Michigan § 259.253 - Loans; rules; limitation; repayment period; interest rate; collection and disposition of repayments and interest.
Full text of Michigan Michigan Compiled Laws § 259.253 — Loans; rules; limitation; repayment period; interest rate; collection and disposition of repayments and interest., with citation guidance and answers to common questions.
§ 259.253. Loans; rules; limitation; repayment period; interest rate; collection and disposition of repayments and interest.
The commission shall promulgate rules pursuant to Act No. 306 of the Public Acts of 1969, as amended, being sections 24.201 to 24.315 of the Michigan Compiled Laws, for making loans pursuant to section 1 not to exceed 90% of the local share of the project cost, or $100,000.00, whichever is the lesser. The loan shall be repaid within 10 years and shall bear an annual interest rate as established by the state treasurer in the year of the loan. The annual interest rate shall not exceed 6%. The repayments shall be collected by the commission and credited to the revolving loan account established in section 2. The interest shall be collected annually by the commission and credited to the state aeronautics fund.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 259.253
What does Michigan Compiled Laws § 259.253 cover?
Section 259.253 ("Loans; rules; limitation; repayment period; interest rate; collection and disposition of repayments and interest.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 259.253?
A common citation format is "Michigan Compiled Laws § 259.253" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 259.253 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.