Michigan Compiled Laws
Chapter 565 - Conveyances of Real Property
Act 6 of 2022 - Michigan First-Time Home Buyer Savings Program Act (565.1001 - 565.1013)

Section 565.1001 - Short Title. - Sec. 1. This act may be cited as the "Michigan...

Section 565.1003 - Definitions. - Sec. 3. As used in this act: (a) "Account holder"...

Section 565.1005 - First-Time Home Buyer Savings Program; Establishment; Savings Account Designation; Form of Contribution. - Sec. 5. (1) The first-time home buyer savings program is...

Section 565.1007 - Account Holder Responsibilities; Use of Funds; Filing With Department; Maintenance and Retention of Records; Rules; Deduction Under MCL 206.30; Informational Materials. - Sec. 7. (1) The account holder is responsible for the...

Section 565.1009 - Financial Institution Duties and Responsibilities. - Sec. 9. (1) A financial institution is not required to...

Section 565.1011 - Maximum Account Balance Limit; Contributions, Interest Earned, and Qualified Withdrawals as Tax Exempt. - Sec. 11. (1) The maximum account balance limit for a...

Section 565.1013 - Improper Use of Funds; Penalties; Exceptions; Definitions. - Sec. 13. (1) If funds are withdrawn from an account...