Michigan Compiled Laws
Chapter 390 - Universities and Colleges
Act 222 of 1975 - Higher Education Loan Authority Act (390.1151 - 390.1165)

Section 390.1151 - Short Title. - Sec. 1. This act shall be known and may be...

Section 390.1152 - Definitions. - Sec. 2. As used in this act: (a) "Authority" means...

Section 390.1153 - Authority; Creation; Autonomous Entity; Members; Terms; Quorum; Action by Authority; Meetings. - Sec. 3. (1) The Michigan higher education student loan authority...

Section 390.1154 - Powers of Authority. - Sec. 4. The authority has the powers necessary to carry...

Section 390.1154a - Loans to Students or Parents of Students; Purpose; Rules. - Sec. 4a. In addition to the powers enumerated in section...

Section 390.1155 - Bonds; Purposes; General Obligation of Authority; Determination; Resolution; Requirements; Issuance Subject to Agency Financing Reporting Act; Interest Rate Exchange or Agreement; Establishment of Reserve Fund. - Sec. 5. (1) The authority may issue bonds in the...

Section 390.1156 - Bonds; Pledge and Agreement of State. - Sec. 6. The state pledges and agrees with the holders...

Section 390.1157 - Bonds as Investment Securities. - Sec. 7. The bonds of the authority are securities, in...

Section 390.1158 - Disposition of Moneys of Authority; Contracts With Holders of Bonds; Audit. - Sec. 8. (1) The moneys of the authority, except as...

Section 390.1158a - Talent Investment Fund; Creation; Deposit of Money and Other Assets; Money Remaining at Close of Fiscal Year; Administration; Use of Fund. - Sec. 8a. (1) The talent investment fund is created within...

Section 390.1159 - Tax Exemptions; Bonds and Interest Coupons Negotiable; Registration of Bonds. - Sec. 9. (1) The authority shall not be required to...

Section 390.1160 - Pledge by Authority; Lien of Pledge; Recording Not Required. - Sec. 10. A pledge made by the authority shall be...

Section 390.1161 - Default; Appointment and Powers of Trustee; Rights of Bondholders and Trustee. - Sec. 11. (1) If the authority defaults in the payment...

Section 390.1162 - Loans to Students or Parents of Students; Rules; Basis of Determining Amount of Loan; Description of Options; Federally Reinsured Loans; Variable Repayment Schedules; Revised Repayment Term or Schedule. - Sec. 12. (1) The authority may make loans to students...

Section 390.1163 - Personal Liability. - Sec. 13. A member of the authority or a person...

Section 390.1164 - Repealed. 1976, Act 163, Imd. Eff. June 21, 1976. - Compiler's Notes: The repealed section provided for an advisory opinion...

Section 390.1165 - Effective Date. - Sec. 15. This act shall not take effect until October...