Michigan Compiled Laws
Act 459 of 1982 - Toxic Substance Loan Repayment (325.851 - 325.858)
Section 325.854 - Toxic Substance Loan Repayment Fund; Establishment; Deposits; Use of Fund.

***** 325.854 THIS SECTION DOES NOT APPLY AFTER JULY 7, 1986: See 325.856b *****
Sec. 4.
(1) A toxic substance loan repayment fund is established in the department.
(2) All payments of principal, interest, fees, charges, and other receipts from the servicing of loans made pursuant to former Act No. 273 of the Public Acts of 1978, shall be deposited into the toxic substance loan repayment fund.
(3) The state treasurer may use the fund to pay the costs of servicing loans made pursuant to former Act No. 273 of the Public Acts of 1978, including any costs incurred by the state in protecting the state's interest in those loans, and may establish a reserve to cover anticipated servicing costs.
History: 1982, Act 459, Eff. Mar. 30, 1983 Compiler's Notes: Act 273 of 1978, referred to in this section, was repealed by Act 459 of 1982.

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 325 - Health

Act 459 of 1982 - Toxic Substance Loan Repayment (325.851 - 325.858)

Section 325.851 - Definitions.

Section 325.852 - Abolition of State Toxic Substance Loan Commission.

Section 325.853 - Transfer of Loans, Documents, and Audited Inventory to Department; Powers of State Treasurer.

Section 325.854 - Toxic Substance Loan Repayment Fund; Establishment; Deposits; Use of Fund.

Section 325.855 - Repayment of Note of Indebtedness Executed Under Former MCL 325.831 to 325.845; Schedule of Repayment; Assessment of Interest; Interest Not to Accumulate During Suspension of Repayment.

Section 325.856 - Suspension of Repayment; Duration; Preparation, Execution, and Filing of Termination Statements and Other Documents; Transfer of Unexpended, Unencumbered, or Unreserved Money in Fund to General Fund.