44 chapters · 194 sections in this title.
Mich. Comp. Laws § 565.1009 Financial institution duties and responsibilities.
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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…
Mich. Comp. Laws § 565.1011 Maximum account balance limit; contributions, interest earned, and qualified withdrawals as tax exempt.
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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 not be considered to have exc…
Mich. Comp. Laws § 565.1013 Improper use of funds; penalties; exceptions; definitions.
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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 (1) If funds are withdrawn from an account for any purpose other than the payment of eligible costs by or on behalf of a qualified beneficiary, there is a penalty equal to 10% of the amount withdrawn.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. (2) The penalty does not …
Mich. Comp. Laws § 565.491 Instruments recordation; reproductions; delivery; social security number.
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Sec. 1. (1) A register of deeds, upon the payment of the proper fee, shall record or cause to be recorded, at length, upon the pages of the proper record books in his or her office reproductions pursuant to the records reproduction act, 1992 PA 116, MCL 24.401 to 24.406, of all d…