Michigan Compiled Laws Act 387 Of 1978 Loans To Motor Carriers (257.931 - 257.937)

AN ACT to make appropriations to the department of state; to prescribe the powers and duties of the department of state and the state treasurer; to provide for loans to persons who own certain vehicles for the cost of their alteration or replacement; and to provide an interest rate for repayment of those loans.

History: 1978, Act 387, Imd. Eff. July 27, 1978 ;-- Am. 1979, Act 14, Imd. Eff. May 17, 1979

Section 257.931 Loans To Motor Carriers; Prerequisites; Purpose; Loans As Investments For State Recreational Land Acquisition Trust Fund; Investigation; Determination; Applicability Of Section; Condition Of Loan.
(1) The state treasurer shall make loans to motor carriers who have obtained a certificate of public convenience and necessity or a permit to...
Section 257.932 Loans To Motor Carriers; Application; Form; Evidence Of Ownership; Cost Of Modification Or Replacement; Repayment Plan; Review And Certification Of Application; Time Limitation.
(1) An application for a loan shall be made on a form prescribed by the department of state and shall be submitted to the...
Section 257.933 Loans To Motor Carriers; Amount; Interest Rate; Time Limitation; Collection Of Repayments; Restrictions; Amount Of Money Invested; Appropriations.
(1) A loan made under this act shall be in such amount and to such applicants as determined by the department of state. The...
Section 257.934 Creation Of Security Interest In Name Of State On Vehicle; Sign Disclosing State's Lien.
The department of state or the department of treasury shall create a security interest in the name of the state on a vehicle owned...
Section 257.935 Disposition Of Revenues.
(1) All revenues on loans made under section 1(1), including principal and interest payments and penalties, and money appropriated to the state recreational land...
Section 257.936 Conditional Effective Date.
This act shall not take effect unless House Bill No. 5347 of the 1977 regular session of the legislature is enacted into law. History:...
Section 257.937 Rules.
The department of state shall promulgate rules to implement this act pursuant to Act No. 306 of the Public Acts of 1969, as amended,...

Last modified: October 10, 2016