Michigan Laws 325.854 – Toxic substance loan repayment fund; establishment; deposits; use of fund
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(1) A toxic substance loan repayment fund is established in the department.
(2) All payments of principal, interest, fees, charges, and other receipts from the servicing of loans made pursuant to former Act No. 273 of the Public Acts of 1978, shall be deposited into the toxic substance loan repayment fund.
Terms Used In Michigan Laws 325.854
- Department: means the department of treasury. See Michigan Laws 325.851
- Fund: means the toxic substance loan repayment fund established in section 4. 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
(3) The state treasurer may use the fund to pay the costs of servicing loans made pursuant to former Act No. 273 of the Public Acts of 1978, including any costs incurred by the state in protecting the state’s interest in those loans, and may establish a reserve to cover anticipated servicing costs.