reglab/housing_qa huggingface dataset:
MI Comp L § 125.2055 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-5 - Chapter 5 (125.2051...125.2058)|Section 125.2055 - Insurance, Guarantees, or Letters of Credit; Limitation; Paramount Priority.

125.2055 Insurance, guarantees, or letters of credit; limitation; paramount priority. Sec. 55.  (1) Insurance, guarantees, or letters of credit provided or procured pursuant to section 53 shall be provided or procured only for economic development projects within this state which otherwise are consistent with the purposes and objectives of the fund and this chapter, including the requirements of section 12.  (2) The fund shall give paramount priority in providing or procuring insurance, guarantees, and letters of credit to economic development projects which have the greatest potential for creating new jobs or retaining current jobs within this state. History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2056 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-5 - Chapter 5 (125.2051...125.2058)|Section 125.2056 - Insurance, Guarantees, or Letters of Credit; Legal Assurance of Use; Terms and Conditions; Premiums or Fees; Guidelines.

125.2056 Insurance, guarantees, or letters of credit; legal assurance of use; terms and conditions; premiums or fees; guidelines. Sec. 56.  (1) Insurance, guarantees, or letters of credit shall not be provided or procured pursuant to section 53 unless the fund is legally assured that the loans, debentures, or leases insured, or guaranteed, or for which letters of credit are issued, will be used to assist economic development projects which also have significant private sector financial support.  (2) Insurance, guarantees, or letters of credit may be provided or procured on such terms and conditions as the fund, in its sole discretion, shall determine to be reasonable, appropriate, and consistent with the purposes and objectives of the fund and this act.  (3) The fund may charge the lender or the borrower, or both, a fee or premium for loan, debenture, or lease insurance, guarantee, or a letter of credit. Guidelines for premiums or fees charged by the fund for loan, debenture, or lease insurance guarantees, or letters of credit shall be established by the fund. History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2057 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-5 - Chapter 5 (125.2051...125.2058)|Section 125.2057 - Agreements With Lenders.

125.2057 Agreements with lenders. Sec. 57.  The fund may enter into agreements with lenders for participation in the center for loan insurance. The agreements may include, but need not be limited to:   (a) Authorization for the lender to determine, collect, and transmit to the fund a fee or premium charge within a specified range established consistent with the purposes and objectives of the fund.  (b) Specification of whether the premium charge shall be paid by the lender, the borrower, the fund, or by a combination thereof in specified proportions.  (c) The procedure by which a lender may make a claim upon the fund upon default by the borrower and the conditions under which a claim may be made.  (d) The maximum amount of claims a lender may make upon the fund, which amount may be equal to, greater than, or less than the proportion of the total premiums collected by the fund which is accounted for by premiums collected by the lender. History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2058 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-5 - Chapter 5 (125.2051...125.2058)|Section 125.2058 - Special Fund; Purpose.

125.2058 Special fund; purpose. Sec. 58.  The fund may establish a special fund or funds solely to secure some or all of its obligations within the center for loan insurance into which fees or premiums collected by the fund for loan, debenture, or lease insurance, guarantees, or letters of credit may be deposited. History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2061 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-6 - Chapter 6 (125.2061...125.2069a)|Section 125.2061 - Definitions.

125.2061 Definitions. Sec. 61.  As used in this chapter:   (a) "MESBIC" means a small business investment company licensed under section 301(d) of the small business investment act of 1958, 15 U.S.C. 681(d).  (b) "Minority" means a person who is black, hispanic, oriental, eskimo, or an American Indian.   (c) "Minority owned business" means a business which is at least 50% owned, controlled, and managed by minorities.  (d) "Minority venture capital company" means a business which makes investments solely in minority owned businesses.  (e) "Venture capital investment" means any of the following investments in a business:   (i) Common or preferred stock and equity securities without a repurchase requirement for at least 5 years.  (ii) A right to purchase stock or equity securities.  (iii) Any debenture or loan, whether or not convertible or having stock purchase rights, which are subordinated, together with security interests against the assets of the borrower, by their terms to all borrowings of the borrower from other institutional lenders, and that is for a term of not less than 3 years, and that has no part amortized during the first 3 years.   (iv) General or limited partnership interests. History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2062 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-6 - Chapter 6 (125.2061...125.2069a)|Section 125.2062 - Center for Minority Venture Capital; Establishment and Operation.

