Michigan Laws > Chapter 38 > Act 261 of 1957 – Michigan Legislative Retirement System Act
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 38 > Act 261 of 1957 - Michigan Legislative Retirement System Act
- Academic credential: means a degree or a diploma, transcript, educational or completion certificate, or similar document that indicates completion of a program of study or instruction or completion of 1 or more courses at an institution of higher education or the grant of an associate, bachelor, master, or doctoral degree. See Michigan Laws 390.1602
- Account: means either of the 2 accounts created under section 7706. See Michigan Laws 500.7705
- Accredited: means approved by an accrediting body recognized by the United States Department of Education. See Michigan Laws 390.1692
- Acquiring insurer: means a domestic stock insurer, domestic mutual insurer, or reciprocal or inter-insurance exchange organized pursuant to this chapter. See Michigan Laws 500.5100
- Administrator: means that term as defined in section 105 of the nonprofit act, MCL 450. See Michigan Laws 390.1572
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Advisory board: means the Michigan iron industry museum advisory board created by section 3. See Michigan Laws 399.72
- Advisory board: means the board appointed pursuant to section 12421. See Michigan Laws 333.12401
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Affiliate: means an entity that, directly or indirectly, through 1 or more intermediaries, controls, is controlled by, or is under common control with another entity. See Michigan Laws 125.2090l
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- Agricultural labor camp: means a tract of land and all tents, vehicles, buildings, or other structures pertaining thereto, part of which is established, occupied, or used as living quarters for 5 or more migratory laborers engaged in agricultural activities, including related food processing. See Michigan Laws 333.12401
- Agricultural land: means substantially undeveloped land devoted to the production of plants and animals useful to humans, including, but not limited to, forage and sod crops, grains, feed crops, field crops, dairy products, poultry and poultry products, livestock, herbs, flowers, seeds, grasses, nursery stock, fruits, vegetables, Christmas trees, and other similar uses and activities. See Michigan Laws 125.3102
- Airport: means an airport licensed under section 86 of the aeronautics code of the state of Michigan, 1945 PA 327, MCL 259. See Michigan Laws 125.3102
- Airport manager: means that term as defined in section 2 of the aeronautics code of the state of Michigan, 1945 PA 327, MCL 259. See Michigan Laws 125.3102
- Airport zoning regulations: means airport zoning regulations under the airport zoning act, 1950 (Ex Sess) PA 23, MCL 259. See Michigan Laws 125.3102
- Alteration: means work that changes the detail of a resource but does not change its basic size or shape. See Michigan Laws 399.201a
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Applicant: means the person who submits an application for a body art facility license under this part and includes the owner or operator, an agent of the owner or operator, or any other person operating under the apparent authority of the owner or operator of a body art facility that is required to be licensed under this part. See Michigan Laws 333.13101
- Application: means a request for the placement of an official Michigan historical marker at the location of a historic resource or site and for the resource's or site's listing in the state register of historic sites. See Michigan Laws 399.152
- Appraisal: A determination of property value.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Archives: means the archives of Michigan. See Michigan Laws 399.802
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Assets: means property, whether real, personal, mixed, tangible, or intangible, and any right or interest in the property, including all rights under contracts and other agreements. See Michigan Laws 500.5500
- Association: means an association as defined in former section 108 of the savings and loan act of 1980, former 1980 PA 307. See Michigan Laws 400.171
- Association: means the Michigan life and health insurance guaranty association created under section 7706. See Michigan Laws 500.7705
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Authority: means the automobile theft prevention authority. See Michigan Laws 500.6101
- Authorization: means either of the following:
(i) An authorization from the department under section 4(1) to participate in a reciprocal agreement. See Michigan Laws 390.1692authorized: when used in the context of assessments means a resolution or motion passed by the association's board of directors that directs that an assessment be called immediately or in the future from member insurers for a specific amount. See Michigan Laws 500.7705 Authorized business: means an eligible business that has met the requirements of this chapter and with which the fund has entered into a written agreement for withholding tax capture revenues pursuant to this chapter and section 51f of the income tax act of 1967, 1967 PA 281, MCL 206. See Michigan Laws 125.2090g Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings. Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels. Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC Benefit contract: means the agreement for provision of benefits authorized by section 8179, as that agreement is described in section 8182(1). See Michigan Laws 500.8161 Benefit member: means an adult member designated by the laws or rules of the society to be a benefit member under a benefit contract. See Michigan Laws 500.8161 Benefit plan: means a specific employee, union, or association of natural persons benefit plan. See Michigan Laws 500.7705 Bequest: Property gifted by will. blighted property: means property that meets any of the following criteria:
(A) Has been declared a public nuisance in accordance with a local housing, building, plumbing, fire, or other related code or ordinance. See Michigan Laws 125.2090aBlind person: means an individual who has a visual acuity of 20/200 or less in the better eye with correction, or has a limitation of his or her field of vision such that the widest diameter of the visual field subtends an angular distance not greater than 20 degrees, as determined by the commission. See Michigan Laws 393.351 Board: means the board of trustees of the library created in section 4. See Michigan Laws 397.12 Board: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282 Board: means the board of directors of the automobile theft prevention authority. See Michigan Laws 500.6101 Board: means the board of trustees of the multiple employer welfare arrangement security fund. See Michigan Laws 500.7001 Board: means the board of directors of the Michigan strategic fund, except where the context clearly requires a different definition. See Michigan Laws 125.2004 Body art facility: means the location at which an individual does 1 or more of the following:
(i) Performs tattooing. See Michigan Laws 333.13101Body piercing: means the perforation of human tissue other than an ear for a nonmedical purpose. See Michigan Laws 333.13101 Branding: means a permanent mark made on human tissue by burning with a hot iron or other instrument. See Michigan Laws 333.13101 called: when used in the context of assessments means that a notice has been issued by the association to member insurers requiring that an authorized assessment be paid within the time frame set forth within the notice. See Michigan Laws 500.7705 Camp operator: means a person who owns, establishes, operates, conducts, manages, or maintains an agricultural labor camp or who causes or permits the occupancy or use of an agricultural labor camp whether or not rent is charged for housing and facilities. See Michigan Laws 333.12401 Capital: means the capital stock component of statutory surplus, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions. See Michigan Laws 500.5500 Cash reserves: means federally guaranteed obligations that have a fixed recoverable principal amount or an irrevocable and unconditional letter of credit. See Michigan Laws 500.7001 Casino: means a casino regulated by this state under the Michigan gaming control and revenue act, 1996 IL 1, MCL 432. See Michigan Laws 125.2090g Casino: means that term as defined in section 2 of the Michigan gaming control and revenue act, 1996 IL 1, MCL 432. See Michigan Laws 333.12601 Center: means the center for educational performance and information created in section 94a of the school aid act of 1979, 1979 PA 94, MCL 388. See Michigan Laws 390.1703 Center: means the Michigan history center established in the Michigan history center act, 2016 PA 470, MCL 399. See Michigan Laws 399.152 Center: means the Michigan history center. See Michigan Laws 399.802 Certificate: means the document issued as written evidence of a benefit contract. See Michigan Laws 500.8161 Certificate of appropriateness: means the written approval of a permit application for work that is appropriate and that does not adversely affect a resource. See Michigan Laws 399.201a Chambers: A judge's office. Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes. Chief administrative official: means the manager or other highest nonelected administrative official of a city or village. See Michigan Laws 125.3803 Chief elected official: means the mayor of a city, the president of a village, the supervisor of a township, or, subject to section 5, the chairperson of the county board of commissioners of a county. See Michigan Laws 125.3803 Cigar: means any roll of tobacco weighing 3 or more pounds per 1,000, which roll has a wrapper or cover consisting only of tobacco. See Michigan Laws 333.12601 Cigar bar: means an establishment or area within an establishment that is open to the public and is designated for the smoking of cigars, purchased on the premises or elsewhere. See Michigan Laws 333.12601 Closing date: means the date on which a rural jobs and capital investment fund has received a grant, loan, or other type of economic assistance. See Michigan Laws 125.2090l College or university: means a degree or certificate granting public or private college or university, junior college, or community college located in this state. See Michigan Laws 390.1542 College or university: means a degree or certificate granting public or private college or university, junior college, or community college. See Michigan Laws 390.1692 Commercial information: means information regarding the purchase and sale of goods and services, including, but not limited to, information regarding marketing strategy, production data, assessments of goods and services, mineral exploration records, and compilations of data regarding commercial activity. See Michigan Laws 390.1552 Commission: means the commission for the blind. See Michigan Laws 393.351 commission: means the Michigan freedom trail commission created in section 3. See Michigan Laws 399.82 Commission: means the Michigan historical commission created in section 3 of the Michigan historical commission act, 2016 PA 469, MCL 399. See Michigan Laws 399.152 Commission: means a historic district commission created by the legislative body of a local unit under section 4. See Michigan Laws 399.201a Commission: means the Ronald Wilson Reagan memorial monument fund commission created in section 3. See Michigan Laws 399.262 Commission: means the Ronald Wilson Reagan memorial monument fund commission created in the Ronald Wilson Reagan memorial monument fund commission act. See Michigan Laws 399.272 Commission: means the Michigan historical commission created in section 3 of the Michigan historical commission act, 2016 PA 469, MCL 399. See Michigan Laws 399.802 Commission: means the Michigan historical commission created in section 3. See Michigan Laws 399.832 Commissioner: means the director. See Michigan Laws 500.102 Committee: means a historic district study committee appointed by the legislative body of a local unit under section 3 or 14. See Michigan Laws 399.201a Committee membership: Legislators are assigned to specific committees by their party. Seniority, regional balance, and political philosophy are the most prominent factors in the committee assignment process. Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Community college: means a community college organized under the community college act of 1966, 1966 PA 331, MCL 389. See Michigan Laws 390.1572 Community revitalization incentive: means a community revitalization grant, a community revitalization loan, or other economic assistance. See Michigan Laws 125.2090a Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Computer: means any connected, directly interoperable or interactive device, equipment, or facility that uses a computer program or other instructions to perform specific operations, including logical, arithmetic, or memory functions with or on computer data or a computer program, and that can store, retrieve, alter, or communicate the results of the operations to a person, computer program, computer, computer system, or computer network. See Michigan Laws 397.602 Computer network: means the interconnection of hardwire or wireless communication lines with a computer through remote terminals, or a complex consisting of 2 or more interconnected computers. See Michigan Laws 397.602 Computer program: means a series of internal or external instructions communicated in a form acceptable to a computer that directs the functioning of a computer, computer system, or computer network in a manner designed to provide or produce products or results from the computer, computer system, or computer network. See Michigan Laws 397.602 Computer system: means a set of related, connected or unconnected, computer equipment, devices, software, or hardware. See Michigan Laws 397.602 Concession: means equipment or location which is being used, or may be used to sell retail confections, tobaccos, papers, periodicals, and other like merchandise, coffee, milk, soft drinks, wrapped ice cream, wrapped sandwiches, wrapped baked goods, packaged salads and other similar food items. See Michigan Laws 393.351 Conservation easement: means that term as defined in section 2140 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 125.3102 Contested case: means a proceeding in which the legal rights, duties, obligations, or privileges of a party are required by law to be determined by the circuit court after an opportunity for hearing. See Michigan Laws 500.4701 Continuance: Putting off of a hearing ot trial until a later time. Contract: A legal written agreement that becomes binding when signed. Converted company: means a Michigan domiciled stock insurance company that results from the reorganization of a mutual company under this chapter. See Michigan Laws 500.6001 Converted stock company: means a Michigan domiciled stock insurance company that converted from a Michigan domiciled mutual company or a stock business corporation resulting from conversion of a mutual holding company pursuant to this chapter. See Michigan Laws 500.5901 Conviction: A judgement of guilt against a criminal defendant. Cooperative board: means the governing board of a cooperative library. See Michigan Laws 397.552 Cooperative library: means the library or service center designated by a cooperative board to execute services established by a cooperative plan and provided to libraries participating in a cooperative. See Michigan Laws 397.552 Coordinating zoning committee: means a coordinating zoning committee as described under section 307. See Michigan Laws 125.3102 Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Council: means the Michigan council for arts and cultural affairs established by Executive Order No. See Michigan Laws 399.702 Counterclaim: A claim that a defendant makes against a plaintiff. Counterparty: means an SPFC's parent or affiliated company, or, subject to the prior approval of the director, a nonaffiliated company as ceding insurer to the SPFC contract. See Michigan Laws 500.4701 County medical care facility: means that term as defined in section 20104. See Michigan Laws 333.12601 Covered claim: means an obligation of an insolvent MEWA to pay a claim that is covered by the MEWA to a covered employee or dependent who is a resident of this state. See Michigan Laws 500.7001 Covered policy: means a policy, contract, or certificate under a group policy or contract, or portion of a group policy or contract, for which coverage is provided under section 7704. See Michigan Laws 500.7705 Credit union: means a domestic credit union as that term is defined in section 102 of the credit union act, 2003 PA 215, MCL 490. See Michigan Laws 400.171 Creditor: is a person having a claim against the insurer, whether matured or unmatured, liquidated or unliquidated, secured or unsecured, absolute, fixed, or contingent. See Michigan Laws 500.8103 Crime: means that term as defined in section 5 of the Michigan penal code, 1931 PA 328, MCL 750. See Michigan Laws 397.602 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Deed: The legal instrument used to transfer title in real property from one person to another. Delinquency proceeding: means a proceeding instituted against an insurer for the purpose of liquidating, rehabilitating, reorganizing, or conserving such insurer, and a summary proceeding under section 8109 or 8110. See Michigan Laws 500.8103 Demolition: means the razing or destruction, whether entirely or in part, of a resource and includes, but is not limited to, demolition by neglect. See Michigan Laws 399.201a Demolition by neglect: means neglect in maintaining, repairing, or securing a resource that results in deterioration of an exterior feature of the resource or the loss of structural integrity of the resource. See Michigan Laws 399.201a Denial: means the written rejection of a permit application for work that is inappropriate and that adversely affects a resource. See Michigan Laws 399.201a Department: means the department of community health. See Michigan Laws 390.1592 Department: means the department of licensing and regulatory affairs. See Michigan Laws 390.1692 Department: means the department of labor and economic opportunity. See Michigan Laws 390.1703 Department: means the department of labor. See Michigan Laws 393.351 Department: means the department of history, arts, and libraries. See Michigan Laws 397.12 Department: means the department of history, arts, and libraries. See Michigan Laws 397.552 Department: means the department of history, arts, and libraries. See Michigan Laws 399.82 Department: means the department of natural resources. See Michigan Laws 399.152 Department: means the department of history, arts, and libraries. See Michigan Laws 399.201a Department: means the department of state. See Michigan Laws 399.302 Department: means the department of history, arts, and libraries created in section 3. See Michigan Laws 399.702 Department: means the department of natural resources. See Michigan Laws 399.802 Department: means the department of natural resources. See Michigan Laws 399.832 Department: means the department of human services. See Michigan Laws 400.171 Department: means the department of insurance and financial services. See Michigan Laws 500.102 Dependent: A person dependent for support upon another. Development rights: means the rights to develop land to the maximum intensity of development authorized by law. See Michigan Laws 125.3102 Development rights ordinance: means an ordinance, which may comprise part of a zoning ordinance, adopted under section 507. See Michigan Laws 125.3102 Device: includes , but is not limited to, an electronic, magnetic, electrochemical, biochemical, hydraulic, optical, or organic object that performs input, output, or storage functions by the manipulation of electronic, magnetic, or other impulses. See Michigan Laws 397.602 Devise: To gift property by will. Director: