Sec. 10.
The authority is subject to the supervision and examination of the commissioner of the financial institutions bureau of the department of commerce. However, the authority is not considered to be a banking organization and is not required to pay a fee for the supervision or examination. The authority shall make an annual report of its condition to the governor and the legislature within 60 days after the legislature convenes.
History: 1960, Act 77, Imd. Eff. Apr. 25, 1960 ;-- Am. 1989, Act 128, Imd. Eff. June 28, 1989
Structure Michigan Compiled Laws
Chapter 390 - Universities and Colleges
Act 77 of 1960 - Michigan Higher Education Assistance Authority (390.951 - 390.961)
Section 390.951 - Michigan Higher Education Assistance Authority; Creation.
Section 390.952 - Appointment and Qualifications of Members of Authority.
Section 390.953 - Higher Education Assistance Authority; Term of Office, Removal.
Section 390.954 - Higher Education Assistance Authority; Vacancies, Appointment, Removal.
Section 390.955 - Quorum; Rules.
Section 390.955a - Conducting Business at Public Meeting; Notice.
Section 390.956 - Higher Education Assistance Authority; Compensation, Expenses.
Section 390.957 - Powers of Authority.
Section 390.957a - Repealed. 2006, Act 425, Eff. Oct. 1, 2007.
Section 390.957b - Repealed. 2008, Act 103, Eff. Oct. 1, 2008.
Section 390.958 - Loans to Minors.
Section 390.959 - Higher Education Assistance Authority; Gift Tax, Deductible.