125.2062 Center for minority venture capital; establishment and operation. Sec. 62.  The fund shall establish and operate a center for minority venture capital. History: 1984, Act 270, Eff. Mar. 29, 1985 Compiler's Notes: For transfer of the Michigan strategic fund from department of treasury to department of talent and economic development, and transfer of powers and duties of board of directors of Michigan strategic fund to new board of directors, see E.R.O. No. 2014-6, compiled at MCL 125.1995.Popular Name: Strategic Fund
MI Comp L § 125.2064 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-6 - Chapter 6 (125.2061...125.2069a)|Section 125.2064 - Considerations Prior to Certification.

125.2064 Considerations prior to certification.  Sec. 64.  The fund shall also consider, prior to certifying a minority venture capital company or a MESBIC, all of the following:  (a) The current and proposed composition of the board of directors of the minority venture capital company or MESBIC and the relevant experience of the members of the board.  (b) Whether the minority venture capital company or MESBIC has a reasonable likelihood of being financially sound in the long run and capable of earning for its investors a reasonable rate of return.  (c) The current availability of minority venture capital in the geographic area in which the minority venture capital company or MESBIC will conduct business and the current availability of minority venture capital in the area for products or processes similar to those funded or to be funded by the minority venture capital company or MESBIC.  (d) The percentage of the minority venture capital company or MESBIC owned by minorities. History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2065 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-6 - Chapter 6 (125.2061...125.2069a)|Section 125.2065 - Percentage of Venture Capital Investments; Encouraging Certified Mesbic to Meet Investment Requirements; “Investment” Defined.

125.2065 Percentage of venture capital investments; encouraging certified MESBIC to meet investment requirements; “investment” defined. Sec. 65.  (1) Sixty-five percent of investments of a certified minority venture capital company shall be venture capital investments.  (2) A certified MESBIC shall be encouraged to use its best efforts to meet the investment requirements imposed by subsection (1) on certified minority venture capital companies.  (3) For purposes of this section, section 61(d), and section 63(2)(d), (e), and (i), "investment" means financial assistance provided by a MESBIC or minority venture capital company, whether through loans, guarantees, venture capital investments, or commitments.  History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2066 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-6 - Chapter 6 (125.2061...125.2069a)|Section 125.2066 - Minority Venture Capital Company as Certified Mesbic.

125.2066 Minority venture capital company as certified MESBIC. Sec. 66.  A minority venture capital company certified under this chapter that thereafter becomes a MESBIC shall be considered a certified MESBIC under this chapter without separate application. History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2067 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-6 - Chapter 6 (125.2061...125.2069a)|Section 125.2067 - Independent Program Audit.

125.2067 Independent program audit. Sec. 67.  A certified minority venture capital company and a certified MESBIC shall have an independent program audit annually performed by a certified public accountant. The fund may visit and examine a certified minority venture capital company or a certified MESBIC and may delegate the authority to visit and examine to the commissioner of the financial institutions bureau. History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2068 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-6 - Chapter 6 (125.2061...125.2069a)|Section 125.2068 - Effective Date and Duration of Certification; Eligibility as Recipient of Investments; Approval and Effect of Tax Credit Disqualification.

125.2068 Effective date and duration of certification; eligibility as recipient of investments; approval and effect of tax credit disqualification. Sec. 68.  (1) Unless revoked, a certification provided under this chapter shall be effective and subject the minority venture capital company or MESBIC to the requirements of this chapter from the date of its certification until 6 years following the date of its tax credit disqualification pursuant to subsection (3).  (2) Unless the certification is revoked, from the date of its certification until the date the fund approves a tax credit disqualification for the minority venture capital company or MESBIC pursuant to subsection (3) a certified minority venture capital company and a certified MESBIC shall be an eligible recipient of investments that qualify for a credit under the single business tax act, Act No. 228 of the Public Acts of 1975, being sections 208.1 to 208.145 of the Michigan Compiled Laws, for an investment in a minority venture capital company or MESBIC certified under this chapter.  (3) Upon request of a certified minority venture capital company or a certified MESBIC the fund shall approve a tax credit disqualification for the minority venture capital company or MESBIC and thereafter the minority venture capital company or MESBIC shall not be an eligible recipient of investments that qualify under, and the fund shall not provide a tax credit certification pursuant to section 69a for credits under, Act No. 228 of the Public Acts of 1975. History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2069 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-6 - Chapter 6 (125.2061...125.2069a)|Section 125.2069 - Revocation of Certification; Notice; Remedying Deficiencies and Complying With Requirements; Determination.