means the director of the department of career development or his or her designee. See Michigan Laws 390.1572 Director: means the director of the commission. See Michigan Laws 393.351 Director: means the director of the department. See Michigan Laws 399.702 Director: means the director of the department. See Michigan Laws 399.802 Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102 Disabled individual: means any person, other than a person who is blind, who has a vocational disability. See Michigan Laws 395.82 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Dismissal: The dropping of a case by the judge without further consideration or hearing. Source: Distance education: means education that uses 1 or more technologies to deliver instruction to students who are separated from the instructor, and to support regular and substantive interaction between the students and the instructor, either synchronously or asynchronously. See Michigan Laws 390.1692 District: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282 District library: means a library established pursuant to the district library establishment act or a library considered to be established pursuant to the district library establishment act under section 6 of that act. See Michigan Laws 397.282 Dividing insurer: means a domestic stock insurer that approves a plan of division pursuant to section 5505. See Michigan Laws 500.5500 division: means the act by operation of law by which a domestic stock insurer divides into 2 or more resulting insurers in accordance with a plan of division and this chapter. See Michigan Laws 500.5500 Domestic insurer: means an insurer domiciled in this state. See Michigan Laws 500.4801 Domestic stock insurer: means a domestic stock insurer organized or created under the laws of this state. See Michigan Laws 500.5500 Domiciliary state: means the state in which an insurer is incorporated or organized, or, in the case of an alien insurer, its state of entry. See Michigan Laws 500.8103 Donor: The person who makes a gift. Durand: means the city of Durand, a home rule city situated in Shiawassee county. See Michigan Laws 399.302 Earned job factor: means an amount equal to $7,500. See Michigan Laws 125.2090l Economic automobile theft: means automobile theft perpetrated for financial gain. See Michigan Laws 500.6101 Economic development project: means an endeavor related to industrial, commercial, or agricultural enterprise. See Michigan Laws 125.2004 Educational facility: means a building owned, leased, or under the control of a public or private school system, college, or university. See Michigan Laws 333.12601 Effective date of the transfer: means the date upon which a transfer occurs. See Michigan Laws 500.5100 Eligible business: means a business other than a retail establishment, professional sports stadium, casino, or that portion of an eligible business used exclusively for retail sales that proposes to create 1 or more of the following:
(i) A minimum of 3,000 certified new jobs in this state with an average annual wage that is equal to or greater than the prosperity region average wage. See Michigan Laws 125.2090gEligible institution: means a postsecondary educational institution that meets all of the following:
(i) Is an accredited public community college in this state. See Michigan Laws 390.1703Eligible investment: means 1 or more of the following, subject to a written agreement under this section, including investment that occurred prior to the approval of the application, to the extent that the project has not been completely reimbursed to or been paid for on behalf of the person requesting a community revitalization incentive under this chapter:
(i) Any demolition, construction, alteration, rehabilitation, or improvement of buildings. See Michigan Laws 125.2090aEligible member: except as otherwise provided in section 5915, means a member whose policy is in force on the date the mutual company's board of directors adopts a plan of conversion. See Michigan Laws 500.5901 Eligible property: means property that meets 1 or more of the following conditions:
(i) Is determined to be a facility. See Michigan Laws 125.2090aEmbezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC Employee welfare benefit plan: means that term as defined in section 3 of the employee retirement income security act of 1974, Public Law 93-406, 88 Stat. See Michigan Laws 500.7001 Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs. Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC Escrow: Money given to a third party to be held for payment until certain conditions are met. Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Ex officio: Literally, by virtue of one's office. Executor: A male person named in a will to carry out the decedent facility: means that term as defined in section 2 of the brownfield redevelopment financing act, 1996 PA 381, MCL 125. See Michigan Laws 125.2090a Facility: means a site or sites within this state in which an authorized business creates certified new jobs. See Michigan Laws 125.2090g Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Fair value: means the following:
(i) For cash, the amount of the cash. See Michigan Laws 500.4801Fiduciary: A trustee, executor, or administrator. Financial information: means information regarding finances, including, but not limited to, assets, income, liabilities, net worth, bank balances, financial history or activities, or creditworthiness. See Michigan Laws 390.1552 Fire alarm system: means a system designed to detect and annunciate the presence of fire or by-products of fire. See Michigan Laws 399.201a Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Food service establishment: means a food service establishment as defined in section 12905. See Michigan Laws 333.12601 Food stamps: means the coupons issued pursuant to the food stamp program established under the food stamp act of 1977, 7 USC 2011 to 2036a. See Michigan Laws 400.171 Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Foreign country: means any other jurisdiction not in any state. See Michigan Laws 500.8103 Foreign guaranty association: means any similar entities now in existence or hereafter created by the legislature of any other state. See Michigan Laws 500.8103 Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Formal delinquency proceeding: means any liquidation or rehabilitation proceeding. See Michigan Laws 500.8103 Fraud: Intentional deception resulting in injury to another. Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Full-time equivalent employees: means the number of salaried employment positions plus the quotient obtained by dividing the total number of hours for which employees with an hourly wage rate of at least 150% of the federal minimum wage were compensated for employment over the preceding 12-month period by 2,080 with respect to hourly employees. See Michigan Laws 125.2090l Full-time job: means a full-time job as determined by the fund performed by an individual whose income and social security taxes are withheld by 1 or more of the following:
(i) An authorized business. See Michigan Laws 125.2090gFully funded: means that, with respect to any exposure attributed to a protected cell, the fair value of the protected cell assets, on the date on which the insurance securitization is effected, equals or exceeds the maximum possible exposure attributable to the protected cell with respect to such exposures. See Michigan Laws 500.4801 functionally obsolete: means that the property is unable to be used to adequately perform the function for which it was intended due to a substantial loss in value resulting from factors such as overcapacity, changes in technology, deficiencies or superadequacies in design, or other similar factors that affect the property itself or the property's relationship with other surrounding property as determined by a Michigan advanced assessing officer or a Michigan master assessing officer. See Michigan Laws 125.2090a Fund: means the pregnant and parenting student services fund created in section 3. See Michigan Laws 390.1592 Fund: means the Michigan history center operations fund created in section 8 of the Michigan history center act, 2016 PA 470, MCL 399. See Michigan Laws 399.152 Fund: means the Michigan council for the arts fund created in section 9. See Michigan Laws 399.702 Fund: means the multiple employer welfare arrangement security fund. See Michigan Laws 500.7001 Fund: means the Michigan strategic fund created under section 5, except where the context clearly requires a different definition. See Michigan Laws 125.2004 Fund: means the migratory labor housing fund. See Michigan Laws 333.12401 Fund board: means the board of the Michigan strategic fund described in section 5. See Michigan Laws 125.2088a Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor General account: means the assets and liabilities of a protected cell company other than protected cell assets and protected cell liabilities. See Michigan Laws 500.4801 general assets: includes all property or its proceeds in excess of the amount necessary to discharge the sum or sums secured by the property. See Michigan Laws 500.8103 Germane: On the subject of the pending bill or other business; a strict standard of relevance. Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve grant: means a grant that is approved under section 90b and that is subject to requirements in section 90c. See Michigan Laws 125.2090a Greenway: means a contiguous or linear open space, including habitats, wildlife corridors, and trails, that links parks, nature reserves, cultural features, or historic sites with each other, for recreation and conservation purposes. See Michigan Laws 125.3102 Growth investment: means any capital or equity investment in a qualified business or any loan to a qualified business with a stated maturity at least 1 year after the date of issuance. See Michigan Laws 125.2090l Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC Guaranty association: means the Michigan property and casualty guaranty association, the worker's compensation self-insurance security fund, the Michigan life and health insurance guaranty association, and any other similar entity now or hereafter created by the legislature of this state for the payment of claims of insolvent insurers. See Michigan Laws 500.8103 Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. Harmful to minors: means that term as defined in section 4 of 1978 PA 33, MCL 722. See Michigan Laws 397.602 Health facility: means a health facility or agency licensed under article 17, except a home for the aged, nursing home, county medical care facility, hospice, or hospital long-term care unit. See Michigan Laws 333.12601 Health insurance: means disability insurance as described in section 606. See Michigan Laws 500.7705 Health maintenance organization: means that term as defined in section 3501. See Michigan Laws 500.106 Historic district: means an area, or group of areas not necessarily having contiguous boundaries, that contains 1 resource or a group of resources that are related by history, architecture, archaeology, engineering, or culture. See Michigan Laws 399.201a Historic preservation: means the identification, evaluation, establishment, and protection of resources significant in history, architecture, archaeology, engineering, or culture. See Michigan Laws 399.201a Historic resource: means a publicly or privately owned building, structure, site, object, or open space of historic significance to this state, including places associated with a significant individual, group, or event in this state. See Michigan Laws 399.152 Historic resource: means a publicly or privately owned building, structure, site, object, feature, or open space that is significant in the history, architecture, archaeology, engineering, or culture of this state or a community within this state, or of the United States. See Michigan Laws 399.201a historic resource: means a publicly or privately owned historic building, structure, site, object, feature, or open space either manmade or natural, individually listed or located within and contributing to a historic district designated by the national register of historic places, the state register of historic sites, or a local unit acting under the local historic districts act, 1970 PA 169, MCL 399. See Michigan Laws 125.2090a Historic significance: means value in relation to historical, architectural, archaeological, engineering, technological, or cultural disciplines. See Michigan Laws 399.152 Home for the aged: means that term as defined in section 20106. See Michigan Laws 333.12601 Hospice: means that term as defined in section 20106. See Michigan Laws 333.12601 Hospital long-term care unit: means that term as defined in section 20106. See Michigan Laws 333.12601 Impaired insurer: means a member insurer considered by the director to be potentially unable to fulfill the insurer's contractual obligations or that is placed under an order of rehabilitation or conservation by a court of competent jurisdiction. See Michigan Laws 500.7705 Improvements: means those features and actions associated with a project that are considered necessary by the body or official granting zoning approval to protect natural resources or the health, safety, and welfare of the residents of a local unit of government and future users or inhabitants of the proposed project or project area, including roadways, lighting, utilities, sidewalks, screening, and drainage. See Michigan Laws 125.3102 in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC Industry-recognized certificate or credential: means a certificate or credential that is portable and is sought or accepted by multiple employers within an industry for purposes of recruitment, hiring, or promotion. See Michigan Laws 390.1703 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. insolvent: means 1 or more of the following:
(i) That the SPFC is unable to pay its obligations within 30 days after they are due, unless those obligations are the subject of a bona fide dispute. See Michigan Laws 500.4701insolvent: means :
(i) For an insurer issuing only assessable fire insurance policies:
(A) The inability to pay an obligation within 30 days after it becomes payable. See Michigan Laws 500.8103Insolvent insurer: means a member insurer that becomes insolvent and is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. See Michigan Laws 500.7705 Insolvent insurer: means an insurer which has been a member insurer and against whom a final order of liquidation has been entered with a finding of insolvency by a court of competent jurisdiction in the insurer's state of domicile. See Michigan Laws 500.7921 Institution: means an institution as defined in section 1202 of the banking code of 1999, 1999 PA 276, MCL 487. See Michigan Laws 400.171 Institution of higher education: means a degree or certificate granting public or private college or university, junior college, or community college in this state. See Michigan Laws 390.1592 Insurance securitization: means a package of related risk transfer instruments, capital market offerings, and facilitating administrative agreements by which all of the following apply:
(i) The proceeds of the sale of SPFC securities are obtained, in a transaction that complies with applicable securities laws, by an SPFC directly through the issuance of the SPFC securities by the SPFC or indirectly through the issuance of preferred securities by the SPFC in exchange for some or all of the proceeds of the sale of SPFC securities by the SPFC's parent, an affiliated company of the SPFC, a counterparty, or a captive LLC. See Michigan Laws 500.4701Insurer: means a corporation engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.5500 Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106 Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes. Intellectual property: means all original data, findings, or other products of the mind or intellect commonly associated with claims, interests, and rights that are protected under trade secret, patent, trademark, copyright, or unfair competition law. See Michigan Laws 390.1552 Intensity of development: means the height, bulk, area, density, setback, use, and other similar characteristics of development. See Michigan Laws 125.3102 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Intermediate holding company: means a business corporation subsidiary of a mutual holding company domiciled in this state, any other state, or the District of Columbia that is authorized to issue 1 or more classes of capital stock, the corporate purposes of which include holding directly or indirectly the voting stock of a converted company. See Michigan Laws 500.6001 Internet: means that term as defined in 47 USC 230. See Michigan Laws 397.602 Investment: means the utilization of money or other assets in the expectation of future returns in the form of income or capital gain. See Michigan Laws 390.1552 Investment authority: means the amount stated on the certificate under section 90m certifying the rural jobs and capital investment fund. See Michigan Laws 125.2090l Investment fiduciary: means a person who exercises any discretionary authority or control over an investment of a public university or college or renders investment advice for a public university or college for a fee or other direct or indirect compensation. See Michigan Laws 390.1552 Investment information: means information that has not been publicly disseminated or that is unavailable from other sources, the release of which might cause a portfolio company or an investment fiduciary significant competitive harm. See Michigan Laws 390.1552 Joint resolution: A legislative measure which requires the approval of both chambers. Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Law enforcement officer: means an individual licensed under the Michigan commission on law enforcement standards act, 1965 PA 203, MCL 28. See Michigan Laws 397.602 Laws: means the society's articles of incorporation, constitution, and bylaws, however designated. See Michigan Laws 500.8161 Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Legacy: A gift of property made by will. Legislative body: means the county board of commissioners of a county, the board of trustees of a township, or the council or other similar elected governing body of a city or village. See Michigan Laws 125.3102 Legislative body: means the county board of commissioners of a county, the board of trustees of a township, or the council or other elected governing body of a city or village. See Michigan Laws 125.3803 Lender: means a person whose name appears on the records of the museum as the person legally entitled to property on loan to a museum, or a person the museum knows to be legally entitled to property on loan to a museum, or a person who establishes his or her legal entitlement to that property. See Michigan Laws 399.602 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. liabilities: shall include , but not be limited to, reserves required by statute or by rule or specific requirements imposed by the commissioner upon an insurer at the time of admission or subsequent to admission. See Michigan Laws 500.8103 Liability: means any liability or obligation of any kind, character, or description, whether known or unknown, absolute or contingent, accrued or unaccrued, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, due or to become due, determined, determinable, or otherwise. See Michigan Laws 500.5500 Library: means the library of Michigan. See Michigan Laws 397.12 Library: means a library that is established by this state or by a county, city, township, village, school district, or other local unit of government or authority or combination of local units of governments and authorities, a community college district, or a college or university, or a private library open to the public. See Michigan Laws 397.602 Library record: means a document, record, or other method of storing information retained by a library that contains information that personally identifies a library patron, including the patron's name, address, or telephone number, or that identifies a person as having requested or obtained specific materials from a library. See Michigan Laws 397.602 Licensee: means the person who is the holder of a license under this part or the person who is legally responsible for the operation of a body art facility and includes the owner or operator, an agent of the owner or operator, or any other person operating under the apparent authority of the owner or operator of a body art facility that is required to be licensed under this part. See Michigan Laws 333.13101 Lien: A claim against real or personal property in satisfaction of a debt. