reglab/housing_qa huggingface dataset:
MI Comp L § 390.1408 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 273 of 1986 - Michigan Educational Opportunity Grant Program (390.1401 - 390.1409)|Section 390.1408 - Amount of Meog Funds for Fiscal Year.

390.1408 Amount of MEOG funds for fiscal year. Sec. 8.  MEOG funds shall be made to eligible postsecondary schools for a fiscal year in an amount proportionate to the school's receipt of Pell grant funds under section 411 of title IV of the higher education act of 1965, 20 U.S.C. 1070a, for the most recent year statistics are available. History: 1986, Act 273, Eff. Mar. 31, 1987
MI Comp L § 390.1409 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 273 of 1986 - Michigan Educational Opportunity Grant Program (390.1401 - 390.1409)|Section 390.1409 - Rules.

390.1409 Rules. Sec. 9.  The authority shall promulgate rules to implement this act pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws. History: 1986, Act 273, Eff. Mar. 31, 1987
MI Comp L § 390.1421 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1421 - Short Title.

390.1421 Short title. Sec. 1.  This act shall be known and may be cited as the "Michigan education trust act". History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1422 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1422 - Legislative Finding and Declaration.

390.1422 Legislative finding and declaration. Sec. 2.  The legislature hereby finds and declares the following:  (a) It is an essential function of state government to forever encourage schools and the means of education, as provided in section 1 of article VIII of the state constitution of 1963.  (b) It is a responsibility of state government to maintain state institutions of higher education as provided by section 4 of article VIII of the state constitution of 1963.  (c) It is an essential function of state government to encourage attendance at state institutions of higher education.  (d) Tuition costs at public institutions of higher education are difficult for many to afford and are difficult to predict in order to enable individuals and families to plan.  (e) It is in the best interest of the people of this state to foster public higher education in order to provide well-educated citizens.  (f) It is in the best interest of the people of this state to encourage state residents desiring a public higher education to enroll in state public institutions of higher learning.  (g) It is in the best interest of the people of this state to enhance and foster the ability of Michigan residents to choose an independent, nonprofit higher education in order to provide well educated citizens and to encourage state residents desiring an independent higher education to enroll in an independent degree-granting college or university located in this state.  (h) Students in elementary and secondary schools tend to achieve to a higher standard of performance when the payment of tuition for their higher education is secured.  (i) Providing assistance to assure the higher education of the citizens of this state is necessary and desirable for the public health, safety, and welfare. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1423 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1423 - Purposes of Act and Michigan Education Trust.

390.1423 Purposes of act and Michigan education trust. Sec. 3.  In light of the findings described in section 2, the legislature declares the purposes of this act and of the Michigan education trust created by this act to be:  (a) To encourage education and the means of education.  (b) To maintain state institutions of higher education by helping to provide a stable financial base to these institutions.  (c) To provide wide and affordable access to state institutions of higher education for the residents of this state.  (d) To encourage attendance at state institutions of higher education.  (e) To provide students and their parents economic protection against rising tuition costs.  (f) To provide students and their parents financing assistance for postsecondary education at a Michigan institution of higher education of their choice.  (g) To help provide the benefits of higher education to the people of this state.  (h) To encourage elementary and secondary students in this state to achieve high standards of performance. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1424 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1424 - Definitions.

390.1424 Definitions. Sec. 4.  As used in this act, except where the context clearly requires otherwise:  (a) "Advance tuition payment contract" means a contract entered into by the trust and a purchaser pursuant to section 6 to provide for the higher education of a qualified beneficiary.  (b) "Board" means the board of directors of the Michigan education trust described in section 10.  (c) "Fund" means the advance tuition payment fund created in section 9.  (d) "Purchaser" means a person who makes or is obligated to make advance tuition payments pursuant to an advance tuition payment contract.  (e) "Qualified beneficiary" means any resident of this state.  (f) "State institution of higher education" means a college or university described in section 4, 5, or 6 of article VIII of the state constitution of 1963 or any 4-year degree-granting institution established by the state after the effective date of this act, which institution is designated by the state as a state institution of higher education for purposes of this act.  (g) "Trust" means the Michigan education trust created in section 5.  (h) "Tuition" means the quarter or semester charges imposed to attend a state institution of higher education and all mandatory fees required as a condition of enrollment as determined by the board.  (i) "Weighted average tuition cost of state institutions of higher education" means the tuition cost arrived at by adding the products of the annual undergraduate tuition cost at each state institution of higher education and its total number of undergraduate fiscal year equated students, and then dividing the gross total of this cumulation by the total number of undergraduate fiscal year equated students attending state institutions of higher education. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1425 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1425 - Michigan Education Trust; Creation; Exercise of Powers, Duties, and Functions.

