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Michigan Statutes, Title 390

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Title 390, UNIVERSITIES AND COLLEGES

110 chapters · 499 sections in this title.

All chapters in Title 390499 Ch 316-of-1986, MICHIGAN EDUCATION TRUST ACT22 Ch 269-of-1909, MICHIGAN STATE UNIVERSITY20 Ch 151-of-1851, UNIVERSITY OF MICHIGAN19 Ch 161-of-2000, MICHIGAN EDUCATION SAVINGS PROGRAM ACT16 Ch 222-of-1975, HIGHER EDUCATION LOAN AUTHORITY ACT16 Ch 295-of-1969, HIGHER EDUCATION FACILITIES AUTHORIT…16 Ch 77-of-1960, MICHIGAN HIGHER EDUCATION ASSISTANCE…12 Ch 208-of-1964, STATE COMPETITIVE SCHOLARSHIPS12 Ch 48-of-1963 (2nd Ex. Sess.), CENTRAL, EASTERN, NORTHERN, AND WEST…12 Ch 549-of-2008, MICHIGAN PROMISE ZONE AUTHORITY ACT12 Ch Territorial Laws-of-1833, Vol. III, KALAMAZOO COLLEGE11 Ch 70-of-1885, MICHIGAN TECHNOLOGICAL UNIVERSITY11 Ch 72-of-1857, ALBION COLLEGE11 Ch 315-of-1977, INDEMNIFICATION RESERVE FUND11

22 sections·Filtered byTitle 390✕Ch 316-of-1986✕

Mich. Comp. Laws § 390.1421 Short title.
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Sec. 1. This act shall be known and may be cited as the "Michigan education trust act".
Mich. Comp. Laws § 390.1422 Legislative finding and declaration.
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Sec. 2. The legislature hereby finds and declares the following: (a) It is an essential function of state government to forever encourage schools and the means of education, as provided in section 1 of article VIII of the state constitution of 1963. (b) It is a responsibility of …
Mich. Comp. Laws § 390.1423 Purposes of act and Michigan education trust.
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Sec. 3. In light of the findings described in section 2, the legislature declares the purposes of this act and of the Michigan education trust created by this act to be: (a) To encourage education and the means of education. (b) To maintain state institutions of higher education …
Mich. Comp. Laws § 390.1424 Definitions.
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Sec. 4. As used in this act, except where the context clearly requires otherwise: (a) "Advance tuition payment contract" means a contract entered into by the trust and a purchaser under section 6 to provide for the higher education of a qualified beneficiary. (b) "Board" means th…

Mich. Comp. Laws § 390.1425 Michigan education trust; creation; exercise of powers, duties, and functions.

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Sec. 5. (1) There is created a public body corporate and politic to be known as the Michigan education trust. The trust shall be within the department of treasury, but shall exercise its prescribed statutory powers, duties, and functions independently of the head of that departme…

Mich. Comp. Laws § 390.1426 Advance tuition payment contract generally.

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Sec. 6. (1) The trust, on behalf of itself and the state, may contract with a purchaser for the advance payment of tuition by the purchaser for a qualified beneficiary to attend any of the state institutions of higher education to which the qualified beneficiary is admitted, with…

Mich. Comp. Laws § 390.1427 Plan A and Plan B.

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Sec. 7. (1) At a minimum, the trust shall offer 1 of the 2 types of advance tuition payment contracts set forth in subsections (2) and (3), to be known as Plan A and Plan B, respectively. (2) Under Plan A: (a) A payment or series of payments shall be required from the purchaser o…

Mich. Comp. Laws § 390.1428 Termination of advance tuition payment contract; refund.

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Sec. 8. (1) An advance tuition payment contract must authorize a termination of the contract if any of the following occurs: (a) The qualified beneficiary dies. (b) The qualified beneficiary is not admitted to a state institution of higher education after making proper applicatio…

Mich. Comp. Laws § 390.1429 Advance tuition payment fund; creation; placement of payments in fund; division of fund into separate accounts; assets of trust; priority of expenditures; investments; compliance with divestment from terror act.

