2006 Michigan Compiled Laws - Act 222 of 1975


Act 222 of 1975

AN ACT to establish the Michigan higher education student loan authority for the purpose of providing loans to eligible students and to parents of students; to prescribe its powers and duties; to authorize the authority to borrow money and issue bonds which are subject to or exempt from federal income taxation and to provide for the disposition of those funds; to exempt the bonds from taxation; to authorize the authority to acquire loans made to eligible students or to parents of students; and to authorize persons, corporations, and associations to make gifts to the authority.

History: 1975, Act 222, Eff. Oct. 1, 1975 ;--Am. 1984, Act 259, Imd. Eff. Dec. 7, 1984 ;--Am. 1987, Act 206, Eff. Jan. 1, 1988

The People of the State of Michigan enact:

Section 390.1151Short title.
Section 390.1152Definitions.
Section 390.1153Authority; creation; autonomous entity; members; terms; quorum; action by authority; meetings.
Section 390.1154Powers of authority.
Section 390.1154aLoans to students or parents of students; purpose; rules.
Section 390.1155Bonds; purposes; general obligation of authority; approval by municipal finance commission or successor agency; determination; resolution; requirements; issuance subject to agency financing reporting act; interest rate agreement.
Section 390.1156Bonds; pledge and agreement of state.
Section 390.1157Bonds as investment securities.
Section 390.1158Disposition of moneys of authority; contracts with holders of bonds; audit.
Section 390.1159Tax exemptions; bonds and interest coupons negotiable; registration of bonds.
Section 390.1160Pledge by authority; lien of pledge; recording not required.
Section 390.1161Default; appointment and powers of trustee; rights of bondholders and trustee.
Section 390.1162Loans to students or parents of students; rules; basis of determining amount of loan; description of options; federally reinsured loans; variable repayment schedules; revised repayment term or schedule.
Section 390.1163Personal liability.
Section 390.1164Repealed. 1976, Act 163, Imd. Eff. June 21, 1976.
Section 390.1165Effective date.

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