The Michigan Legislative Website data sources are undergoing upgrades. Thank you for your patience as we work through any issues.

Go To Top capitol dome
Michigan Legislature
Michigan Compiled Laws Complete Through PA 178 of 2019
House: Adjourned until Tuesday, January 28, 2020 1:30:00 PM
Senate: Adjourned until Tuesday, January 28, 2020 10:00:00 AM

Michigan Legislature

Main Content

Act 513 of 2006
Search within this Statute for


Act 513 of 2006

AN ACT to permit the establishment and maintenance of individual or family development accounts; to provide for certain tax deductions and tax credits; to prescribe the requirements of and restrictions on individual or family development accounts; to provide for the promulgation of rules; and to provide penalties and remedies.

History: 2006, Act 513, Eff. Jan. 1, 2007

© 2020 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 206.901SectionShort title.
Section 206.902SectionDefinitions.
Section 206.903SectionIndividual or family development account; establishment; purpose; policies and procedures; approving and reviewing qualifications of fiduciary organizations and program sites; factors; implementation of programs.
Section 206.904SectionEligibility; approval or rejection of applicant by program site; limitation on number of accounts; duties of individual; establishment of account; purposes; signatures for withdrawals.
Section 206.905SectionParticipant savings plan agreement; matching funds; distributions; manner.
Section 206.906SectionWithdrawal matched by program site; contingent beneficiary; financial institution not responsible for verification.
Section 206.907, 206.908SectionRepealed. 2011, Act 38, Eff. Jan. 1, 2012.
Section 206.909SectionAdministration of individual or family development account program by fiduciary organization; report.
Section 206.910SectionRules.
Section 206.911SectionEffective date.
up icon