Michigan Laws 338.2203 – Licensing and regulation fund; creation; requirements

Department: means the department of licensing and regulatory affairs. See Michigan Laws 338.2202
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
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

The licensing and regulation fund is created in the state treasury. All of the following apply to the licensing and regulation fund:

(a) Except as otherwise provided in sections 11, 37, 38, and 39, the fees collected under this act shall be deposited into the fund.

(b) Money in the fund shall be used only to offset the cost of operating the department.

(c) The state treasurer shall direct the investment of the fund and shall credit to the fund interest and earnings from fund investments.

(d) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.

(e) The department is the administrator of the fund for auditing purposes.