125.2069 Revocation of certification; notice; remedying deficiencies and complying with requirements; determination. Sec. 69.  If the fund finds that a certified minority venture capital company or a certified MESBIC has failed to comply with the provisions of this chapter or has substantially deviated from the management plan or investment plan submitted in connection with its certification, the fund shall notify the board of directors and officers of the minority venture capital company or MESBIC that the certification will be revoked 120 days after the date of mailing of the notice. The minority venture capital company or MESBIC may notify the fund before the expiration of the 120-day period of all efforts taken to remedy the deficiencies and comply with the requirements of this chapter. The fund shall be responsible for determining whether the minority venture capital company or MESBIC is once again in compliance and, if it determines that the compliance has not been achieved, then the certification shall stand revoked on the date established by the fund. History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2069a (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-6 - Chapter 6 (125.2061...125.2069a)|Section 125.2069a - Tax Credit Certification; Information; Report.

125.2069a Tax credit certification; information; report. Sec. 69a.  (1) Upon written request to the fund not later than 90 days following an investment, the fund shall certify the following for a person subject to the tax imposed under the single business tax act, Act No. 228 of the Public Acts of 1975, being sections 208.1 to 208.145 of the Michigan Compiled Laws, who seeks to claim the credit provided under Act No. 228 of the Public Acts of 1975 for an investment in a minority venture capital company or MESBIC certified under this chapter:  (a) The date which the person made the investment.  (b) That the investment is in a certified minority venture capital company or MESBIC which has not been disqualified pursuant to section 68(3) as of the date of the investment.  (c) The amount of the investment in the certified minority venture capital company or MESBIC that was made after the effective date of the amendatory act providing for a tax credit under Act No. 228 of the Public Acts of 1975 for an investment in a minority venture capital company or MESBIC certified under this chapter.  (d) The amount of the credit to which the person is entitled under Act No. 228 of the Public Acts of 1975 for an investment in a minority venture capital company or MESBIC certified under this chapter.  (2) A minority venture capital company or MESBIC certified under this chapter and a person requesting a tax credit certification of an investment pursuant to subsection (1) shall provide the fund with all information it requires to make the certification under subsection (1).  (3) A tax credit certification report for an investment certified under subsection (1) shall be sent by the fund to the requester and the department of treasury. History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2071 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-7 - Chapter 7 (125.2071...125.2079)|Section 125.2071 - Definitions.

125.2071 Definitions.Sec. 71.  As used in this chapter:  (a) "Economic development fund" means that fund to which the fund succeeded in ownership pursuant to section 22.  (b) "Research and development enterprise" means any person found by the fund to be engaged in a business which uses green chemistry as a design guidance, or the discovery of new substances and the refinement of known substances, processes, products, theories, and ideas, except for those persons whose businesses are directed primarily to the accumulation or analysis of commercial, financial, or mercantile data.  (c) "Research center fund" means that fund created by section 27 of former 1982 PA 70, to which the fund succeeds in ownership pursuant to section 76. History: 1984, Act 270, Eff. Mar. 29, 1985 ;-- Am. 2010, Act 271, Imd. Eff. Dec. 15, 2010 Compiler's Notes: For transfer of the Michigan strategic fund from department of treasury to department of talent and economic development, and transfer of powers and duties of board of directors of Michigan strategic fund to new board of directors, see E.R.O. No. 2014-6, compiled at MCL 125.1995.Popular Name: Strategic Fund
MI Comp L § 125.2072 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-7 - Chapter 7 (125.2071...125.2079)|Section 125.2072 - Center for Research and Development; Establishment and Operation.