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Loan: means a deposit of property that is not accompanied by a transfer of title to the property. See Michigan Laws 399.602 loan: means a loan that is approved under section 90b and that is subject to the requirements in section 90d. See Michigan Laws 125.2090a Local board: means the board of trustees or directors that has as its primary purpose the supervision of a local public library, or that board contracting for library service, or, if such a board does not exist, the legislative body of the local government that maintains the public library. See Michigan Laws 397.552 Local support: means funds from tax sources, gifts, endowments, penal fines, or other funds received from local sources, excluding state and federal aid as stated in this act. See Michigan Laws 397.552 Local unit: means a county, city, village, or township. See Michigan Laws 399.201a local unit: means a county or municipality. See Michigan Laws 125.3803 Local unit of government: means a county, township, city, or village. See Michigan Laws 125.3102 Lodge: means the subordinate member units of a society, including camps, courts, councils, branches, or other similar designation. See Michigan Laws 500.8161 Majority leader: see Floor Leaders Maritime corporation: means the Lake Michigan maritime museum, inc. See Michigan Laws 399.302 Maritime museum: means the Michigan maritime museum situated in South Haven and operated under authority of this act. See Michigan Laws 399.302 Maritime museum advisory board: means the Michigan maritime museum advisory board created by section 106. See Michigan Laws 399.302 Maritime museum store: means the retail sales store located in the maritime museum, as authorized by section 108. See Michigan Laws 399.302 Maritime museum trust fund: means the Michigan maritime museum trust fund created by section 108. See Michigan Laws 399.302 Markup: The process by which congressional committees and subcommittees debate, amend, and rewrite proposed legislation. Master plan: means either of the following:
(i) As provided in section 81(1), any plan adopted or amended before September 1, 2008 under a planning act repealed under section 85. See Michigan Laws 125.3803MEDC: means the Michigan economic development corporation, the public body corporate created under section 28 of article VII of the state constitution of 1963 and the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124. See Michigan Laws 125.2004 Meeting: means a meeting as defined in section 2 of the open meetings act, 1976 PA 267, MCL 15. See Michigan Laws 333.12601 Member: means a person who, on the records of the mutual company and pursuant to its articles of incorporation or bylaws, is considered to be a holder of a membership interest in the mutual company. See Michigan Laws 500.6001 Member insurer: means a person authorized to transact a kind of insurance or annuity business in this state for which coverage is provided under section 7704 and includes an insurer whose certificate of authority in this state may have been suspended, revoked, not renewed, or voluntarily withdrawn. See Michigan Laws 500.7705 Member insurer: means an insurer required to be a member of the association pursuant to section 7911. See Michigan Laws 500.7921 merger: as used in this chapter , include a transaction in which an authorized insurer that is a wholly-owned subsidiary of a controlling corporation, which need not be an insurer, distributes shares of the capital stock of the controlling corporation in merging another insurer into the subsidiary or in merging the subsidiary into another insurer. See Michigan Laws 500.7604 MEWA: means that term as defined in section 3 of the employee retirement income security act of 1974, Public Law 93-406, 88 Stat. See Michigan Laws 500.7001 Michigan history center: means the Michigan history center established in the Michigan history center act. See Michigan Laws 399.832 Michigan reconnect grant student: means a student admitted to and enrolled in an eligible institution, regardless of whether the student is receiving a Michigan reconnect grant under this act. See Michigan Laws 390.1703 Minor: means an individual who is less than 18 years of age. See Michigan Laws 397.602 Minor: means an individual under 18 years of age who is not emancipated under section 4 of 1968 PA 293, MCL 722. See Michigan Laws 333.13101 Minority leader: See Floor Leaders month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Monument fund: means the Ronald Wilson Reagan memorial monument fund created in the Ronald Wilson Reagan memorial monument fund act. See Michigan Laws 399.262 Monument fund: means the Ronald Wilson Reagan memorial monument fund created in section 3. See Michigan Laws 399.272 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Motor vehicle: means that term as defined in section 33 of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 333.12601 Multiple-station alarm: means 2 or more single-station alarms that are capable of interconnection such that actuation of 1 alarm causes all integrated separate audible alarms to operate. See Michigan Laws 399.201a municipal: means or refers to a city, village, or township. See Michigan Laws 125.3803 Municipality: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282 Municipality: means that term as defined in section 4. See Michigan Laws 125.2090g Municipality: means a county, city, village, township, port district, development organization, institution of higher education, community or junior college, or subdivision or instrumentality of any of the legal entities listed in this subdivision. See Michigan Laws 125.2004 Museum: means an institution generally known as a museum, archives, or library located in this state that is or does each of the following:
(i) Established primarily for artistic, educational, scientific, historic, or preservation purposes. See Michigan Laws 399.602Museum: means the Michigan history museum. See Michigan Laws 399.802 Museum site: means certain state land and facilities in the county of Marquette constituting an historical commemoration of the first iron production area in the Lake Superior region. See Michigan Laws 399.72 Mutual company: means a domestic mutual insurance company organized under chapter 50, 54, or 58. See Michigan Laws 500.6001 Neighborhood and commercial corridor food initiative: means property that will be used primarily as a retail supermarket, grocery store, produce market, or delicatessen that is located in a downtown area or in a development area as defined in section 2 of the corridor improvement authority act, 2005 PA 280, MCL 125. See Michigan Laws 125.2090a New full-time equivalent employees: means the number of jobs performed by an individual who is employed for consideration for at least 35 hours of work each week based in this state and for whom the company, an employee leasing company, or a professional employer organization on behalf of the company, or other entity authorized under this act, withholds income and United States Social Security taxes. See Michigan Laws 125.2090l New insurer: means a domestic stock insurer that is created by a division occurring on or after the effective date of the amendatory act that added this chapter. See Michigan Laws 500.5500 Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. Nonprofit act: means the nonprofit corporation act, 1982 PA 162, MCL 450. See Michigan Laws 390.1572 Notice to proceed: means the written permission to issue a permit for work that is inappropriate and that adversely affects a resource, pursuant to a finding under section 5(6). See Michigan Laws 399.201a Nursing home: means that term as defined in section 20109. See Michigan Laws 333.12601 Oath: A promise to tell the truth. oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Obscene: means that term as defined in section 2 of 1984 PA 343, MCL 752. See Michigan Laws 397.602 Office: means a pregnant and parenting student services office established and operated by an institution of higher education and described in section 5. See Michigan Laws 390.1592 Office: means the department. See Michigan Laws 500.4701 official Michigan historical marker: means Michigan historical marker signage as approved by the commission under this act. See Michigan Laws 399.152 Open space: means undeveloped land, a naturally landscaped area, or a formal or man-made landscaped area that provides a connective link or a buffer between other resources. See Michigan Laws 399.201a Operations fund: means the Michigan history center operations fund created in section 8. See Michigan Laws 399.802 Ordinary maintenance: means keeping a resource unimpaired and in good condition through ongoing minor intervention, undertaken from time to time, in its exterior condition. See Michigan Laws 399.201a Other economic assistance: means any other form of assistance allowed under this act that is not a community revitalization loan or community revitalization grant. See Michigan Laws 125.2090a Other eligible land: means land that has a common property line with agricultural land from which development rights have been purchased and is not divided from that agricultural land by a state or federal limited access highway. See Michigan Laws 125.3102 Oversight: Committee review of the