Michigan Laws 445.1092 – Homeowner protection fund; administration; receipt, deposit, and investment of money and assets; money remaining in fund at close of fiscal year; expenditures
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Terms Used In Michigan Laws 445.1092
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
(1) The homeowner protection fund is created in the state treasury. The state treasurer shall be the administrator of the fund. Except for auditing purposes, the state treasurer shall administer the fund in consultation with the department of the attorney general. The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall receive for deposit into the fund money allocated to this state from the April 4, 2012 consent judgments affecting the 5 largest defendant mortgage loan servicers in United States v Bank of America Corp, No. 12-0361-RMC (United States District Court for the District of Columbia). The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments. Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.
(2) Money in the fund shall be expended, upon appropriation, in a manner and for purposes consistent with the consent judgments referred to in subsection (1).