2006 Michigan Compiled Laws - Mich. Comp. Laws § 388.1937 False statement or unauthorized use of proceeds; violation as felony; penalty.
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Act 92 of 2005 388.1937 False statement or unauthorized use of proceeds; violation as felony; penalty. Sec. 17. A person who knowingly makes a false statement or conceals material information for the purpose of obtaining qualification of a bond issue under this act or for the purpose of obtaining a qualified loan under this act, or who knowingly uses all or part of the proceeds of a qualified loan obtained under this act for any purpose not authorized by this act, is guilty of a felony punishable by imprisonment for not more than 4 years or a fine of not more than $5,000.00, or both.
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