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Michigan Legislature
Michigan Compiled Laws Complete Through PA 19 of 2024
House: Adjourned until Tuesday, April 9, 2024 1:30:00 PM
Senate: Adjourned until Tuesday, April 9, 2024 10:00:00 AM


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NOTE: Dates reflect any modification to item, not necessarily a change in law.

Act 222 of 1975 - HIGHER EDUCATION LOAN AUTHORITY ACT (390.1151 - 390.1165)
Section 390.1151 ‑ Short title.
Section 390.1152 ‑ Definitions.
Section 390.1153 ‑ Authority; creation; autonomous entity; members; terms; quorum; action by authority; meetings.
Section 390.1154 ‑ Powers of authority.
Section 390.1154a ‑ Loans to students or parents of students; purpose; rules.
Section 390.1155 ‑ Bonds; 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 390.1156 ‑ Bonds; pledge and agreement of state.
Section 390.1157 ‑ Bonds as investment securities.
Section 390.1158 ‑ Disposition of moneys of authority; contracts with holders of bonds; audit.
Section 390.1158a ‑ Talent investment fund; creation; deposit of money and other assets; money remaining at close of fiscal year; administration; use of fund.
Section 390.1159 ‑ Tax exemptions; bonds and interest coupons negotiable; registration of bonds.
Section 390.1160 ‑ Pledge by authority; lien of pledge; recording not required.
Section 390.1161 ‑ Default; appointment and powers of trustee; rights of bondholders and trustee.
Section 390.1162 ‑ Loans 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 390.1163 ‑ Personal liability.
Section 390.1164 ‑ Repealed. 1976, Act 163, Imd. Eff. June 21, 1976.
Section 390.1165 ‑ Effective date.

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