125.2072 Center for research and development; establishment and operation. Sec. 72.  The fund shall establish and operate a center for research and development. History: 1984, Act 270, Eff. Mar. 29, 1985 Compiler's Notes: For transfer of the Michigan strategic fund from department of treasury to department of talent and economic development, and transfer of powers and duties of board of directors of Michigan strategic fund to new board of directors, see E.R.O. No. 2014-6, compiled at MCL 125.1995.Popular Name: Strategic Fund
MI Comp L § 125.2073 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-7 - Chapter 7 (125.2071...125.2079)|Section 125.2073 - Research Center Fund; Payments Into Fund; Transfer of Money.

125.2073 Research center fund; payments into fund; transfer of money. Sec. 73.  (1) The center for research and development shall be funded by the research center fund.  (2) The fund shall pay into the research center fund any money appropriated or otherwise provided by this state for the purposes of the center for research and development; any money determined by the fund to be paid into the research center fund from the economic development fund; any money paid into the research center fund pursuant to the heritage trust act of 1982, Act No. 327 of the Public Acts of 1982, being sections 318.421 to 318.434 of the Michigan Compiled Laws; any money which the fund receives in return for investments made through the center for research and development; and any other money made available to the fund for the purposes of the center from any other source, public or private.  (3) Money in the research center fund may be transferred into any other account or fund established or operated by the fund, unless the fund is otherwise obligated to retain the money in the research center fund or except if the money was appropriated by this state for the purposes of the center. History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2075 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-7 - Chapter 7 (125.2071...125.2079)|Section 125.2075 - Business Plan.

125.2075 Business plan. Sec. 75.  In providing financial aid under this chapter, the fund shall require the preparation of a business plan following guidelines previously adopted by the fund and shall consider the amount of other capital funding and income sources available to assure the continued operation of the nonprofit research and development enterprise.  History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2076 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-7 - Chapter 7 (125.2071...125.2079)|Section 125.2076 - Scope of Succession to Rights, Properties, Obligations, and Duties of Michigan Economic Development Authority; Payments in Research Center Fund.

125.2076 Scope of succession to rights, properties, obligations, and duties of Michigan economic development authority; payments in research center fund. Sec. 76.  The succession of the fund to all rights, properties, obligations, and duties of the Michigan economic development authority pursuant to section 21 shall include succession to the ownership and operation of the research center fund, of all distributions pursuant to the heritage trust act of 1982, Act No. 327 of the Public Acts of 1982, being sections 318.421 to 318.434 of the Michigan Compiled Laws, to the Michigan economic development authority for deposit in the research center fund, and of all obligations, promises, covenants, commitments, and other requirements relating to the research center fund that were made by the Michigan economic development authority. Payments into the research center fund pursuant to Act No. 327 of the Public Acts of 1982 shall continue to be made as provided by that act upon and after the fund succeeds to ownership and operation of the research center fund. History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
MI Comp L § 125.2077 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-7 - Chapter 7 (125.2071...125.2079)|Section 125.2077 - Higher Education Coordination Council; Membership.

125.2077 Higher education coordination council; membership.Sec. 77.  The fund shall appoint a higher education coordination council containing individuals representative of higher education institutions and having the necessary credentials to provide an inventory and advise the fund on the available research and development enterprises that are or will be established by higher education institutions and the application of that technology to business and industry. History: 1984, Act 270, Eff. Mar. 29, 1985 ;-- Am. 2006, Act 230, Imd. Eff. June 26, 2006 Popular Name: Strategic Fund
MI Comp L § 125.2079 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 270 of 1984 - Michigan Strategic Fund Act (125.2001 - 125.2094)|270-1984-7 - Chapter 7 (125.2071...125.2079)|Section 125.2079 - Location of Renewable Fuel Plants; Inventory of Prime Sites; Availability on Internet; Assistance.

125.2079 Location of renewable fuel plants; inventory of prime sites; availability on internet; assistance.Sec. 79.  (1) The fund shall identify, publish, and market an inventory of prime sites for the location of renewable fuel plants with existing industrial facilities that have by-products that renewable fuel plants could use to produce energy in this state.  (2) The fund shall make the inventory available to the public on the internet not later than January 1, 2009.  (3) Local units of government and their economic development agencies may assist the fund in its duties under this section. History: Add. 2008, Act 320, Imd. Eff. Dec. 18, 2008 Popular Name: Strategic Fund