Sec. 2.
As used in this act:
(a) "Account holder" means a person who is the owner of an individual or family development account or the family if the account is a family account.
(b) "Agency" means the Michigan state housing development authority of the department of energy, labor, and economic growth.
(c) "Contributor" means a person that makes a contribution to an individual or family development account reserve fund and is not an account holder.
(d) "Department" means the department of energy, labor, and economic growth.
(e) "Education expenses" means tuition and fees required for the enrollment or attendance of a student at an eligible educational institution, and expenses for fees, books, supplies, and equipment required for courses of instruction at an eligible educational institution.
(f) "Eligible educational institution" means any of the following:
(i) A college, university, community college, or junior college described in section 4, 5, or 6 of article VIII of the state constitution of 1963 or established under section 7 of article VIII of the state constitution of 1963.
(ii) An independent nonprofit college or university located in this state.
(iii) A state-licensed vocational or technical education program.
(iv) A state-licensed proprietary school.
(g) "Federal poverty level" means the poverty guidelines published annually in the federal register by the United States department of health and human services under its authority to revise the poverty line under section 673(2) of subtitle B of title VI of the omnibus budget reconciliation act of 1981, Public Law 97-35, 42 USC 9902.
(h) "Fiduciary organization" or "organization" means a charitable organization exempt from taxation under section 501(c)(3) of the internal revenue code that is approved by the agency to manage a reserve fund. A fiduciary organization may also be a program site.
(i) "Financial institution" means a state chartered bank, state chartered savings bank, savings and loan association, credit union, or trust company; or a national banking association or federal savings and loan association or credit union.
(j) "Financial literacy" means personal financial planning and education.
(k) "Individual or family development account" or "account" means an account established under section 4.
(l) "Individual or family development account reserve fund" or "reserve fund" means an account established and managed by a fiduciary organization housed at a financial institution. The reserve fund holds money that will be used to match participant savings based on a participant savings plan agreement.
(m) "Program" means the individual or family development account program established in section 3.
(n) "Program site" means a charitable organization exempt from taxation under section 501(c)(3) or 501(c)(14) of the internal revenue code that is approved by the agency to implement the individual or family development account program.
(o) "Qualified home improvement" means the purchase and installation of any qualified energy star product intended for residential or noncommercial use that meets or exceeds the applicable energy star energy efficiency guidelines developed by the United States environmental protection agency and the United States department of energy, including, but not limited to, windows, doors, insulation, high efficiency heating and cooling equipment, and any appliances such as dishwashers, clothes washers, and refrigerators.
History: 2006, Act 513, Eff. Jan. 1, 2007 ;-- Am. 2008, Act 450, Imd. Eff. Jan. 9, 2009
Last modified: October 10, 2016