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Michigan Compiled Laws — LOANS TO MOTOR CARRIERS (Act 387 of 1978)

Michigan · statute · 387 of 1978, Mich. Comp. Laws · 7 active provisions

7 active provisions.

Mich. Comp. Laws § 257.931

Loans to motor carriers; prerequisites; purpose; loans as investments for state recreational land acquisition trust fund; investigation; determination; applicability of section; condition of loan.

(1) The state treasurer shall make loans to motor carriers who have obtained a certificate of public convenience and necessity or a permit to operate as a motor carrier from the Michigan public service commission, and to private carriers who are independent wholesale distributors engaged in the distribution of petroleu…

MichiganLOANS TO MOTOR CARRIERSeffective
Banking, Finance & Insurance
Mich. Comp. Laws § 257.932

Loans to motor carriers; application; form; evidence of ownership; cost of modification or replacement; repayment plan; review and certification of application; time limitation.

(1) An application for a loan shall be made on a form prescribed by the department of state and shall be submitted to the department of state. The application shall require the applicant to submit evidence of ownership of the vehicle subject to modification or replacement and an estimate of the cost of modification or…

MichiganLOANS TO MOTOR CARRIERSeffective
Courts & Civil Procedure
Mich. Comp. Laws § 257.933

Loans to motor carriers; amount; interest rate; time limitation; collection of repayments; restrictions; amount of money invested; appropriations.

(1) A loan made under this act shall be in such amount and to such applicants as determined by the department of state. The loans shall be made at an interest rate of 4% per year simple interest. A loan shall not be made by the department of state after November 1, 1983. (2) The state treasurer shall collect the repaym…

MichiganLOANS TO MOTOR CARRIERSeffective
Banking, Finance & Insurance
Mich. Comp. Laws § 257.934

Creation of security interest in name of state on vehicle; sign disclosing state's lien.

The department of state or the department of treasury shall create a security interest in the name of the state on a vehicle owned by a carrier who receives a loan under this act. The security interest shall be created as provided in section 217 or 238 of the Michigan vehicle code, 1949 PA 300, MCL 257.217 and 257.238,…

MichiganLOANS TO MOTOR CARRIERSeffective
Transportation & Motor Vehicles