Michigan Laws 500.1204d – Continuing education fund; creation; administration; disposition and reversion of funds; funding of shortfall
Current as of: 2023 | Check for updates
|
Other versions
(1) The continuing education fund is created as a separate, self-supporting fund and shall be administered by the commissioner. Money in the continuing education fund shall be used for the administration of the continuing education requirements in section 1204c.
(2) Money received pursuant to section 1204c shall be deposited in the continuing education fund.
Terms Used In Michigan Laws 500.1204d
- Commissioner: means the director. See Michigan Laws 500.102
- 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.
(3) Money in the continuing education fund shall not revert to the general fund at the close of the fiscal year but shall remain in the continuing education fund.
(4) Notwithstanding section 240(3), if money in the continuing education fund is not sufficient to provide for the administration of the continuing education requirements in section 1204c, the shortfall shall be funded from the agent’s appointment fees required by section 240(1)(c).