390.1425 Michigan education trust; creation; exercise of powers, duties, and functions. Sec. 5.  (1) There is created a public body corporate and politic to be known as the Michigan education trust. The trust shall be within the department of treasury, but shall exercise its prescribed statutory powers, duties, and functions independently of the head of that department.  (2) The purposes, powers, and duties of the Michigan education trust are vested in and shall be exercised by a board of directors. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1429 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1429 - Advance Tuition Payment Fund; Creation; Placement of Payments in Fund; Division of Fund Into Separate Accounts; Assets of Trust; Priority of Expenditures; Investments; Compliance With Divestment From Terror Act.

390.1429 Advance tuition payment fund; creation; placement of payments in fund; division of fund into separate accounts; assets of trust; priority of expenditures; investments; compliance with divestment from terror act.Sec. 9.  (1) There is created under the jurisdiction and control of the board an advance tuition payment fund. Payments received by the trust from purchasers on behalf of qualified beneficiaries or from any other source, public or private, shall be placed in the fund. The fund may be divided into separate accounts.  (2) Assets of the trust are not considered state money, common cash of the state, revenue for the purposes of sections 26 to 34 of article IX of the state constitution of 1963, or state money for the purposes of 1982 PA 259, MCL 12.61 to 12.64.   (3) Unless otherwise provided by resolution of the board, assets of the trust shall be expended in the following order of priority:  (a) To make payments to state institutions of higher education on behalf of qualified beneficiaries.  (b) To make refunds upon termination of an advance tuition payment contract.  (c) To pay the costs of administration and organization of the trust and the fund.  (4) Except as provided in subsection (5), the board may invest assets of the trust in any instrument, obligation, security, or property considered appropriate by the board and may be pooled for investment purposes with investments of the state, including, but not limited to, state pension funds, on such terms and conditions as are agreeable to the board.  (5) The board shall comply with the divestment from terror act in making investments under this act. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986 ;-- Am. 2008, Act 239, Imd. Eff. July 17, 2008
MI Comp L § 390.1432 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1432 - Accounting of Trust Generally.

390.1432 Accounting of trust generally. Sec. 12.  The board shall annually prepare or cause to be prepared an accounting of the trust and shall transmit a copy of the accounting to the governor, the majority leader of the senate, the speaker of the house of representatives, and the respective minority leaders of the senate and house of representatives. The board shall also make available the accounting of the trust to the purchasers of the trust. The accounts of the board shall be subject to annual audits by the state auditor general or a certified public accountant appointed by the auditor general. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1433 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1433 - Actuarial Soundness of Trust; Ruling or Opinion Internal Revenue Service; Answer From Securities and Exchange Commission; Making Status of Request Known.

