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2021 Michigan Compiled Laws
Chapter 390 - Universities and Colleges
Act 161 of 2000 - Michigan Education Savings Program Act (390.1471 - 390.1486)
AN ACT to create the Michigan education savings program; to provide for education savings accounts; to prescribe the powers and duties of certain state agencies, boards, and departments; to allow certain tax credits or deductions; and to provide for penalties and remedies.
History: 2000, Act 161, Imd. Eff. June 16, 2000
- Section 390.1471 - Short Title.
- Section 390.1472 - Definitions.
- Section 390.1473 - Michigan Education Savings Program; Establishment; Soliciting Proposals; Duties and Powers Vested in Treasurer; Administration of Program; Funds Trustee; Personnel and Services; Selection of Program Manager; Contract.
- Section 390.1474 - Management Contract; Supervision by Treasurer.
- Section 390.1475 - Management Contract; Term; Termination.
- Section 390.1476 - Contracts.
- Section 390.1477 - Education Savings Accounts; Establishment; Purpose; Agreement; Form of Contribution; Withdrawal; Distributions; Penalty; Separate Accounting for Each Beneficiary.
- Section 390.1478 - Account Owner or Beneficiary; Changes; Transfer.
- Section 390.1479 - Account Owner or Beneficiary; Direction of Contributions or Earnings; Selection of Investment Strategy; Contributions by Board Members or Employees; Use of Interest; Restriction.
- Section 390.1480 - Maximum Account Balance Limit; Limitation; Rejection of Contribution to Designated Beneficiary Account; Total Balance of All Accounts.
- Section 390.1481 - Account Distributions; Report to Internal Revenue Service and Account Owner; Statements.
- Section 390.1482 - Disclosure of Information.
- Section 390.1483 - Construction or Interpretation of Act and Agreement.
- Section 390.1484 - Obligation Upon State, Agency, or Instrumentality of State.
- Section 390.1485 - Annual Report.
- Section 390.1486 - Contributions and Interest Earned as Tax Exempt; Withdrawals as Taxable.
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