MCL - Act 222 of 1975
AN ACT to establish the Michigan higher education student loan authority for the purpose of providing loans to eligible students and to parents of students; to prescribe its powers and duties; to authorize the authority to borrow money and issue bonds which are subject to or exempt from federal income taxation and to provide for the disposition of those funds; to exempt the bonds from taxation; to authorize the authority to acquire loans made to eligible students or to parents of students; and to authorize persons, corporations, and associations to make gifts to the authority.
History: 1975, Act 222, Eff. Oct. 1, 1975
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Am. 1984, Act 259, Imd. Eff. Dec. 7, 1984
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Am. 1987, Act 206, Eff. Jan. 1, 1988
| Document | Type | Description |
|---|---|---|
| Section 390.1151 | Section | Short title. |
| Section 390.1152 | Section | Definitions. |
| Section 390.1153 | Section | Authority; creation; autonomous entity; members; terms; quorum; action by authority; meetings. |
| Section 390.1154 | Section | Powers of authority. |
| Section 390.1154a | Section | Loans to students or parents of students; purpose; rules. |
| Section 390.1155 | Section | Bonds; purposes; general obligation of authority; determination; resolution; requirements; issuance subject to agency financing reporting act; interest rate exchange or agreement; establishment of reserve fund. |
| Section 390.1156 | Section | Bonds; pledge and agreement of state. |
| Section 390.1157 | Section | Bonds as investment securities. |
| Section 390.1158 | Section | Disposition of moneys of authority; contracts with holders of bonds; audit. |
| Section 390.1158a | Section | Talent investment fund; creation; deposit of money and other assets; money remaining at close of fiscal year; administration; use of fund. |
| Section 390.1159 | Section | Tax exemptions; bonds and interest coupons negotiable; registration of bonds. |
| Section 390.1160 | Section | Pledge by authority; lien of pledge; recording not required. |
| Section 390.1161 | Section | Default; appointment and powers of trustee; rights of bondholders and trustee. |
| Section 390.1162 | Section | Loans to students or parents of students; rules; basis of determining amount of loan; description of options; federally reinsured loans; variable repayment schedules; revised repayment term or schedule. |
| Section 390.1163 | Section | Personal liability. |
| Section 390.1164 | Section | Repealed. 1976, Act 163, Imd. Eff. June 21, 1976. |
| Section 390.1165 | Section | Effective date. |