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44 chapters · 194 sections in this title.
Mich. Comp. Laws § 565.1001 Short title.
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Sec. 1. This act may be cited as the "Michigan first-time home buyer savings program act".
Mich. Comp. Laws § 565.1003 Definitions.
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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 he…
Mich. Comp. Laws § 565.1005 First-time home buyer savings program; establishment; savings account designation; form of contribution.
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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. (2) Beginning January 1, 2…
Mich. Comp. Laws § 565.1007 Account holder responsibilities; use of funds; filing with department; maintenance and retention of records; rules; deduction under MCL 206.30; informational materials.
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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 to pay expenses of administering the account, except that a service fee may be deducted from the…