Michigan Compiled Laws Act 77 Of 1960 Michigan Higher Education Assistance Authority (390.951 - 390.961)

AN ACT to create the Michigan higher education assistance authority and to prescribe its powers and duties; to authorize persons, corporations, and associations to make gifts to the authority; to prescribe the powers and duties of certain state officials; to authorize, ratify, and confirm certain guarantees of students' loans and authorize reguarantees; to authorize, ratify, and confirm certain guarantees of loans made to parents of students; to validate certain prior appropriations; and to authorize the transfer of certain appropriations to be transferred to and administered by the authority.

History: 1960, Act 77, Imd. Eff. Apr. 25, 1960 ;-- Am. 1974, Act 19, Imd. Eff. Feb. 15, 1974 ;-- Am. 1981, Act 29, Eff. July 1, 1981 ;-- Am. 1989, Act 128, Imd. Eff. June 28, 1989

Section 390.951 Michigan Higher Education Assistance Authority; Creation.
There is created a nonprofit authority as an agency in the department of education, to be known as the “Michigan higher education assistance authority”....
Section 390.952 Appointment And Qualifications Of Members Of Authority.
The authority shall consist of the superintendent of public instruction, ex officio, who shall be chairman, 2 representatives from private colleges located within this...
Section 390.953 Higher Education Assistance Authority; Term Of Office, Removal.
The terms of office of the members of the authority shall be 4 years, and they shall hold office until the appointment and qualification...
Section 390.954 Higher Education Assistance Authority; Vacancies, Appointment, Removal.
The governor shall fill any vacancy for the balance of the unexpired term by the appointment of a person with the same status as...
Section 390.955 Quorum; Rules.
A quorum for the transaction of business shall consist of a majority of the members of the authority, and a quorum may bind the...
Section 390.955a Conducting Business At Public Meeting; Notice.
The business which the authority may perform shall be conducted at a public meeting of the authority held in compliance with Act No. 267...
Section 390.956 Higher Education Assistance Authority; Compensation, Expenses.
No member of the authority shall receive any compensation for his services, but the authority may reimburse each member for expenses necessarily incurred in...
Section 390.957 Powers Of Authority.
The authority may: (a) Guarantee 100% of the principal and interest of a loan of money, upon the terms and conditions as it prescribes,...
Section 390.957a Repealed. 2006, Act 425, Eff. Oct. 1, 2007.
Compiler's Notes: The repealed section pertained to use of money from Michigan guaranty agency's operating fund for the state competitive scholarship program.
Section 390.957b Repealed. 2008, Act 103, Eff. Oct. 1, 2008.
Compiler's Notes: The repealed section pertained to use of money from Michigan guaranty agency's operating fund for state competitive scholarship program.
Section 390.958 Loans To Minors.
Any person otherwise qualifying for a loan shall not be disqualified to receive a loan guaranteed by the authority by reason of his being...
Section 390.959 Higher Education Assistance Authority; Gift Tax, Deductible.
Notwithstanding the provisions of any general or special law or the provisions of any certificate of incorporation, charter or other articles of organization, all...
Section 390.960 Supervision And Examination Of Authority; Authority Not Banking Organization; Annual Report.
The authority is subject to the supervision and examination of the commissioner of the financial institutions bureau of the department of commerce. However, the...
Section 390.961 Guarantees Of Loans; Appropriations To Guaranty Fund; Guarantees Of Parent Loans; Authorization, Ratification, And Confirmation.
(1) All guarantees of loans by the state department of education pursuant to this act made before February 15, 1974 are considered to have...

Last modified: October 10, 2016