Michigan Compiled Laws Act 161 Of 2000 Michigan Education Savings Program Act (390.1471 - 390.1486)***** 390.1480. Amended This Amended § Is Effective January 26, 2016 ********** 390.1480 This Section Is Amended Effective January 26, 2016: See 390.1480. Amended *****

• Section 390.1471 Short Title.
  This act shall be known and may be cited as the “Michigan education savings program act”. History: 2000, Act 161, Imd. Eff. June 16,
• Section 390.1472 Definitions.
  As used in this act: (a) "Account" or "education savings account" means an account established under this act. (b) "Account owner" means any of...
• Section 390.1473 Michigan Education Savings Program; Establishment; Soliciting Proposals; Duties And Powers Vested In Treasurer; Administration Of Program; Funds Trustee; Personnel And Services; Selection Of Program Manager; Contract.
  (1) The Michigan education savings program is established in the department of treasury. The program may consist of 1 or more savings plans. (2)...
• Section 390.1474 Management Contract; Supervision By Treasurer.
  The treasurer shall be responsible for the ongoing supervision of each management contract in consultation with the board. History: 2000, Act 161, Imd. Eff....
• Section 390.1475 Management Contract; Term; Termination.
  (1) A management contract shall be for a term of years specified in the management contract. (2) The treasurer may terminate a management contract...
• Section 390.1476 Contracts.
  The treasurer may enter into contracts that it considers necessary and proper for the implementation of this program. History: 2000, Act 161, Imd. Eff....
• Section 390.1477 Education Savings Accounts; Establishment; Purpose; Agreement; Form Of Contribution; Withdrawal; Distributions; Penalty; Separate Accounting For Each Beneficiary.
  (1) Beginning October 1, 2000, education savings accounts may be established under this act. (2) Any individual or entity described in section 2(b)(ii) may...
• Section 390.1478 Account Owner Or Beneficiary; Changes; Transfer.
  (1) An account owner may designate another individual as a successor owner of the account in the event of the death of the account...
• Section 390.1479 Account Owner Or Beneficiary; Direction Of Contributions Or Earnings; Selection Of Investment Strategy; Contributions By Board Members Or Employees; Use Of Interest; Restriction.
  (1) Except as otherwise provided in this section, an account owner or a designated beneficiary of any account shall not direct the investment of...
• Section 390.1480 Maximum Account Balance Limit; Limitation; Rejection Of Contribution To Designated Beneficiary Account.
  390.1480 Maximum account balance limit; limitation; rejection of contribution to designated beneficiary account. Sec. 10. (1) The maximum account balance limit for all of the...
• Section 390.1480. Amended Maximum Account Balance Limit; Limitation; Rejection Of Contribution To Designated Beneficiary Account; Total Balance Of All Accounts.
  390.1480.amended Maximum account balance limit; limitation; rejection of contribution to designated beneficiary account; total balance of all accounts.Sec. 10. (1) The maximum account balance limit...
• Section 390.1481 Account Distributions; Report To Internal Revenue Service And Account Owner; Statements.
  (1) Each program manager shall report distributions from an account to any individual or for the benefit of any individual during a tax year...
• Section 390.1482 Disclosure Of Information.
  Each program manager shall disclose the following information in writing to each account owner of an education savings account and any other person who...
• Section 390.1483 Construction Or Interpretation Of Act And Agreement.
  This act and any agreement under this act shall not be construed or interpreted to do any of the following: (a) Give any designated...
• Section 390.1484 Obligation Upon State, Agency, Or Instrumentality Of State.
  (1) This act does not create and shall not be construed to create any obligation upon this state or any agency or instrumentality of...
• Section 390.1485 Annual Report.
  Each program manager shall file an annual report with the treasurer and the board that includes all of the following: (a) The names and...
• Section 390.1486 Contributions And Interest Earned As Tax Exempt; Withdrawals As Taxable.
  (1) Contributions to and interest earned on an education savings account are exempt from taxation as provided in sections 30 and 30f of the...

Last modified: October 10, 2016