Mich. Comp. Laws § 206.901
Short title.
This act shall be known and may be cited as the "individual or family development account program act".
Michigan Compiled Laws — INDIVIDUAL OR FAMILY DEVELOPMENT ACCOUNT PROGRAM ACT (Act 513 of 2006)
Michigan · statute · 513 of 2006, Mich. Comp. Laws · 9 active provisions
Mich. Comp. Laws § 206.902
Definitions.
As used in this act: (a) "Account holder" means a person who is the owner of an individual or family development account or the family if the account is a family account. (b) "Agency" means the Michigan state housing development authority of the department of energy, labor, and economic growth. (c) "Contributor" means…
Mich. Comp. Laws § 206.903
Individual or family development account; establishment; purpose; policies and procedures; approving and reviewing qualifications of fiduciary organizations and program sites; factors; implementation of programs.
(1) The individual or family development account program is established within the agency. The program shall provide eligible individuals and families with an opportunity to establish accounts to be used for education, first-time purchase of a primary residence, qualified home improvements, or business capitalization a…
Mich. Comp. Laws § 206.904
Eligibility; approval or rejection of applicant by program site; limitation on number of accounts; duties of individual; establishment of account; purposes; signatures for withdrawals.
(1) An individual or family whose household income is less than or equal to 200% of the federal poverty level for an individual or for that family's family size may apply to a program site to establish an individual or family development account. (2) A program site may approve applications to the extent that the progra…
Mich. Comp. Laws § 206.905
Participant savings plan agreement; matching funds; distributions; manner.
(1) A program site shall enter into a participant savings plan agreement with each account holder who is approved to establish an individual or family development account. (2) Upon request from a program site, the fiduciary organization shall provide matching funds for contributions to an account by an account holder a…
Mich. Comp. Laws § 206.906
Withdrawal matched by program site; contingent beneficiary; financial institution not responsible for verification.
(1) Money withdrawn during a calendar year from an individual or family development account by an account holder for a purpose under section 4 shall be matched by the program site as provided in the participant savings plan agreement between the account holder and the program site. (2) An account holder shall name at l…
Mich. Comp. Laws § 206.909
Administration of individual or family development account program by fiduciary organization; report.
(1) A fiduciary organization selected to administer an individual or family development account program under this act shall file with the agency an annual report of the fiduciary organization’s individual development account program activity related to accounts established for the first-time purchase of a primary resi…
Mich. Comp. Laws § 206.910
Rules.
The Michigan state housing development authority and the department, in consultation with one another, may promulgate rules as needed to implement their respective responsibilities under this act under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328.
Mich. Comp. Laws § 206.911
Effective date.
This act takes effect January 1, 2007.