activities of a Federal agency or program. Participating: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282 Participating college: means a college or university that is located in this state; elects to participate in a reciprocal agreement under this act; and meets the requirements of section 4. See Michigan Laws 390.1692 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual, partnership, corporation, association, or other private legal entity. See Michigan Laws 399.152 Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 399.702 Person: means an individual, corporation, partnership, association, or voluntary organization. See Michigan Laws 500.7705 Person: means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, limited liability company, joint venture, profit or nonprofit corporation including a public or private college or university, public utility, municipality, local industrial development corporation, economic development corporation, other association of persons organized for agricultural, commercial, or industrial purposes, a lender, or any other entity approved by the board. See Michigan Laws 125.2004 Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 125.3102 Person: means a person as defined in section 1106 or a governmental entity. See Michigan Laws 333.12401 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. Place of employment: means an enclosed indoor area that contains 1 or more work areas for 1 or more persons employed by a public or private employer. See Michigan Laws 333.12601 Plaintiff: The person who files the complaint in a civil lawsuit. plan: means a plan adopted by a Michigan domestic mutual company's or mutual holding company's board of directors pursuant to this chapter to convert the mutual company into a Michigan domiciled stock company. See Michigan Laws 500.5901 plan: means a plan adopted pursuant to this chapter by the board of directors of a mutual company for the reorganization of the mutual company simultaneously into both a mutual holding company and a converted company existing as a direct or indirect stock subsidiary of the mutual holding company. See Michigan Laws 500.6001 Plan of division: means a plan of division approved by a dividing insurer in accordance with section 5505. See Michigan Laws 500.5500 Plan sponsor: means the following:
(i) For a benefit plan established or maintained by a single employer, the single employer. See Michigan Laws 500.7705Planning commission: means either of the following, as applicable:
(i) A planning commission created pursuant to section 11(1). See Michigan Laws 125.3803Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Policy: means a group or individual insurance policy or contract issued by a mutual company. See Michigan Laws 500.6001 Population: means the population according to the most recent federal decennial census or according to a special census conducted under section 7 of the Glenn Steil state revenue sharing act of 1971, 1971 PA 140, MCL 141. See Michigan Laws 125.3102 Population: means the population according to the most recent federal decennial census or according to a special census conducted under section 7 of the Glenn Steil state revenue sharing act of 1971, 1971 PA 140, MCL 141. See Michigan Laws 125.3803 Portfolio company: means an entity in which an investment fiduciary has made or considered an investment on behalf of a public university or college. See Michigan Laws 390.1552 postsecondary educational institution: means a public or private institution in this state that offers a degree or course of study beyond the twelfth grade and receives state or federal funding of any kind. See Michigan Laws 390.1731 Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way. Premiums: means amounts or considerations, by whatever name called, received on covered policies or contracts less returned premiums, considerations, and deposits and less dividends and experience credits. See Michigan Laws 500.7705 Premiums: means rates, dues, or other required contributions payable under a certificate. See Michigan Laws 500.8161 Primary supplier: means an entity that creates not fewer than 25 new jobs in this state and that provides both of the following to an authorized business pursuant to a written agreement under this chapter:
(i) A minimum of $5,000,000. See Michigan Laws 125.2090gPrincipal business operations: means the operations of a business are located at the place or places where at least 60% of its employees work or where employees that are paid at least 60% of its payroll work. See Michigan Laws 125.2090l Private contributions: means an investment of cash in a rural jobs and capital investment fund to match dollar-for-dollar the grants, loans, or other types of economic assistance up to the investment authority of the rural jobs and capital investment fund. See Michigan Laws 125.2090l Private sector: means other than the fund, a state or federal source, or an agency of a state or the federal government. See Michigan Laws 125.2004 Probable cause: A reasonable ground for belief that the offender violated a specific law. Probate: Proving a will Project: means an economic development project and, in addition, means the acquisition, construction, reconstruction, conversion, or leasing of an industrial, commercial, retail, agricultural, or forestry enterprise, or any part of these, to carry out the purposes and objectives of this act and of the fund, including, but not limited to, acquisition of land or interest in land, buildings, structures, or other planned or existing planned improvements to land including leasehold improvements, machinery, equipment, or furnishings which include, but are not limited to, the following: research parks; office facilities; engineering facilities; research and development laboratories; warehousing facilities; parts distribution facilities; depots or storage facilities; port facilities; railroad facilities, including trackage, right of way, and appurtenances; airports; bridges and bridge facilities; water and air pollution control equipment or waste disposal facilities; theme or recreational parks; equipment or facilities designed to produce energy from renewable resources; farms, ranches, forests, and other agricultural or forestry commodity producers; agricultural harvesting, storage, transportation, or processing facilities or equipment; grain elevators; shipping heads and livestock pens; livestock; warehouses; wharves and dock facilities; dredging of recreational or commercial harbors; water, electricity, hydro electric, coal, petroleum, or natural gas provision facilities; dams and irrigation facilities; sewage, liquid, and solid waste collection, disposal treatment, and drainage services and facilities. See Michigan Laws 125.2004 Property: means an animate or inanimate object in a museum's possession or under a museum's care because of that object's artistic, educational, scientific, historic, or cultural value. See Michigan Laws 399.602 Property title information report: means information regarding matters of public record affecting legal title to real property that satisfies both of the following:
(i) Is provided upon request to a real property owner, a financial institution, a person with a contractual interest in the real property, or to a person licensed under article 25 of the occupational code, Act No. See Michigan Laws 500.7301Proposed historic district: means an area, or group of areas not necessarily having contiguous boundaries, that has delineated boundaries and that is under review by a committee or a standing committee for the purpose of making a recommendation as to whether it should be established as a historic district or added to an established historic district. See Michigan Laws 399.201a Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Prosperity region: means each of the 10 prosperity regions identified by the department of technology, management, and budget on the effective date of the amendatory act that added this section. See Michigan Laws 125.2090g Prosperity region average wage: means the average annual wage for the prosperity region where the facility is located based on the most recent data made available by the Michigan bureau of labor market information and strategic initiatives. See Michigan Laws 125.2090g Protected cell: means a segregated account established and maintained by an SPFC for 1 or more SPFC contracts that are part of a single securitization transaction as further provided for in chapter 48. See Michigan Laws 500.4701 Protected cell: means an identified pool of assets and liabilities of a protected cell company segregated and insulated by means of this chapter from the remainder of the protected cell company's assets and liabilities. See Michigan Laws 500.4801 Protected cell account: means a specifically identified bank or custodial account established by a protected cell company for the purpose of segregating the protected cell assets of 1 protected cell from the protected cell assets of other protected cells and from the assets of the protected cell company's general account. See Michigan Laws 500.4801 Protected cell assets: means all assets, contract rights, and general intangibles, identified with and attributable to a specific protected cell of a protected cell company. See Michigan Laws 500.4801 Protected cell company: means a domestic insurer or captive insurer that has 1 or more protected cells. See Michigan Laws 500.4801 Protected cell company insurance securitization: means the issuance of debt instruments, the proceeds from which support the exposures attributed to the protected cell, by a protected cell company where repayment of principal or interest, or both, to investors pursuant to the transaction terms is contingent upon the occurrence or nonoccurrence of an event with respect to which the protected cell company is exposed to loss under insurance or reinsurance contracts it has issued. See Michigan Laws 500.4801 Protected cell liabilities: means all liabilities and other obligations identified with and attributable to a specific protected cell of a protected cell company. See Michigan Laws 500.4801 Public body: means a public body as defined in section 2 of the open meetings act, 1976 PA 267, MCL 15. See Michigan Laws 333.12601 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Public library: means a library, the whole interests of which belong to the general public, lawfully established for free public purposes by any 1 or more counties, cities, townships, villages, school districts or other local governments or any combination thereof, or by any general or local act, but shall not include a special library such as a professional or technical library or a school library. See Michigan Laws 397.31 Public library: means a library that is lawfully established for free public purposes by 1 or more counties, cities, townships, villages, school districts, or other local governments or a combination thereof, or by a public or local act, the entire interests of which belong to the general public. See Michigan Laws 397.552 Public place: except as otherwise provided in subsection (2), means any of the following:
