Sec. 54.
To provide loan insurance pursuant to section 53, the fund may enter into a contract of insurance. The insurance code of 1956, Act No. 218 of the Public Acts of 1956, being sections 500.100 to 500.8302 of the Michigan Compiled Laws, shall not apply to such an insurance contract and the fund shall not be considered an insurer subject to the insurance code of 1956, Act No. 218 of the Public Acts of 1956, by virtue of entering into such a contract.
History: 1984, Act 270, Eff. Mar. 29, 1985 Popular Name: Strategic Fund
Structure 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 125.2051 - Center for Loan Insurance; Establishment and Operation.
Section 125.2052 - Loan Insurance Account; Payments Into Accounts; Transfer of Money.
Section 125.2053 - Powers of Fund Through Center for Loan Insurance.
Section 125.2054 - Contract of Insurance.
Section 125.2055 - Insurance, Guarantees, or Letters of Credit; Limitation; Paramount Priority.