§ 206.981 Short title
§ 206.982 Definitions
§ 206.983 Michigan ABLE savings program; establishment; program manager; purposes, powers, and duties of state treasurer or designee; selection of program managers; proposals; factors; duties of treasurer and p
§ 206.984 Management contract; supervision
§ 206.985 Management contract; term of years; termination
§ 206.986 Contracts as necessary and proper
§ 206.987 ABLE savings accounts; establishment; opening of account by individual or designated representative; agreement; form; contents; contributions; exemption from creditor process; distributions; separate
§ 206.988 Changes in account owners or designated beneficiaries; transfers
§ 206.989 Directing investment of contributions in violation of internal revenue code; prohibition; administrative services; use of interest as loan security
§ 206.990 Maximum account balance limit
§ 206.991 Submission of certain information to internal revenue service, department, and account owner
§ 206.992 Disclosure of information to account owner and other person requesting information
§ 206.993 Construction and interpretation of act and agreement
§ 206.994 State obligation
§ 206.995 Annual report
§ 206.996 Tax exemption
§ 206.997 Consideration of financial circumstances for purpose of assistance program; effect of ABLE savings account

Terms Used In Michigan Laws > Chapter 206 > Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act

  • ABLE: means achieving a better life experience. See Michigan Laws 206.982
  • account: means an account established under this act. See Michigan Laws 206.982
  • Account owner: means an individual who is a resident of this state, or a resident of a contracting state, and who enters into a Michigan ABLE savings program agreement and establishes an ABLE savings account. See Michigan Laws 206.982
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Barber: means a person who shaves or trims the beard of a person; cuts, trims, shampoos, relaxes, curls, permanently waves, dresses, tints, bleaches, colors, arranges, or styles the hair of a person; massages the face and head of a person; or renders personal services of a similar nature customarily done by a barber. See Michigan Laws 339.1101
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Client: means a person who engages the services of a personnel agency. See Michigan Laws 339.1001
  • Consulting agent: means the individual designated by a type B personnel agency who is responsible for the general management of that type B personnel agency. See Michigan Laws 339.1001
  • Contracting state: means a state without a qualified ABLE program that has entered into a contract with this state to provide its residents access to the Michigan ABLE program. See Michigan Laws 206.982
  • Demonstration: means a show, seminar, or contest in which barber services are rendered for the purpose of educating barbers. See Michigan Laws 339.1101
  • Department: means the department of treasury. See Michigan Laws 206.982
  • Designated beneficiary: means an eligible individual designated as the individual whose qualified disability expenses are expected to be paid from the account. See Michigan Laws 206.982
  • Designated representative: means an individual who is authorized to act on behalf of the designated beneficiary if the designated beneficiary is a minor or has a guardian, conservator, or other fiduciary who has been appointed for purposes of managing that designated beneficiary's financial affairs. See Michigan Laws 206.982
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Eligible individual: means that term as defined in section 529A of the internal revenue code. See Michigan Laws 206.982
  • Employee: means a person performing work or service for compensation. See Michigan Laws 339.1001
  • Employer: means a person employing or seeking to employ a person for compensation. See Michigan Laws 339.1001
  • Employment agent: means the individual designated by a type A personnel agency who is responsible for the general management of that type A personnel agency. See Michigan Laws 339.1001
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Fee: means any direct or indirect compensation. See Michigan Laws 339.1001
  • Fiduciary: A trustee, executor, or administrator.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Internal revenue code: means the United States internal revenue code of 1986 in effect on January 1, 2015 or at the option of the taxpayer, in effect for the current year. See Michigan Laws 206.982
  • Job order: means an oral or written notification by an employer to a personnel agency that a job opening exists for which the employer wishes to find an employee and includes all information regarding the job. See Michigan Laws 339.1001
  • Management contract: means the contract executed between the treasurer and a program manager. See Michigan Laws 206.982
  • Member of the family: means a family member as defined in section 529A of the internal revenue code. See Michigan Laws 206.982
  • Michigan ABLE savings program agreement: means the agreement between the program and an account owner that establishes an ABLE savings account. See Michigan Laws 206.982
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personnel agency: means a type A personnel agency or a type B personnel agency, or both. See Michigan Laws 339.1001
  • plan: means a plan that provides different investment strategies and allows account distributions for qualified disability expenses. See Michigan Laws 206.982
  • Program: means the Michigan ABLE savings program established pursuant to this act. See Michigan Laws 206.982
  • Program manager: means 1 or more entities selected by the treasurer to act as a manager of the program. See Michigan Laws 206.982
  • Qualified disability expenses: means that term as defined in section 529A of the internal revenue code. See Michigan Laws 206.982
  • Qualified withdrawal: means a distribution that is not subject to a penalty or an excise tax under section 529A of the internal revenue code or taxation under the income tax act of 1967, 1967 PA 281, MCL 206. See Michigan Laws 206.982
  • Registration fee: means a fee other than the fee specified in a contract, which a personnel agency requires or accepts from a client prior to execution of a contract. See Michigan Laws 339.1001
  • Resume writing service: means a person who provides professional assistance to an applicant in compiling a resume by assembling relevant data, organizing it in writing, and providing copies to the applicant for a fee. See Michigan Laws 339.1001
  • Service of process: The service of writs or summonses to the appropriate party.
  • Treasurer: means the state treasurer. See Michigan Laws 206.982
  • Trustee: A person or institution holding and administering property in trust.