(i) An enclosed, indoor area owned or operated by a state or local governmental agency and used by the general public or serving as a meeting place for a public body, including an office, educational facility, home for the aged, nursing home, county medical care facility, hospice, hospital long-term care unit, auditorium, arena, meeting room, or public conveyance. See Michigan Laws 333.12601Public school: means a local school district, a local act school district, a public school academy, a university school, or an intermediate school district established under the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1572 Public transportation agency: means a governmental entity that operates or is authorized to operate intercity or local commuter passenger rail service in this state or a public transit authority created under 1 of the following acts:
(i) The metropolitan transportation authorities act of 1967, 1967 PA 204, MCL 124. See Michigan Laws 125.3803Public university or college: means a university, college, or community college established under section 5, 6, or 7 of article VIII of the state constitution of 1963. See Michigan Laws 390.1552 Publications fund: means the Michigan heritage publications fund created in section 5. See Michigan Laws 399.802 Qualified business: means a business entity located in this state. See Michigan Laws 125.2088a Qualified business: means an operating business that, at the time of the initial investment in the business by a rural jobs and capital investment fund, has fewer than 150 employees and is engaged in industries assigned a North American Industry Classification System code within sectors 11, 21, 23, 31 through 33, 42, 48, 49, 54, except 541110 through 541219, 56, 62, and 81 or, if not engaged in any of these industries, the fund determines that the investment will be beneficial to the rural area, the economic growth of this state, and the industry is not assigned a North American Industry Classification System code within sector 51. See Michigan Laws 125.2090l Qualified institution: means any of the following:
(i) An institution of higher education, as that term is defined in 20 USC 1001, located in the United States. See Michigan Laws 390.1602Qualified public library: means any public library which is open to and available to the public at least 10 hours per week or any library which has a contract with a public library board to furnish library services to the public. See Michigan Laws 397.31 Qualified residential treatment program: means that term as defined in section 1 of 1973 PA 116, MCL 722. See Michigan Laws 125.3102 Qualified rural local governmental unit: means a county in this state with a population of 225,000 or less. See Michigan Laws 125.2090l Quorum: The number of legislators that must be present to do business. Railroad corporation: means the grand trunk western railroad company, a Michigan corporation. See Michigan Laws 399.302 Railroad history museum: means the Michigan railroad history museum situated in the Durand union station railroad depot and operated under authority of this act. See Michigan Laws 399.302 Railroad history museum advisory board: means the Michigan railroad history museum and information center advisory board created by section 206. See Michigan Laws 399.302 Railroad history museum store: means the retail sales store located in the railroad history museum, as authorized by section 208. See Michigan Laws 399.302 Railroad history museum trust fund: means the Michigan railroad history museum trust fund created by section 209. See Michigan Laws 399.302 Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Receiver: means receiver, liquidator, rehabilitator, or conservator as the context requires. See Michigan Laws 500.8103 Receivership court: means the court in the insolvent insurer's or impaired insurer's state having jurisdiction over the conservation, rehabilitation, or liquidation of the insurer. See Michigan Laws 500.7705 Reciprocal agreement: means an agreement between this state and a higher education compact or 1 or more other states that allows participating colleges to provide distance education to residents of this state and other member states under this act. See Michigan Laws 390.1692 Reciprocal state: means a state other than this state in which all of the following occurs:
(i) In substance and effect sections 8118(1), 8152, 8153, 8155, 8156, and 8157 are in force. See Michigan Laws 500.8103Record: means all or part of a writing, as that term is defined in section 2 of the freedom of information act, 1976 PA 442, MCL 15. See Michigan Laws 390.1552 Record: means any of the following:
(i) A document, paper, book, letter, or writing, including a document, paper, book, letter, or writing prepared by handwriting, typewriting, printing, photostating, photocopying, or electronic medium. See Michigan Laws 399.802Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC Registered distance learning corporation: means a distance learning corporation incorporated under the nonprofit act and registered under this act. See Michigan Laws 390.1572 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Remodeling: means the remodeling, improving, or reconstruction of existing housing or facilities which are incidental or appurtenant thereto for migratory laborers or the construction of new housing or facilities which are incidental or appurtenant thereto for migratory laborers. See Michigan Laws 333.12401 Repair: means to restore a decayed or damaged resource to a good or sound condition by any process. See Michigan Laws 399.201a Repayment amount: means an amount equal to 50% of a rural jobs and capital investment fund's investment authority, minus the sum of the product of new full-time equivalent employees reported to the fund for each of the rural jobs and capital investment fund's annual reports submitted pursuant to section 90p and the appropriate earned job factor rate. See Michigan Laws 125.2090l Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Resident: means a person who resides in this state at the time a member insurer is determined to be an impaired insurer or insolvent insurer and to whom contractual obligations are owed. See Michigan Laws 500.7705 Resource: means 1 or more publicly or privately owned historic or nonhistoric buildings, structures, sites, objects, features, or open spaces located within a historic district. See Michigan Laws 399.201a Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Resulting insurer: means a domestic stock insurer created by a division or a dividing insurer that survives a division. See Michigan Laws 500.5500 Rule: means a rule promulgated pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 397.12 Rule: means a rule promulgated pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 399.802 Rules: means all rules, regulations, or resolutions adopted by a society's supreme governing body or board of directors that are intended to have general application to the members of the society. See Michigan Laws 500.8161 Rural jobs and capital investment fund: means an entity approved by the fund under section 90m that meets all of the following:
(i) The entity or 1 or more of its affiliates are regulated by the Securities and Exchange Commission and meet either of the following:
(A) Is a rural business investment company under 7 USC 2009cc or a small business investment company under 15 USC 681. See Michigan Laws 125.2090lseal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSecured claim: means a claim secured by mortgage, trust deed, pledge, deposit as security, escrow, or otherwise, but not including a special deposit claim or claim against general assets. See Michigan Laws 500.8103 Securities: means those different types of debt obligations, equity, surplus certificates, surplus notes, funding agreements, derivatives, and other legal forms of financial instruments. See Michigan Laws 500.4701 Service of process: The service of writs or summonses to the appropriate party. