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12 chapters · 251 sections in this title.
Mich. Comp. Laws § 206.901 Short title.
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Sec. 1. This act shall be known and may be cited as the "individual or family development account program act".
Mich. Comp. Laws § 206.902 Definitions.
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Sec. 2. As used in this act: (a) "Account holder" means a person who is the owner of an individual or family development account or the family if the account is a family account. (b) "Agency" means the Michigan state housing development authority of the department of energy, labo…
Mich. Comp. Laws § 206.903 Individual or family development account; establishment; purpose; policies and procedures; approving and reviewing qualifications of fiduciary organizations and program sites; factors; implementation of programs.
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Sec. 3. (1) The individual or family development account program is established within the agency. The program shall provide eligible individuals and families with an opportunity to establish accounts to be used for education, first-time purchase of a primary residence, qualified…
Mich. Comp. Laws § 206.904 Eligibility; approval or rejection of applicant by program site; limitation on number of accounts; duties of individual; establishment of account; purposes; signatures for withdrawals.
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Sec. 4. (1) An individual or family whose household income is less than or equal to 200% of the federal poverty level for an individual or for that family's family size may apply to a program site to establish an individual or family development account. (2) A program site may ap…