Section 206.982 – Definitions.
206.982 Definitions. Sec. 2. As used in this act: (a) “ABLE” means achieving a better life experience. (b) “ABLE savings account” or “account” means an account established under this act. (c) “Account owner” means an individual who is a resident of this state, or a resident of a contracting state, and who enters into a […]
Section 206.983 – Michigan Able Savings Program; Establishment; Program Manager; Purposes, Powers, and Duties of State Treasurer or Designee; Selection of Program Managers; Proposals; Factors; Duties of Treasurer and Program Manager; Contract.
206.983 Michigan ABLE savings program; establishment; program manager; purposes, powers, and duties of state treasurer or designee; selection of program managers; proposals; factors; duties of treasurer and program manager; contract. Sec. 3. (1) The Michigan ABLE savings program is established in the department of treasury. The program shall consist of more than 1 program manager […]
Section 206.984 – Management Contract; Supervision.
206.984 Management contract; supervision. Sec. 4. The treasurer shall be responsible for the ongoing supervision of each management contract. History: 2015, Act 160, Eff. Jan. 26, 2016
Section 206.985 – Management Contract; Term of Years; Termination.
206.985 Management contract; term of years; termination. Sec. 5. (1) A management contract shall be for a term of years specified in the management contract. (2) The treasurer may terminate a management contract based on the criteria specified in the management contract. History: 2015, Act 160, Eff. Jan. 26, 2016
Section 206.986 – Contracts as Necessary and Proper.
206.986 Contracts as necessary and proper. Sec. 6. The treasurer may enter into contracts that it considers necessary and proper for the implementation of this program. History: 2015, Act 160, Eff. Jan. 26, 2016
Section 206.987 – Able Savings Accounts; Establishment; Opening of Account by Individual or Designated Representative; Agreement; Form; Contents; Contributions; Exemption From Creditor Process; Distributions; Separate Accounting.
206.987 ABLE savings accounts; establishment; opening of account by individual or designated representative; agreement; form; contents; contributions; exemption from creditor process; distributions; separate accounting. Sec. 7. (1) Beginning January 1, 2016, ABLE savings accounts may be established under this act. (2) Any individual who is a resident of this state or a resident of a […]
Section 206.988 – Changes in Account Owners or Designated Beneficiaries; Transfers.
206.988 Changes in account owners or designated beneficiaries; transfers. Sec. 8. (1) Changes in account owners or designated beneficiaries are permitted as follows: (a) An account owner may change the designated beneficiary of an account to another eligible individual who is a member of the family of the previously designated beneficiary. (b) An account owner […]