Section 206.902 – Definitions.
206.902 Definitions. Sec. 2. As used in this act: (a) “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. (b) “Agency” means the Michigan state housing development authority of the department of energy, labor, and economic growth. (c) […]
Section 206.903 – Individual or Family Development Account; Establishment; Purpose; Policies and Procedures; Approving and Reviewing Qualifications of Fiduciary Organizations and Program Sites; Factors; Implementation of Programs.
206.903 Individual or family development account; establishment; purpose; policies and procedures; approving and reviewing qualifications of fiduciary organizations and program sites; factors; implementation of programs. Sec. 3. (1) The individual or family development account program is established within the agency. The program shall provide eligible individuals and families with an opportunity to establish accounts to […]
Section 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.
206.904 Eligibility; approval or rejection of applicant by program site; limitation on number of accounts; duties of individual; establishment of account; purposes; signatures for withdrawals. Sec. 4. (1) An individual or family whose household income is less than or equal to 200% of the federal poverty level for an individual or for that family’s family […]
Section 206.905 – Participant Savings Plan Agreement; Matching Funds; Distributions; Manner.
206.905 Participant savings plan agreement; matching funds; distributions; manner. Sec. 5. (1) A program site shall enter into a participant savings plan agreement with each account holder who is approved to establish an individual or family development account. (2) Upon request from a program site, the fiduciary organization shall provide matching funds for contributions to […]
Section 206.906 – Withdrawal Matched by Program Site; Contingent Beneficiary; Financial Institution Not Responsible for Verification.
206.906 Withdrawal matched by program site; contingent beneficiary; financial institution not responsible for verification. Sec. 6. (1) Money withdrawn during a calendar year from an individual or family development account by an account holder for a purpose under section 4 shall be matched by the program site as provided in the participant savings plan agreement […]
Section 206.907, 206.908 – Repealed. 2011, Act 38, Eff. Jan. 1, 2012.
206.907, 206.908 Repealed. 2011, Act 38, Eff. Jan. 1, 2012. Compiler’s Notes: The repealed sections pertained to eligibility for tax credit and limitation on total amount of credits.
Section 206.909 – Administration of Individual or Family Development Account Program by Fiduciary Organization; Report.
206.909 Administration of individual or family development account program by fiduciary organization; report. Sec. 9. (1) A fiduciary organization selected to administer an individual or family development account program under this act shall file with the agency an annual report of the fiduciary organization’s individual development account program activity related to accounts established for the […]
Section 206.910 – Rules.
206.910 Rules. Sec. 10. The Michigan state housing development authority and the department, in consultation with one another, may promulgate rules as needed to implement their respective responsibilities under this act under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. History: 2006, Act 513, Eff. Jan. 1, 2007 ;– Am. […]
Section 206.911 – Effective Date.
206.911 Effective date. Sec. 11. This act takes effect January 1, 2007. History: 2006, Act 513, Eff. Jan. 1, 2007 Compiler’s Notes: This section as originally enacted was assigned the compilation number “206.711”. To avoid a conflict with another section numbered “206.711”, this section has been renumbered as 206.911.
Section 206.901 – Short Title.
206.901 Short title. Sec. 1. This act shall be known and may be cited as the “individual or family development account program act”. History: 2006, Act 513, Eff. Jan. 1, 2007 Compiler’s Notes: This section as originally enacted was assigned the compilation number “206.701”. To avoid a conflict with another section numbered “206.701”, this section […]