Michigan Compiled Laws 270-1984-5 Chapter 5 (125.2051...125.2058)

• Section 125.2051 Center For Loan Insurance; Establishment And Operation.
  The fund shall establish and operate a center for loan insurance. History: 1984, Act 270, Eff. Mar. 29, 1985 Compiler's Notes: For transfer of...
• Section 125.2052 Loan Insurance Account; Payments Into Accounts; Transfer Of Money.
  (1) The center for loan insurance shall be funded by an account, which shall be established and managed by the fund, to be known...
• Section 125.2053 Powers Of Fund Through Center For Loan Insurance.
  (1) The fund, through the center for loan insurance, may insure, guarantee, or issue letters of credit for all or a part of a...
• Section 125.2054 Contract Of Insurance.
  To provide loan insurance pursuant to section 53, the fund may enter into a contract of insurance. The insurance code of 1956, Act No....
• Section 125.2055 Insurance, Guarantees, Or Letters Of Credit; Limitation; Paramount Priority.
  (1) Insurance, guarantees, or letters of credit provided or procured pursuant to section 53 shall be provided or procured only for economic development projects...
• Section 125.2056 Insurance, Guarantees, Or Letters Of Credit; Legal Assurance Of Use; Terms And Conditions; Premiums Or Fees; Guidelines.
  (1) Insurance, guarantees, or letters of credit shall not be provided or procured pursuant to section 53 unless the fund is legally assured that...
• Section 125.2057 Agreements With Lenders.
  The fund may enter into agreements with lenders for participation in the center for loan insurance. The agreements may include, but need not be...
• Section 125.2058 Special Fund; Purpose.
  The fund may establish a special fund or funds solely to secure some or all of its obligations within the center for loan insurance...

Last modified: October 10, 2016