May 5, 2015, Introduced by Reps. Forlini, Jenkins, Irwin, Victory, Poleski, Lucido, Howrylak, Derek Miller, Liberati, Lane, LaVoy, Geiss, Hooker and Courser and referred to the Committee on Financial Services.
A bill to amend 2000 PA 161, entitled
"Michigan education savings program act,"
by amending section 10 (MCL 390.1480), as amended by 2001 PA 215.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 10. (1) The maximum account balance limit for all of the
accounts that name any 1 individual as the designated beneficiary
shall
not exceed a maximum of $235,000.00.$500,000.00.
(2) The program shall reject a contribution to any account for
a designated beneficiary if, at the time of the contribution, the
total balance of all accounts for that designated beneficiary has
reached the maximum account balance limit under subsection (1).
Accounts may continue to accrue earnings if the total balance of
all accounts for that beneficiary has reached the maximum account
balance limit and shall not be considered to have exceeded the
maximum account balance limit under subsection (1). For purposes of
this subsection, the total balance of all accounts for that
designated beneficiary includes the amount of payment or payments
required from a purchaser on behalf of a qualified beneficiary made
under an advance tuition payment contract as provided in the
Michigan education trust act, 1986 PA 316, MCL 390.1421 to
390.1444,
390.1442, if the designated beneficiary is also the
qualified beneficiary.
Enacting section 1. This amendatory act does not take effect
unless all of the following bills of the 98th Legislature are
enacted into law:
(a) Senate Bill No. ____ or House Bill No. 4542 (request no.
01151'15 **).
(b) Senate Bill No. ____ or House Bill No. 4543 (request no.
01151'15 a **).
(c) Senate Bill No. ____ or House Bill No. 4544 (request no.
01151'15 b *).