Sec. 4a.
In addition to the powers enumerated in section 4, the authority may loan money to students or parents of students who are residents of this state to assist them to pay for the cost of the student's attendance at a degree-granting college or university located in this state. The authority shall promulgate rules under the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws, to establish payment and repayment terms for the loans authorized under this section.
History: Add. 1989, Act 96, Imd. Eff. June 21, 1989 Admin Rule: R 390.1621 et seq. of the Michigan Administrative Code.
Structure 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.
Section 390.1152 - Definitions.
Section 390.1154 - Powers of Authority.
Section 390.1154a - Loans to Students or Parents of Students; Purpose; Rules.
Section 390.1156 - Bonds; Pledge and Agreement of State.
Section 390.1157 - Bonds as Investment Securities.
Section 390.1158 - Disposition of Moneys of Authority; Contracts With Holders of Bonds; Audit.
Section 390.1159 - Tax Exemptions; Bonds and Interest Coupons Negotiable; Registration of Bonds.
Section 390.1160 - Pledge by Authority; Lien of Pledge; Recording Not Required.
Section 390.1161 - Default; Appointment and Powers of Trustee; Rights of Bondholders and Trustee.
Section 390.1163 - Personal Liability.
Section 390.1164 - Repealed. 1976, Act 163, Imd. Eff. June 21, 1976.