390.1433 Actuarial soundness of trust; ruling or opinion internal revenue service; answer from securities and exchange commission; making status of request known. Sec. 13.  (1) The trust shall be administered in a manner reasonably designed to be actuarially sound such that the assets of the trust will be sufficient to defray the obligations of the trust.  (2) In the accounting of the trust made pursuant to section 12, the trust board shall annually evaluate and cause to be evaluated by a nationally recognized actuary the actuarial soundness of the trust and determine the additional assets needed, if any, to defray the obligations of the trust. If there are not funds sufficient to ensure the actuarial soundness of the trust as determined by the nationally recognized actuary, the trust shall adjust payments of subsequent purchasers to ensure its actuarial soundness. If there are insufficient numbers of new purchasers to ensure the actuarial soundness of a plan of the trust, the available assets of the trust attributable to the plan shall be immediately prorated among the then existing contracts, and these shares shall be applied, at the option of the person to whom the refund is payable or would be payable under the contract upon termination of the contract, either towards the purposes of the contract for a qualified beneficiary or disbursed to the person to whom the refund is payable or would be payable under the contract upon termination of the contract.  (3) An advance tuition payment contract shall not be entered by the trust until the internal revenue service has issued a favorable ruling or opinion that the purchaser of the advance tuition payment contract will not be considered actually or constructively to be in receipt of income. If an unfavorable ruling or opinion with regard to this issue is rendered by the internal revenue service, the board shall present a report to the legislature outlining recommendations for the modification and continuance of the program, including a recommendation of whether the trust may offer contracts on behalf of itself to provide for the advance purchase of incremental portions of the number of credit hours necessary for a baccalaureate degree.  (4) Before entering into advance tuition payment contracts with purchasers, the state shall solicit answers to appropriate ruling requests from the securities and exchange commission regarding the application of federal security laws to the trust. No contracts shall be entered without the authority making known the status of the request. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1434 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1434 - Enforcement of Act and Contract.

390.1434 Enforcement of act and contract. Sec. 14.  State institutions of higher education, purchasers, and qualified beneficiaries may enforce this act and any contract entered into pursuant to this act in the circuit court for Ingham county. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1435 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1435 - Exemption From Taxation.

390.1435 Exemption from taxation. Sec. 15.  The property of the trust and its income and operation shall be exempt from all taxation by this state or any of its political subdivisions. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1436 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1436 - Contracting Services Necessary for Management and Operation of Trust; Instituting Programs to Ensure Full Tuition Prepayment Plans; Report to Legislature.

390.1436 Contracting services necessary for management and operation of trust; instituting programs to ensure full tuition prepayment plans; report to legislature. Sec. 16.  The trust, in its discretion, may contract with others, public or private, for the provision of all or a portion of the services necessary for the management and operation of the trust. The trust shall also endeavor to work with private sector investment managers, state institutions of higher education, and independent degree-granting colleges and universities in this state to study the feasibility of instituting programs between these parties that insure full tuition payment upon purchase of a prepayment plan. The trust shall evaluate the feasibility and actuarial soundness of a prepayment plan exclusively for community and junior colleges. The board shall submit a report to the legislature before December 31, 1988 regarding its success at instituting programs between private sector investment managers, state institutions of higher education, and independent degree-granting colleges and universities of the state that insure full tuition prepayment plans. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1437 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1437 - Preserving, Investing, and Expending Assets of Trust.

390.1437 Preserving, investing, and expending assets of trust. Sec. 17.  The assets of the trust shall be preserved, invested, and expended solely pursuant to and for the purposes set forth in this act and shall not be loaned or otherwise transferred or used by the state for any purpose other than the purposes of this act. This section shall not be construed to prohibit the trust from investing in, by purchase or otherwise, bonds, notes, or other obligations of the state, an agency of the state, or an instrumentality of the state. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1438 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1438 - Prohibited Promises or Guarantees.

390.1438 Prohibited promises or guarantees. Sec. 18.  Nothing in this act or in an advance tuition payment contract entered into pursuant to this act shall be construed as a promise or guarantee by the trust or the state that a person will be admitted to a state institution of higher education or to a particular state institution of higher education, will be allowed to continue to attend a state institution of higher education after having been admitted, or will be graduated from a state institution of higher education. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1439 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1439 - Exemption of Contract From Uniform Securities Act; Sale or Transfer of Contract.

390.1439 Exemption of contract from uniform securities act; sale or transfer of contract.Sec. 19.  An advance tuition payment contract is exempt from the uniform securities act, 1964 PA 265, MCL 451.501 to 451.818, and the uniform securities act (2002), 2008 PA 551, MCL 451.2101 to 451.2703. An advance tuition payment contract may not be sold or otherwise transferred by the purchaser or qualified beneficiary without the prior approval of the trust. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986 ;-- Am. 2009, Act 96, Imd. Eff. Sept. 24, 2009
MI Comp L § 390.1440 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1440 - Payments Deductible From Taxable Income.

