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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
© 2009 Legislative Council, State of Michigan
The People of the State of Michigan enact:
| Section 206.901 | Section | Short title. |
| Section 206.902 | Section | Definitions. |
| Section 206.903 | Section | Individual or family development account; establishment; purpose; policies and procedures; approving and reviewing qualifications of fiduciary organizations and program sites; factors; implementation of programs. |
| Section 206.904 | Section | Eligibility; approval or rejection of applicant by program site; limitation on number of accounts; duties of individual; establishment of account; purposes; signatures for withdrawals. |
| Section 206.905 | Section | Participant savings plan agreement; matching funds; distributions; manner. |
| Section 206.906 | Section | Withdrawal matched by program site; contingent beneficiary; financial institution not responsible for verification. |
| Section 206.907, 206.908 | Section | Repealed. 2011, Act 38, Eff. Jan. 1, 2012. |
| Section 206.909 | Section | Administration of individual or family development account program by fiduciary organization; report. |
| Section 206.910 | Section | Rules. |
| Section 206.911 | Section | Effective date. |
