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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


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Act 513 of 2006
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INDIVIDUAL OR FAMILY DEVELOPMENT ACCOUNT PROGRAM ACT

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:

DocumentTypeDescription
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.
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