Michigan Compiled Laws Act 513 Of 2006 Individual Or Family Development Account Program Act (206.901 - 206.911)

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

Section 206.901 Short Title.
This act shall be known and may be cited as the "individual or family development account program act". History: 2006, Act 513, Eff. Jan....
Section 206.902 Definitions.
As used in this act: (a) "Account holder" means a person who is the owner of an individual or family development account or the...
Section 206.903 Individual Or Family Development Account; Establishment; Purpose; Policies And Procedures; Approving And Reviewing Qualifications Of Fiduciary Organizations And Program Sites; Factors; Implementation Of Programs.
(1) The individual or family development account program is established within the agency. The program shall provide eligible individuals and families with an opportunity...
Section 206.904 Eligibility; Approval Or Rejection Of Applicant By Program Site; Limitation On Number Of Accounts; Duties Of Individual; Establishment Of Account; Purposes; Signatures For Withdrawals.
(1) An individual or family whose household income is less than or equal to 200% of the federal poverty level for an individual or...
Section 206.905 Participant Savings Plan Agreement; Matching Funds; Distributions; Manner.
(1) A program site shall enter into a participant savings plan agreement with each account holder who is approved to establish an individual or...
Section 206.906 Withdrawal Matched By Program Site; Contingent Beneficiary; Financial Institution Not Responsible For Verification.
(1) Money withdrawn during a calendar year from an individual or family development account by an account holder for a purpose under section 4...
Section 206.907, 206.908 Repealed. 2011, Act 38, Eff. Jan. 1, 2012.
Compiler's Notes: The repealed sections pertained to eligibility for tax credit and limitation on total amount of credits.
Section 206.909 Administration Of Individual Or Family Development Account Program By Fiduciary Organization; Report.
(1) A fiduciary organization selected to administer an individual or family development account program under this act shall file with the agency an annual...
Section 206.910 Rules.
The Michigan state housing development authority and the department, in consultation with one another, may promulgate rules as needed to implement their respective responsibilities...
Section 206.911 Effective Date.
This act takes effect January 1, 2007. History: 2006, Act 513, Eff. Jan. 1, 2007 Compiler's Notes: This section as originally enacted was assigned...

Last modified: October 10, 2016