of HB6357?

In committee as of September 24, 2026. Latest action: bill electronically reproduced 09/24/2026 (September 24, 2026).

Who sponsored HB6357?

Aragona, Joseph (R, 60), with 1 co-sponsor.

Where is the official record for HB6357?

On the Michigan Legislature website: https://www.legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-6357