Sec. 9.
(1) Except as otherwise provided in this section, an account owner or a designated beneficiary of any account shall not direct the investment of any contributions to an account or the earnings on an account.
(2) An account owner may select among different investment strategies designed by a program manager to the extent allowed under section 529 of the internal revenue code.
(3) The program may allow board members or employees of the program, or the board members or employees of a contractor hired by the program to perform administrative services, to make contributions to an account.
(4) 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: 2000, Act 161, Imd. Eff. June 16, 2000 ;-- Am. 2001, Act 215, Eff. Jan. 1, 2002 ;-- Am. 2004, Act 387, Imd. Eff. Oct. 12, 2004 ;-- Am. 2007, Act 153, Imd. Eff. Dec. 20, 2007 ;-- Am. 2016, Act 51, Imd. Eff. Mar. 22, 2016
Structure 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 390.1474 - Management Contract; Supervision by Treasurer.
Section 390.1475 - Management Contract; Term; Termination.
Section 390.1478 - Account Owner or Beneficiary; Changes; Transfer.
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.