Section 565.1013 – Improper Use of Funds; Penalties; Exceptions; Definitions.
565.1013 Improper use of funds; penalties; exceptions; definitions. Sec. 13. (1) If funds are withdrawn from an account for any purpose other than the payment of eligible costs by or on behalf of a qualified beneficiary, there is a penalty equal to 10% of the amount withdrawn. The penalty shall be paid to the department. […]
Section 565.1003 – Definitions.
565.1003 Definitions. Sec. 3. As used in this act: (a) “Account holder” means an individual who establishes, individually or jointly with 1 or more other individuals, an account with a financial institution for which the account holder claims a first-time home buyer savings account status on his or her income tax return. (b) “Allowable closing […]
Section 565.1005 – First-Time Home Buyer Savings Program; Establishment; Savings Account Designation; Form of Contribution.
565.1005 First-time home buyer savings program; establishment; savings account designation; form of contribution. Sec. 5. (1) The first-time home buyer savings program is established in the department. The purposes, powers, and duties of the first-time home buyer savings program are vested in and shall be exercised by the treasurer or the designee of the treasurer. […]
Section 565.1007 – Account Holder Responsibilities; Use of Funds; Filing With Department; Maintenance and Retention of Records; Rules; Deduction Under MCL 206.30; Informational Materials.
565.1007 Account holder responsibilities; use of funds; filing with department; maintenance and retention of records; rules; deduction under MCL 206.30; informational materials. Sec. 7. (1) The account holder is responsible for the use or application of funds in a first-time home buyer savings account. The account holder shall not use funds held in an account […]
Section 565.1009 – Financial Institution Duties and Responsibilities.
565.1009 Financial institution duties and responsibilities. Sec. 9. (1) A financial institution is not required to do any of the following: (a) Designate an account as a first-time home buyer savings account, or designate the qualified beneficiaries of an account, in the financial institution’s account contracts or systems or in any other way. (b) Track […]
Section 565.1011 – Maximum Account Balance Limit; Contributions, Interest Earned, and Qualified Withdrawals as Tax Exempt.
565.1011 Maximum account balance limit; contributions, interest earned, and qualified withdrawals as tax exempt. Sec. 11. (1) The maximum account balance limit for a first-time home buyer savings account shall not exceed a maximum of $50,000.00. Accounts may continue to accrue earnings if the total balance has reached the maximum account balance limit and shall […]
Section 565.958 – Availability of Copies.
565.958 Availability of copies. Sec. 8. Copies of the form prescribed in section 7 shall be made available to the public by all real estate brokers and real estate salespersons. History: 1993, Act 92, Eff. Jan. 10, 1994
Section 565.959 – Additional Disclosures.
565.959 Additional disclosures. Sec. 9. A city, township, or county may require disclosures in addition to those disclosures required by section 7, and may require disclosures on a different disclosure form in connection with transactions subject to this act. History: 1993, Act 92, Eff. Jan. 10, 1994
Section 565.960 – Disclosure; Good Faith.
565.960 Disclosure; good faith. Sec. 10. Each disclosure required by this act shall be made in good faith. For purposes of this act, “good faith” means honesty in fact in the conduct of the transaction. History: 1993, Act 92, Eff. Jan. 10, 1994
Section 565.961 – Other Obligations Created by Law Not Limited.
565.961 Other obligations created by law not limited. Sec. 11. The specification of items for disclosure in this act does not limit or abridge any obligation for disclosure created by any other provision of law regarding fraud, misrepresentation, or deceit in transfer transactions. History: 1993, Act 92, Eff. Jan. 10, 1994