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Michigan Compiled Laws Complete Through PA 123 of 2017
House: Adjourned until Tuesday, October 24, 2017 1:30:00 PM
Senate: Adjourned until Tuesday, October 24, 2017 10:00:00 AM

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Act 222 of 1975
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Act 222 of 1975

AN ACT to establish the Michigan higher education student loan authority for the purpose of providing loans to eligible students and to parents of students; to prescribe its powers and duties; to authorize the authority to borrow money and issue bonds which are subject to or exempt from federal income taxation and to provide for the disposition of those funds; to exempt the bonds from taxation; to authorize the authority to acquire loans made to eligible students or to parents of students; and to authorize persons, corporations, and associations to make gifts to the authority.

History: 1975, Act 222, Eff. Oct. 1, 1975 ;-- Am. 1984, Act 259, Imd. Eff. Dec. 7, 1984 ;-- Am. 1987, Act 206, Eff. Jan. 1, 1988

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 390.1151SectionShort title.
Section 390.1152SectionDefinitions.
Section 390.1153SectionAuthority; creation; autonomous entity; members; terms; quorum; action by authority; meetings.
Section 390.1154SectionPowers of authority.
Section 390.1154aSectionLoans to students or parents of students; purpose; rules.
Section 390.1155SectionBonds; purposes; general obligation of authority; determination; resolution; requirements; issuance subject to agency financing reporting act; interest rate exchange or agreement; establishment of reserve fund.
Section 390.1156SectionBonds; pledge and agreement of state.
Section 390.1157SectionBonds as investment securities.
Section 390.1158SectionDisposition of moneys of authority; contracts with holders of bonds; audit.
Section 390.1159SectionTax exemptions; bonds and interest coupons negotiable; registration of bonds.
Section 390.1160SectionPledge by authority; lien of pledge; recording not required.
Section 390.1161SectionDefault; appointment and powers of trustee; rights of bondholders and trustee.
Section 390.1162SectionLoans to students or parents of students; rules; basis of determining amount of loan; description of options; federally reinsured loans; variable repayment schedules; revised repayment term or schedule.
Section 390.1163SectionPersonal liability.
Section 390.1164SectionRepealed. 1976, Act 163, Imd. Eff. June 21, 1976.
Section 390.1165SectionEffective date.
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