MCL - Act 513 of 2006


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




The People of the State of Michigan enact:
Document Type Description
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Section 206.907, 206.908 Section Repealed. 2011, Act 38, Eff.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.