390.1151 Short title. Sec. 1. This act shall be known and may be cited as the “higher education loan authority act”. History: 1975, Act 222, Eff. Oct. 1, 1975 Compiler’s Notes: For transfer of powers and duties of Michigan higher education student loan authority to Michigan finance authority, see E.R.O. No. 2010-2, compiled at MCL […]
390.1152 Definitions. Sec. 2. As used in this act: (a) “Authority” means the Michigan higher education student loan authority created by section 3. (b) “Bonds” means the bonds authorized to be issued by the authority under this act, which may consist of bonds, notes, term loans, commercial paper, or other debt obligations evidencing an obligation […]
390.1153 Authority; creation; autonomous entity; members; terms; quorum; action by authority; meetings. Sec. 3. (1) The Michigan higher education student loan authority is created as a public body corporate and politic within the department of education. The authority shall exercise its powers as an autonomous entity, independent of the director of the department of education. […]
390.1154 Powers of authority. Sec. 4. The authority has the powers necessary to carry out and effectuate the purposes of this act, including, but not limited to, the following powers: (a) The power to sue and be sued; to have a seal and alter the seal at pleasure; to have perpetual succession; to make, execute, […]
390.1154a Loans to students or parents of students; purpose; rules. Sec. 4a. In addition to the powers enumerated in section 4, the authority may loan money to students or parents of students who are residents of this state to assist them to pay for the cost of the student’s attendance at a degree-granting college or […]
390.1155 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. Sec. 5. (1) The authority may issue bonds in the principal amounts necessary to provide money for achieving its purposes under this act, including, but not limited to, the […]
390.1156 Bonds; pledge and agreement of state. Sec. 6. The state pledges and agrees with the holders of bonds issued under this act that the state shall not limit or alter the rights vested in the authority to fulfill the terms of an agreement made with the holders of the bonds, and shall not impair […]
390.1157 Bonds as investment securities. Sec. 7. The bonds of the authority are securities, in which public officers and bodies of this state, municipalities and municipal subdivisions, insurance companies and associations, persons carrying on an insurance business, banks, trust companies, savings banks and savings associations, savings and loan associations, investment companies, administrators, guardians, executors, trustees, […]
390.1158 Disposition of moneys of authority; contracts with holders of bonds; audit. Sec. 8. (1) The moneys of the authority, except as otherwise authorized or provided in this section, shall be paid to the state treasurer as an agent of the authority, or a fiscal agent as approved by the state treasurer, who shall not […]
390.1158a Talent investment fund; creation; deposit of money and other assets; money remaining at close of fiscal year; administration; use of fund. Sec. 8a. (1) The talent investment fund is created within the state treasury. (2) The state treasurer may receive money or other assets from any source for deposit into the talent investment fund. […]
390.1159 Tax exemptions; bonds and interest coupons negotiable; registration of bonds. Sec. 9. (1) The authority shall not be required to pay taxes on property owned by the authority under this act or upon the income derived from the property. The bonds issued under this act, their transfer, and the income derived from the bonds, […]
390.1160 Pledge by authority; lien of pledge; recording not required. Sec. 10. A pledge made by the authority shall be valid and binding from the time the pledge is made. The moneys or property pledged and thereafter received by the authority shall immediately be subject to the lien of the pledge without physical delivery or […]
390.1161 Default; appointment and powers of trustee; rights of bondholders and trustee. Sec. 11. (1) If the authority defaults in the payment of principal of or interest on an issue of bonds after the issue becomes due, whether at maturity or upon call for redemption, and the default continues for 30 days, or if the […]
390.1162 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. Sec. 12. (1) The authority may make loans to students enrolled or to be enrolled in eligible institutions or to the parents of students out of […]
390.1163 Personal liability. Sec. 13. A member of the authority or a person executing the notes, bonds, or other obligations of the authority is not personally liable for the repayment of the note, bond, or other obligation or subject to personal liability or accountability by reason of the issuance or nonissuance thereof. History: 1975, Act […]
390.1164 Repealed. 1976, Act 163, Imd. Eff. June 21, 1976. Compiler’s Notes: The repealed section provided for an advisory opinion as to constitutionality.
390.1165 Effective date. Sec. 15. This act shall not take effect until October 1, 1975. History: 1975, Act 222, Eff. Oct. 1, 1975