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. Sexually explicit matter: means that term as defined in section 3 of 1978 PA 33, MCL 722. See Michigan Laws 397.602 shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c Shareholder: means the person in whose name a share is registered in the records of a corporation or the beneficial owner of a share to the extent of the rights granted by a nominee certificate on file with a corporation. See Michigan Laws 500.5500 signature: includes a manual, facsimile, conformed, or electronic signature. See Michigan Laws 500.5500 Site plan: includes the documents and drawings required by the zoning ordinance to ensure that a proposed land use or activity is in compliance with local ordinances and state and federal statutes. See Michigan Laws 125.3102 smoke: means the burning of a lighted cigar, cigarette, pipe, or any other matter or substance that contains a tobacco product. See Michigan Laws 333.12601 Smoke alarm: means a single-station or multiple-station alarm responsive to smoke and not connected to a system. See Michigan Laws 399.201a Smoking paraphernalia: means any equipment, apparatus, or furnishing that is used in or necessary for the activity of smoking. See Michigan Laws 333.12601 South Haven: means the city of South Haven, a home rule city situated in Van Buren county. See Michigan Laws 399.302 Special deposit claim: means a claim secured by a deposit made pursuant to statute for the security or benefit of a limited class or classes of persons, but not including a claim secured by general assets. See Michigan Laws 500.8103 SPFC contract: means a contract between the SPFC and the counterparty pursuant to which the SPFC agrees to provide insurance or reinsurance protection to the counterparty for risks associated with the counterparty's insurance or reinsurance business. See Michigan Laws 500.4701 SPFC securities: means the securities issued pursuant to an insurance securitization, the proceeds of which are used in the manner described in subdivision (i). See Michigan Laws 500.4701 Standing committee: means a permanent body established by the legislative body of a local unit under section 14 to conduct the activities of a historic district study committee on a continuing basis. See Michigan Laws 399.201a State: means a state, the District of Columbia, Puerto Rico, or a United States possession, territory, or protectorate. See Michigan Laws 500.7705 State: means a state, district, or territory of the United States. See Michigan Laws 500.8103 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o State accident fund: means the state accident fund created pursuant to the worker's disability compensation act of 1969, Act No. See Michigan Laws 500.5100 State board: means the state board of education. See Michigan Laws 395.82 State licensed residential facility: means a structure constructed for residential purposes that is licensed by the state under the adult foster care facility licensing act, 1979 PA 218, MCL 400. See Michigan Laws 125.3102 Statute: A law passed by a legislature. Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Store: means the retail store operated by the center. See Michigan Laws 399.802 Street: means a street, avenue, boulevard, highway, road, lane, alley, viaduct, or other public way intended for use by motor vehicles, bicycles, pedestrians, and other legal users. See Michigan Laws 125.3803 Structured settlement annuity: means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant. See Michigan Laws 500.7705 Subpoena: A command to a witness to appear and give testimony. subscriber: means an individual who enters into an insurance contract for health insurance, or on whose behalf an insurance contract for health insurance is entered into, with an insurer. See Michigan Laws 500.116 Surplus: means total statutory surplus less capital, calculated in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions. See Michigan Laws 500.5500 Tattoo: means 1 or more of the following:
(i) An indelible mark made upon the body of another individual by the insertion of a pigment under the skin. See Michigan Laws 333.13101Temporary body art facility: means a body art facility that operates at a fixed or temporary location in this state for a time period that does not exceed 14 consecutive days and includes out-of-state facilities operating within this state. See Michigan Laws 333.13101 Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held. Testify: Answer questions in court. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Textbook: includes a text published in electronic media that is used for instructional purposes. See Michigan Laws 390.1542 Third party: means a person unrelated to an SPFC or its counterparty, or both, that has been aggrieved by a decision of a director regarding that SPFC or its activities. See Michigan Laws 500.4701 Title insurance: means the insuring, guaranteeing, or indemnifying of designated owners of real estate or any interest in real estate against loss or damage that may result because the title is vested in a manner otherwise than as stated in the title insurance policy, because the title is unmarketable, or because the title is subject to liens, encumbrances, or other matters adversely affecting the rights of use, enjoyment, or disposition of the real estate, and not excepted in the policy, all in accordance with the terms of a title insurance policy approved as to substance and form, or doing anything equivalent in substance to any of the foregoing in a manner designed to evade the provisions of this chapter. See Michigan Laws 500.7301 Title insurance policy: means any policy or contract insuring, guaranteeing, or indemnifying against loss or damage suffered by owners of real estate or by other persons interested in the real estate by reason of liens, encumbrances upon, defects in, or the unmarketability of the title to the real estate, or other matters affecting the title to real estate or the right to the use and enjoyment of the real estate, and insuring, guaranteeing, or indemnifying the condition of the title to real estate or the status of any lien on the real estate. See Michigan Laws 500.7301 Title insurer: means any domestic, foreign, or alien insurer issuing title insurance, either directly or indirectly, other than reinsurance or coinsurance or both as referred to in section 7308, with respect to any real estate located in this state. See Michigan Laws 500.7301 Tobacco product: means a product that contains tobacco and is intended for human consumption, including, but not limited to, cigarettes, noncigarette smoking tobacco, or smokeless tobacco, as those terms are defined in section 2 of the tobacco products tax act, 1993 PA 327, MCL 205. See Michigan Laws 333.12601 Tobacco specialty retail store: means an establishment in which the primary purpose is the retail sale of tobacco products and smoking paraphernalia, and in which the sale of other products is incidental. See Michigan Laws 333.12601 Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Trade secret: means information consisting of a valuable unpatented formula, pattern, device, or process, or other information that is used in a business and gives the possessor of the information a competitive advantage over those who do not know or use the information, and for which sufficient measures have been taken to guard the secrecy of the information and preserve its confidentiality, and that does not encompass information that is readily ascertainable by competitors or the general public without undue difficulty or hardship. See Michigan Laws 390.1552 Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition. Transfer: means the acquisition by an acquiring insurer of all or substantially all of the assets, and assumption by the acquiring insurer of all or substantially all of the liabilities of, the state accident fund pursuant to Act No. See Michigan Laws 500.5100 Transfer: includes an assignment, assumption, conveyance, sale, lease, encumbrance, including a mortgage or security interest, gift, or transfer by operation of law. See Michigan Laws 500.5500 Transfer: shall include the sale and every other and different mode, direct or indirect, of disposing of or of parting with property or with an interest in property or with the possession of property or of fixing a lien upon property or upon an interest in property, absolutely or conditionally, voluntarily, by or without judicial proceedings. See Michigan Laws 500.8103 Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trustee: A person or institution holding and administering property in trust. Trusteed assets: means the assets of an alien insurer and U. See Michigan Laws 500.8103 Unallocated annuity contract: means an annuity contract or group annuity certificate that is not issued to and owned by an individual, except to the extent of an annuity benefit guaranteed to an individual by an insurer under the contract or certificate. See Michigan Laws 500.7705 Undeveloped state: means a natural state preserving natural resources, natural features, scenic or wooded conditions, agricultural use, open space, or a similar use or condition. See Michigan Laws 125.3102 Undocumented property: means property in the possession of a museum, the owner or lender of which the museum has no reasonable means of identifying. See Michigan Laws 399.602 Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC Union station corporation: means the Durand union station, inc. See Michigan Laws 399.302 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Uphold: The decision of an appellate court not to reverse a lower court decision. User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services. Usury: Charging an illegally high interest rate on a loan. Source: OCC Verdict: The decision of a petit jury or a judge. Vocational disability: means any disability except blindness which constitutes, contributes to, or if not corrected will probably result in an obstruction to occupational performance. See Michigan Laws 395.82 Withholding tax capture revenues: means the amount of income tax withheld under part 3 of the income tax act of 1967, 1967 PA 281, MCL 206. See Michigan Laws 125.2090g Work: means construction, addition, alteration, repair, moving, excavation, or demolition. See Michigan Laws 399.152 Work: means construction, addition, alteration, repair, moving, excavation, or demolition. See Michigan Laws 399.201a Written agreement: means a written agreement made between the eligible business and the fund pursuant to this chapter. See Michigan Laws 125.2090g Zoning commission: means a zoning commission as described under section 301. See Michigan Laws 125.3102 Zoning jurisdiction: means the area encompassed by the legal boundaries of a city or village or the area encompassed by the legal boundaries of a county or township outside the limits of incorporated cities and villages. See Michigan Laws 125.3102