Michigan Laws > Chapter 390 > Act 161 of 2000 – Michigan Education Savings Program Act
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Terms Used In Michigan Laws > Chapter 390 > Act 161 of 2000 - Michigan Education Savings Program Act
- Account owner: means any of the following:
(i) The individual who enters into a Michigan education savings program agreement and establishes an education savings account. See Michigan Laws 390.1472Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it. annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. 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 Board: means the board of directors of the Michigan education trust described in section 10 of the Michigan education trust act, 1986 PA 316, MCL 390. See Michigan Laws 390.1472 Commissioner: means the director. See Michigan Laws 500.102 Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Continuance: Putting off of a hearing ot trial until a later time. 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. Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Department: means the department of treasury. See Michigan Laws 390.1472 Department: means the department of insurance and financial services. See Michigan Laws 500.102 Designated beneficiary: means the individual designated as the individual whose higher education expenses are expected to be paid from the account. See Michigan Laws 390.1472 Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102 education savings account: means an account established under this act. See Michigan Laws 390.1472 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 educational institution: means that term as defined in section 529 of the internal revenue code or 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 390.1472 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. Fiduciary: A trustee, executor, or administrator. 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 Health maintenance organization: means that term as defined in section 3501. See Michigan Laws 500.106 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 Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106 Internal revenue code: means the United States internal revenue code of 1986 in effect on January 1, 2002 or at the option of the taxpayer, in effect for the current year. See Michigan Laws 390.1472 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Management contract: means the contract executed between the treasurer and a program manager. See Michigan Laws 390.1472 Member of the family: means a family member as defined in section 529 of the internal revenue code. See Michigan Laws 390.1472 Michigan education savings program agreement: means the agreement between the program and an account owner that establishes an education savings account. See Michigan Laws 390.1472 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. plans: means a plan that provides different investment strategies and allows account distributions for qualified higher education expenses. See Michigan Laws 390.1472 Probable cause: A reasonable ground for belief that the offender violated a specific law. Program: means the Michigan education savings program established pursuant to this act. See Michigan Laws 390.1472 Program manager: means an entity selected by the treasurer to act as a manager of 1 or more of the savings plans offered under the program. See Michigan Laws 390.1472 Qualified higher education expenses: means qualified higher education expenses as defined in section 529 of the internal revenue code. See Michigan Laws 390.1472 Qualified withdrawal: means a distribution that is not subject to a penalty or an excise tax under section 529 of the internal revenue code, a penalty under this act, or taxation under the income tax act of 1967, 1967 PA 281, MCL 206. See Michigan Laws 390.1472 Quorum: The number of legislators that must be present to do business. Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nService academy: means the United States military academy, United States naval academy, United States air force academy, United States coast guard academy, or United States merchant marine academy. See Michigan Laws 390.1472 Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. 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 Treasurer: means the state treasurer. See Michigan Laws 390.1472 Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o