§ 206.901 Short title
§ 206.902 Definitions
§ 206.903 Individual or family development account; establishment; purpose; policies and procedures; approving and reviewing qualifications of fiduciary organizations and program sites; factors; implementation
§ 206.904 Eligibility; approval or rejection of applicant by program site; limitation on number of accounts; duties of individual; establishment of account; purposes; signatures for withdrawals
§ 206.905 Participant savings plan agreement; matching funds; distributions; manner
§ 206.906 Withdrawal matched by program site; contingent beneficiary; financial institution not responsible for verification
§ 206.909 Administration of individual or family development account program by fiduciary organization; report
§ 206.910 Rules
§ 206.911 Effective date

Terms Used In Michigan Laws > Chapter 206 > Act 513 of 2006 - Individual or Family Development Account Program Act

  • account: means an account established under section 4. See Michigan Laws 206.902
  • Account holder: means a person who is the owner of an individual or family development account or the family if the account is a family account. See Michigan Laws 206.902
  • Agency: means the Michigan state housing development authority of the department of energy, labor, and economic growth. See Michigan Laws 206.902
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • 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
  • Client: means a person that contracts with, or otherwise enters into an agreement with, an appraisal management company for the performance of real estate appraisal services. See Michigan Laws 339.2661
  • Collection agency: means a person that is directly engaged in collecting or attempting to collect a claim owed or due or asserted to be owed or due another, or, subject to subsection (2), repossessing or attempting to repossess a thing of value owed or due or asserted to be owed or due another arising out of an expressed or implied agreement. See Michigan Laws 339.901
  • Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • debt: means an obligation or alleged obligation for the payment of money or thing of value arising out of an expressed or implied agreement or contract for a purchase made primarily for personal, family, or household purposes. See Michigan Laws 339.901
  • debtor: means an individual who is obligated or allegedly obligated to pay a debt. See Michigan Laws 339.901
  • Department: means the department of energy, labor, and economic growth. See Michigan Laws 206.902
  • Eligible educational institution: means any of the following:
  (i) A college, university, community college, or junior college described in section 4, 5, or 6 of article VIII of the state constitution of 1963 or established under section 7 of article VIII of the state constitution of 1963. See Michigan Laws 206.902
  • 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
  • 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
  • Federal poverty level: means the poverty guidelines published annually in the federal register by the United States department of health and human services under its authority to revise the poverty line under section 673(2) of subtitle B of title VI of the omnibus budget reconciliation act of 1981, Public Law 97-35, 42 USC 9902. See Michigan Laws 206.902
  • Fee: means any direct or indirect compensation. See Michigan Laws 339.1001
  • Fiduciary: A trustee, executor, or administrator.
  • Financial institution: means a state chartered bank, state chartered savings bank, savings and loan association, credit union, or trust company; or a national banking association or federal savings and loan association or credit union. See Michigan Laws 206.902
  • Financial literacy: means personal financial planning and education. See Michigan Laws 206.902
  • 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
  • Grantor: The person who establishes a trust and places property into it.
  • grantor: may be construed as including every person from or by whom any estate in lands passes in or by any deed. See Michigan Laws 8.3e
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • Office: means a regular place of business where complete records are kept of collections and claims handled by a licensee. See Michigan Laws 339.901
  • organization: means a charitable organization exempt from taxation under section 501(c)(3) of the internal revenue code that is approved by the agency to manage a reserve fund. See Michigan Laws 206.902
  • Oversight: Committee review of the activities of a Federal agency or program.
  • 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.
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Personnel agency: means a type A personnel agency or a type B personnel agency, or both. See Michigan Laws 339.1001
  • Program: means the individual or family development account program established in section 3. See Michigan Laws 206.902
  • Program site: means a charitable organization exempt from taxation under section 501(c)(3) or 501(c)(14) of the internal revenue code that is approved by the agency to implement the individual or family development account program. See Michigan Laws 206.902
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • reserve fund: means an account established and managed by a fiduciary organization housed at a financial institution. See Michigan Laws 206.902
  • 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
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o