Michigan Laws 325.853 – Transfer of loans, documents, and audited inventory to department; powers of state treasurer
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Terms Used In Michigan Laws 325.853
- Department: means the department of treasury. See Michigan Laws 325.851
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
All loans made by the toxic substance loan commission pursuant to former Act No. 273 of the Public Acts of 1978, together with any documents regarding the loans and an audited inventory of the loans are transferred to the department. The state treasurer shall have all powers necessary or expedient for the protection of the state’s interest in those loans, including but not limited to, the right to incur any and all costs required to protect the state’s interest in any of the loans, and to take any other action regarding the loans as the state treasurer considers necessary.