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Sec. 9. (1) There is created under the jurisdiction and control of the board an advance tuition payment fund. Payments received by the trust from purchasers on behalf of qualified beneficiaries or from any other source, public or private, shall be placed in the fund. The fund may…

Mich. Comp. Laws § 390.1430 Board; appointment, qualifications, and terms of members; vacancy; deputy; chairperson; president and chief executive officer of trust; vice-president of trust; compensation; expenses; delegation of functions and authority; quorum; voting; meetings; conducting business at public meeting; notice; availability of writings to public.

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Sec. 10. (1) The board shall consist of the state treasurer, and 8 other members with knowledge, skill, and experience in the academic, business, or financial field, who shall be appointed by the governor, by and with the advice and consent of the senate. Not more than 2 of the 8…

Mich. Comp. Laws § 390.1431 Additional powers of board.

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Sec. 11. In addition to the powers granted by other provisions of this act, the board shall have the powers necessary or convenient to carry out and effectuate the purposes, objectives, and provisions of this act, the purposes and objectives of the trust, and the powers delegated…

Mich. Comp. Laws § 390.1432 Accounting of trust generally.

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Sec. 12. The board shall annually prepare or cause to be prepared an accounting of the trust and shall transmit a copy of the accounting to the governor, the majority leader of the senate, the speaker of the house of representatives, and the respective minority leaders of the sen…

Mich. Comp. Laws § 390.1433 Actuarial soundness of trust; ruling or opinion internal revenue service; answer from securities and exchange commission; making status of request known.

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Sec. 13. (1) The trust shall be administered in a manner reasonably designed to be actuarially sound such that the assets of the trust will be sufficient to defray the obligations of the trust. (2) In the accounting of the trust made pursuant to section 12, the trust board shall …

Mich. Comp. Laws § 390.1434 Enforcement of act and contract.

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Sec. 14. State institutions of higher education, purchasers, and qualified beneficiaries may enforce this act and any contract entered into pursuant to this act in the circuit court for Ingham county.

Mich. Comp. Laws § 390.1435 Exemption from taxation.

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Sec. 15. The property of the trust and its income and operation shall be exempt from all taxation by this state or any of its political subdivisions.

Mich. Comp. Laws § 390.1436 Contracting services necessary for management and operation of trust; instituting programs to ensure full tuition prepayment plans; report to legislature.

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Sec. 16. The trust, in its discretion, may contract with others, public or private, for the provision of all or a portion of the services necessary for the management and operation of the trust. The trust shall also endeavor to work with private sector investment managers, state …

Mich. Comp. Laws § 390.1437 Preserving, investing, and expending assets of trust.

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Sec. 17. The assets of the trust shall be preserved, invested, and expended solely pursuant to and for the purposes set forth in this act and shall not be loaned or otherwise transferred or used by the state for any purpose other than the purposes of this act. This section shall …

Mich. Comp. Laws § 390.1438 Prohibited promises or guarantees.

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Sec. 18. Nothing in this act or in an advance tuition payment contract entered into pursuant to this act shall be construed as a promise or guarantee by the trust or the state that a person will be admitted to a state institution of higher education or to a particular state insti…

Mich. Comp. Laws § 390.1439 Exemption of contract from uniform securities act; sale or transfer of contract.

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Sec. 19. An advance tuition payment contract is exempt from the uniform securities act, 1964 PA 265, MCL 451.501 to 451.818, and the uniform securities act (2002), 2008 PA 551, MCL 451.2101 to 451.2703. An advance tuition payment contract may not be sold or otherwise transferred …

Mich. Comp. Laws § 390.1440 Payments deductible from taxable income.

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Sec. 20. Pursuant to section 30 of the income tax act of 1967, Act No. 281 of the Public Acts of 1967, being section 206.30 of the Michigan Compiled Laws, the purchaser may deduct from taxable income the following payments made by the purchaser in the tax year: (a) The amount of …

Mich. Comp. Laws § 390.1441 Liberal construction; powers to be broadly interpreted.

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Sec. 21. This act shall be construed liberally to effectuate the legislative intent, the purposes of the act, and as complete and independent authority for the performance of each and every act and thing authorized in the act, and all powers granted in the act shall be broadly in…

Mich. Comp. Laws § 390.1442 Severability.

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Sec. 22. If any section, subsection, paragraph, clause, or provision of this act shall be adjudged unconstitutional or ineffective, no other section, subsection, paragraph, clause, or provision of this act shall on account thereof be considered invalid or ineffective, and the app…