Michigan Laws > Chapter 206 > Act 513 of 2006 – Individual or Family Development Account Program Act
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Terms Used In Michigan Laws > Chapter 206 > Act 513 of 2006 - Individual or Family Development Account Program Act
- account: means an account established under section 4. See Michigan Laws 206.902
- Account holder: means a person who is the owner of an individual or family development account or the family if the account is a family account. See Michigan Laws 206.902
- Agency: means the Michigan state housing development authority of the department of energy, labor, and economic growth. See Michigan Laws 206.902
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Client: means a person who engages the services of a personnel agency. See Michigan Laws 339.1001
- Consulting agent: means the individual designated by a type B personnel agency who is responsible for the general management of that type B personnel agency. See Michigan Laws 339.1001
- Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the department of energy, labor, and economic growth. See Michigan Laws 206.902
- Eligible educational institution: means any of the following:
(i) A college, university, community college, or junior college described in section 4, 5, or 6 of article VIII of the state constitution of 1963 or established under section 7 of article VIII of the state constitution of 1963. See Michigan Laws 206.902Employee: means a person performing work or service for compensation. See Michigan Laws 339.1001 Employer: means a person employing or seeking to employ a person for compensation. See Michigan Laws 339.1001 Employment agent: means the individual designated by a type A personnel agency who is responsible for the general management of that type A personnel agency. See Michigan Laws 339.1001 Federal poverty level: means the poverty guidelines published annually in the federal register by the United States department of health and human services under its authority to revise the poverty line under section 673(2) of subtitle B of title VI of the omnibus budget reconciliation act of 1981, Public Law 97-35, 42 USC 9902. See Michigan Laws 206.902 Fee: means any direct or indirect compensation. See Michigan Laws 339.1001 Fiduciary: A trustee, executor, or administrator. Financial institution: means a state chartered bank, state chartered savings bank, savings and loan association, credit union, or trust company; or a national banking association or federal savings and loan association or credit union. See Michigan Laws 206.902 Financial literacy: means personal financial planning and education. See Michigan Laws 206.902 Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Job order: means an oral or written notification by an employer to a personnel agency that a job opening exists for which the employer wishes to find an employee and includes all information regarding the job. See Michigan Laws 339.1001 organization: means a charitable organization exempt from taxation under section 501(c)(3) of the internal revenue code that is approved by the agency to manage a reserve fund. See Michigan Laws 206.902 Oversight: Committee review of the activities of a Federal agency or program. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personnel agency: means a type A personnel agency or a type B personnel agency, or both. See Michigan Laws 339.1001 Program: means the individual or family development account program established in section 3. See Michigan Laws 206.902 Program site: means a charitable organization exempt from taxation under section 501(c)(3) or 501(c)(14) of the internal revenue code that is approved by the agency to implement the individual or family development account program. See Michigan Laws 206.902 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Registration fee: means a fee other than the fee specified in a contract, which a personnel agency requires or accepts from a client prior to execution of a contract. See Michigan Laws 339.1001 reserve fund: means an account established and managed by a fiduciary organization housed at a financial institution. See Michigan Laws 206.902 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 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o