§ 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
  • 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
  • Certified public accountant: means an individual who is either of the following:
  (i) Qualified by education, examination, and experience to engage or offer to engage in the practice of public accounting as evidenced by the issuance of a certificate as a certified public accountant under section 725 or 726 and a license or registration issued under section 727. See Michigan Laws 339.720
  • Client: means an individual or entity that engages a licensee or licensee's employer to receive any service in the practice of public accounting. See Michigan Laws 339.720
  • 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
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • 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.
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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
  • 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
  • Firm: means a corporation, partnership, limited liability company, unincorporated association, sole proprietorship operating under an assumed name, or other legal entity. See Michigan Laws 339.720
  • Fraud: Intentional deception resulting in injury to another.
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • 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.
  • practice of public accounting: means rendering or offering to render an opinion on or attesting to or offering to attest to the reliability of a representation or estimate, including, but not limited to, the giving of an opinion in substance that 1 or more of the following types of information concerning the entity that is the subject of the opinion present fairly the condition of the entity:
  •   (i) Financial or other information about which the opinion is given. See Michigan Laws 339.720
  • principal: means a person that offers or extends credit creating a debt or a person to which a debt is owed or due or asserted to be owed or due. See Michigan Laws 339.901
  • Principal place of business: means the office location designated by the licensee for the purposes of substantial equivalency and reciprocity. See Michigan Laws 339.720
  • 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
  • Report: when used with reference to an attest or compilation service, means an opinion, report, or other form of language that states or implies assurance as to the reliability of attested information or compiled financial statements and that also includes, or is accompanied by, any statement or implication that the individual or firm issuing it has special knowledge or competence in accounting or auditing. See Michigan Laws 339.720
  • reserve fund: means an account established and managed by a fiduciary organization housed at a financial institution. See Michigan Laws 206.902