Michigan Laws 206.992 – Disclosure of information to account owner and other person requesting information
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 206.992
- ABLE: means achieving a better life experience. See Michigan Laws 206.982
- account: means an account established under this act. See Michigan Laws 206.982
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Michigan ABLE savings program agreement: means the agreement between the program and an account owner that establishes an ABLE savings account. See Michigan Laws 206.982
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Program: means the Michigan ABLE savings program established pursuant to this act. See Michigan Laws 206.982
Each program manager shall disclose the following information in writing to each account owner of an ABLE savings account and any other person who requests information about an ABLE savings account:
(a) The terms and conditions for establishing an ABLE savings account.
(b) Restrictions on the substitutions of designated beneficiaries and transfer of account funds.
(c) The person entitled to terminate a Michigan ABLE savings program agreement.
(d) The period of time during which a designated beneficiary may receive benefits under the Michigan ABLE savings program agreement.
(e) The terms and conditions under which money may be wholly or partially withdrawn from an account or the program, including, but not limited to, any reasonable charges and fees and penalties that may be imposed for withdrawal.
(f) The potential tax consequences associated with contributions to and distributions and withdrawals from accounts.
(g) Investment history and potential growth of account funds and a projection of the impact of the growth of the account funds on the maximum amount allowable in an account.
(h) All other rights and obligations under Michigan ABLE savings program agreements and any other terms, conditions, and provisions of a contract or an agreement entered into under this act.