Michigan Compiled Laws
Act 161 of 2000 - Michigan Education Savings Program Act (390.1471 - 390.1486)
Section 390.1474 - Management Contract; Supervision by Treasurer.

Sec. 4.
The treasurer shall be responsible for the ongoing supervision of each management contract in consultation with the board.
History: 2000, Act 161, Imd. Eff. June 16, 2000 ;-- Am. 2007, Act 153, Imd. Eff. Dec. 20, 2007

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 390 - Universities and Colleges

Act 161 of 2000 - Michigan Education Savings Program Act (390.1471 - 390.1486)

Section 390.1471 - Short Title.

Section 390.1472 - Definitions.

Section 390.1473 - Michigan Education Savings Program; Establishment; Soliciting Proposals; Duties and Powers Vested in Treasurer; Administration of Program; Funds Trustee; Personnel and Services; Selection of Program Manager; Contract.

Section 390.1474 - Management Contract; Supervision by Treasurer.

Section 390.1475 - Management Contract; Term; Termination.

Section 390.1476 - Contracts.

Section 390.1477 - Education Savings Accounts; Establishment; Purpose; Agreement; Form of Contribution; Withdrawal; Distributions; Penalty; Separate Accounting for Each Beneficiary.

Section 390.1478 - Account Owner or Beneficiary; Changes; Transfer.

Section 390.1479 - Account Owner or Beneficiary; Direction of Contributions or Earnings; Selection of Investment Strategy; Contributions by Board Members or Employees; Use of Interest; Restriction.

Section 390.1480 - Maximum Account Balance Limit; Limitation; Rejection of Contribution to Designated Beneficiary Account; Total Balance of All Accounts.

Section 390.1481 - Account Distributions; Report to Internal Revenue Service and Account Owner; Statements.

Section 390.1482 - Disclosure of Information.

Section 390.1483 - Construction or Interpretation of Act and Agreement.

Section 390.1484 - Obligation Upon State, Agency, or Instrumentality of State.

Section 390.1485 - Annual Report.

Section 390.1486 - Contributions and Interest Earned as Tax Exempt; Withdrawals as Taxable.