MCL - Act 222 of 1975

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HIGHER EDUCATION LOAN AUTHORITY ACT

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 ;-- Am. 1984, Act 259, Imd. Eff. Dec. 7, 1984 ;-- Am. 1987, Act 206, Eff. Jan. 1, 1988




The People of the State of Michigan enact:
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Section 390.1164 Section Repealed. 1976, Act 163, Imd.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.