Michigan § 390.1152 - Definitions.
Full text of Michigan Michigan Compiled Laws § 390.1152 — Definitions., with citation guidance and answers to common questions.
§ 390.1152. Definitions.
As used in this act:
(a) "Authority" means the Michigan higher education student loan authority created by section 3.
(b) "Bonds" means the bonds authorized to be issued by the authority under this act, which may consist of bonds, notes, term loans, commercial paper, or other debt obligations evidencing an obligation to repay borrowed money and payable solely from revenues and other money pledged by the authority.
(c) "Bond resolution" or "resolution", when used in relation to the issuance of bonds, means either the resolution or trust agreement securing the bonds.
(d) "Eligible institution" means an institution of higher education; a vocational school; or, with respect to students or their parents who are citizens or nationals of the United States, an institution outside the United States comparable to an institution of higher education or to a vocational school that is approved by the state board of education and by the United States secretary of education for purposes of the guaranteed loan program.
(e) "National of the United States" means a person who, though not a citizen of the United States, owes permanent allegiance to the United States, as described in section 101(a)(22)(B) of the immigration and nationality act, 8 USC 1101.
(f) "Obligations" or "borrower obligations" means loan notes and other debt obligations evidencing loans to students or parents of students that the authority may take, acquire, buy, sell, or indorse under this act and may include a direct or indirect interest in whole or part of the notes or obligations.
(g) "Parent" means a biological or adoptive parent or legal guardian.
(h) "Standard rating service" means a service recognized in the investment profession that evaluates and measures securities investment and credit risk.
(i) "Student" means a person who is enrolled or accepted for enrollment at an eligible institution and who is making suitable progress in his or her education toward obtaining a degree or other appropriate certification in accordance with standards acceptable to the authority.
(j) "Talent investment fund" means the talent investment fund as defined in section 8a.
Frequently Asked Questions About Michigan § 390.1152
What does Michigan Compiled Laws § 390.1152 cover?
Section 390.1152 ("Definitions.") 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 § 390.1152?
A common citation format is "Michigan Compiled Laws § 390.1152" (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 § 390.1152 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.