390.951 Michigan higher education assistance authority; creation. Sec. 1. There is created a nonprofit authority as an agency in the department of education, to be known as the “Michigan higher education assistance authority”. The authority may contract and be contracted with, sue and be sued, implead and be impleaded, and complain and defend in all […]
390.952 Appointment and qualifications of members of authority. Sec. 2. The authority shall consist of the superintendent of public instruction, ex officio, who shall be chairman, 2 representatives from private colleges located within this state, 2 representatives from community colleges located within this state, 1 representative each from the university of Michigan, Michigan state university, […]
390.953 Higher education assistance authority; term of office, removal. Sec. 3. The terms of office of the members of the authority shall be 4 years, and they shall hold office until the appointment and qualification of their successors, except that the original members shall be appointed in such manner as to provide for the expiration […]
390.954 Higher education assistance authority; vacancies, appointment, removal. Sec. 4. The governor shall fill any vacancy for the balance of the unexpired term by the appointment of a person with the same status as the predecessor of the appointee. The governor may remove any appointee for misfeasance, malfeasance or nonfeasance in office, after hearing. History: […]
390.955 Quorum; rules. Sec. 5. A quorum for the transaction of business shall consist of a majority of the members of the authority, and a quorum may bind the authority. The authority shall promulgate rules to implement this act pursuant to Act No. 306 of the Public Acts of 1969, as amended, being sections 24.201 […]
390.955a Conducting business at public meeting; notice. Sec. 5a. The business which the authority may perform shall be conducted at a public meeting of the authority held in compliance with Act No. 267 of the Public Acts of 1976, being sections 15.261 to 15.275 of the Michigan Compiled Laws. Public notice of the time, date, […]
390.956 Higher education assistance authority; compensation, expenses. Sec. 6. No member of the authority shall receive any compensation for his services, but the authority may reimburse each member for expenses necessarily incurred in the performance of his duties. History: 1960, Act 77, Imd. Eff. Apr. 25, 1960
390.957 Powers of authority. Sec. 7. The authority may: (a) Guarantee 100% of the principal and interest of a loan of money, upon the terms and conditions as it prescribes, to a person attending or accepted to attend an eligible postsecondary educational institution to assist the person in meeting his or her expenses of postsecondary […]
390.957a Repealed. 2006, Act 425, Eff. Oct. 1, 2007. Compiler’s Notes: The repealed section pertained to use of money from Michigan guaranty agency’s operating fund for the state competitive scholarship program.
390.957b Repealed. 2008, Act 103, Eff. Oct. 1, 2008. Compiler’s Notes: The repealed section pertained to use of money from Michigan guaranty agency’s operating fund for state competitive scholarship program.
390.958 Loans to minors. Sec. 8. Any person otherwise qualifying for a loan shall not be disqualified to receive a loan guaranteed by the authority by reason of his being a minor. For the purpose of applying for, receiving and repaying a loan, any person shall be deemed to have full legal capacity to act […]
390.959 Higher education assistance authority; gift tax, deductible. Sec. 9. Notwithstanding the provisions of any general or special law or the provisions of any certificate of incorporation, charter or other articles of organization, all domestic corporations or associations organized for the purpose of carrying on business in this state, and any person, may make contributions […]
390.960 Supervision and examination of authority; authority not banking organization; annual report. Sec. 10. The authority is subject to the supervision and examination of the commissioner of the financial institutions bureau of the department of commerce. However, the authority is not considered to be a banking organization and is not required to pay a fee […]
390.961 Guarantees of loans; appropriations to guaranty fund; guarantees of parent loans; authorization, ratification, and confirmation. Sec. 11. (1) All guarantees of loans by the state department of education pursuant to this act made before February 15, 1974 are considered to have been made by the department for the authority and are authorized, ratified, and […]
