Michigan Laws 324.95234 – Powers and duties of state treasurer, attorney general, and qualified financial institution; program as valid public purpose
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 324.95234
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Dredging: means the removal of sediments from bottomland. See Michigan Laws 324.95232
- Financial institution: means a state or national bank, a state or federally chartered savings and loan association, a state or federally chartered savings bank, a state or federally chartered credit union, or other regulated lending institution whose deposits are insured by an agency of the United States government, that maintains a principal office or branch office in this state under the laws of this state or the United States. See Michigan Laws 324.95232
- Marina dredging loan: means a loan or the refinancing of all or a portion of a loan made to the owner of an eligible marina for dredging costs necessitated by low water levels to accommodate the use of the marina by recreational watercraft. See Michigan Laws 324.95232
- Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.95232
- Program: means the marina dredging loan origination program established under this act. See Michigan Laws 324.95232
- Qualified financial institution: means a financial institution that has a physical location in this state or whose principal office is located in this state, or both. See Michigan Laws 324.95232
- 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
(1) The state treasurer may take any necessary action to ensure the successful operation of the program, including, but not limited to, entering into agreements with qualified financial institutions related to the operation of the program and the issuance of marina dredging loans.
(2) The attorney general shall approve as to legal form all documents relating to the payment of a loan origination fee by this state.
(3) Each qualified financial institution participating in the program shall do both of the following:
(a) By March 1, 2014, report to the state treasurer the principal amount of marina dredging loans made under the program.
(b) File an affidavit with the state treasurer signed by a senior executive officer of the qualified financial institution stating that the qualified financial institution is in compliance with the program and this act.
(4) Upon request by the state treasurer, a qualified financial institution shall forward to the state treasurer a copy of any affidavit executed by a person receiving a marina dredging loan under this act. The qualified financial institution and the state treasurer shall destroy the affidavit or its copy after the marina dredging loan is repaid.
(5) The program is found and declared to be for a valid public purpose.