Sec. 9.
(1) An account owner shall not, directly or indirectly, direct the investment of any contributions to an account or the earnings on an account in violation of section 529A of the internal revenue code. An account owner may select among different investment strategies designed by a program manager to the extent allowed under section 529A of the internal revenue code.
(2) The program may allow employees of the program, or the employees of a contractor hired by the program to perform administrative services, to make contributions to an account.
(3) An interest in an account shall not be used by an account owner or a designated beneficiary as security for a loan. Any pledge of an interest in an account has no force or effect.
History: 2015, Act 160, Eff. Jan. 26, 2016
Structure Michigan Compiled Laws
Chapter 206 - Income Tax Act of 1967
Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997)
Section 206.981 - Short Title.
Section 206.982 - Definitions.
Section 206.984 - Management Contract; Supervision.
Section 206.985 - Management Contract; Term of Years; Termination.
Section 206.986 - Contracts as Necessary and Proper.
Section 206.988 - Changes in Account Owners or Designated Beneficiaries; Transfers.
Section 206.990 - Maximum Account Balance Limit.
Section 206.993 - Construction and Interpretation of Act and Agreement.
Section 206.994 - State Obligation.
Section 206.995 - Annual Report.