257.931 Loans to motor carriers; prerequisites; purpose; loans as investments for state recreational land acquisition trust fund; investigation; determination; applicability of section; condition of loan. Sec. 1. (1) The state treasurer shall make loans to motor carriers who have obtained a certificate of public convenience and necessity or a permit to operate as a motor […]
257.932 Loans to motor carriers; application; form; evidence of ownership; cost of modification or replacement; repayment plan; review and certification of application; time limitation. Sec. 2. (1) An application for a loan shall be made on a form prescribed by the department of state and shall be submitted to the department of state. The application […]
257.933 Loans to motor carriers; amount; interest rate; time limitation; collection of repayments; restrictions; amount of money invested; appropriations. Sec. 3. (1) A loan made under this act shall be in such amount and to such applicants as determined by the department of state. The loans shall be made at an interest rate of 4% […]
257.934 Creation of security interest in name of state on vehicle; sign disclosing state’s lien. Sec. 4. The department of state or the department of treasury shall create a security interest in the name of the state on a vehicle owned by a carrier who receives a loan under this act. The security interest shall […]
257.935 Disposition of revenues. Sec. 5. (1) All revenues on loans made under section 1(1), including principal and interest payments and penalties, and money appropriated to the state recreational land acquisition trust fund under this act, shall be deposited in the state treasury and shall be credited to the state recreational land acquisition trust fund. […]
257.936 Conditional effective date. Sec. 6. This act shall not take effect unless House Bill No. 5347 of the 1977 regular session of the legislature is enacted into law. History: 1978, Act 387, Imd. Eff. July 27, 1978 Compiler’s Notes: House Bill No. 5347, referred to in this section, was approved by the Governor on […]
257.937 Rules. Sec. 7. The department of state shall promulgate rules to implement this act pursuant to Act No. 306 of the Public Acts of 1969, as amended, being sections 24.201 to 24.315 of the Michigan Compiled Laws. The rules may include but not be limited to the following: Criteria for approving or disapproving loan […]