390.1440 Payments deductible from taxable income. Sec. 20.  Pursuant to section 30 of the income tax act of 1967, Act No. 281 of the Public Acts of 1967, being section 206.30 of the Michigan Compiled Laws, the purchaser may deduct from taxable income the following payments made by the purchaser in the tax year:  (a) The amount of payment made under an advance tuition payment contract.  (b) The amount of payment made under a contract with a private sector investment manager that meets all of the following criteria:  (i) The contract is certified and approved by the board to provide equivalent benefits and rights to purchasers and beneficiaries as an advance tuition payment contract.  (ii) The contract applies only for a state institution of higher education or a community or junior college.  (iii) The contract provides for enrollment by the contract's qualified beneficiary in not less than 4 years after the date on which the contract is entered into.  (iv) The contract is entered into either:  (A) After the purchaser has had his or her offer to enter into an advance tuition payment contract rejected by the board, if the board determines that the trust cannot accept an unlimited number of enrollees upon an actuarially sound basis.  (B) After the board determines that the trust can accept an unlimited number of enrollees upon an actuarially sound basis. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1441 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1441 - Liberal Construction; Powers to Be Broadly Interpreted.

390.1441 Liberal construction; powers to be broadly interpreted. Sec. 21.  This act shall be construed liberally to effectuate the legislative intent, the purposes of the act, and as complete and independent authority for the performance of each and every act and thing authorized in the act, and all powers granted in the act shall be broadly interpreted to effectuate such intent and purposes and not as to limitation of powers. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1442 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1442 - Severability.

390.1442 Severability. Sec. 22.  If any section, subsection, paragraph, clause, or provision of this act shall be adjudged unconstitutional or ineffective, no other section, subsection, paragraph, clause, or provision of this act shall on account thereof be considered invalid or ineffective, and the applicability or invalidity of any section, subsection, paragraph, clause, or provision of this act in any 1 or more instances or under any 1 or more circumstances shall not be taken to affect or prejudice its applicability or validity in any other instance or under any other circumstance. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
MI Comp L § 390.1443, 390.1444 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)|Section 390.1443, 390.1444 - Repealed. 2004, Act 388, Imd. Eff. Oct. 12, 2004.

390.1443, 390.1444 Repealed. 2004, Act 388, Imd. Eff. Oct. 12, 2004. Compiler's Notes: The repealed sections pertained to condition to entering contract and conditional repeal of act.
MI Comp L § 390.1471 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 161 of 2000 - Michigan Education Savings Program Act (390.1471 - 390.1486)|Section 390.1471 - Short Title.

390.1471 Short title. Sec. 1.  This act shall be known and may be cited as the "Michigan education savings program act". History: 2000, Act 161, Imd. Eff. June 16, 2000
MI Comp L § 390.1474 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 161 of 2000 - Michigan Education Savings Program Act (390.1471 - 390.1486)|Section 390.1474 - Management Contract; Supervision by Treasurer.

390.1474 Management contract; supervision by treasurer.Sec. 4.  The treasurer shall be responsible for the ongoing supervision of each management contract in consultation with the board. History: 2000, Act 161, Imd. Eff. June 16, 2000 ;-- Am. 2007, Act 153, Imd. Eff. Dec. 20, 2007
MI Comp L § 390.1475 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 161 of 2000 - Michigan Education Savings Program Act (390.1471 - 390.1486)|Section 390.1475 - Management Contract; Term; Termination.

390.1475 Management contract; term; termination.Sec. 5.  (1) A management contract shall be for a term of years specified in the management contract.  (2) The treasurer may terminate a management contract based on the criteria specified in the management contract. History: 2000, Act 161, Imd. Eff. June 16, 2000 ;-- Am. 2007, Act 153, Imd. Eff. Dec. 20, 2007
MI Comp L § 390.1476 (2021)
2021 Michigan Compiled Laws|Chapter 390 - Universities and Colleges|Act 161 of 2000 - Michigan Education Savings Program Act (390.1471 - 390.1486)|Section 390.1476 - Contracts.

390.1476 Contracts. Sec. 6.  The treasurer may enter into contracts that it considers necessary and proper for the implementation of this program. History: 2000, Act 161, Imd. Eff. June 16, 2000