Michigan Laws 390.1152 – Definitions
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Terms Used In Michigan Laws 390.1152
- Authority: means the Michigan higher education student loan authority created by section 3. See Michigan Laws 390.1152
- Bonds: means the bonds authorized to be issued by the authority under this act, which may consist of bonds, notes, term loans, commercial paper, or other debt obligations evidencing an obligation to repay borrowed money and payable solely from revenues and other money pledged by the authority. See Michigan Laws 390.1152
- Eligible institution: means an institution of higher education; a vocational school; or, with respect to students or their parents who are citizens or nationals of the United States, an institution outside the United States comparable to an institution of higher education or to a vocational school that is approved by the state board of education and by the United States secretary of education for purposes of the guaranteed loan program. See Michigan Laws 390.1152
- 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.
- 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.
- Parent: means a biological or adoptive parent or legal guardian. See Michigan Laws 390.1152
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- resolution: when used in relation to the issuance of bonds, means either the resolution or trust agreement securing the bonds. See Michigan Laws 390.1152
- 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
- Student: means a person who is enrolled or accepted for enrollment at an eligible institution and who is making suitable progress in his or her education toward obtaining a degree or other appropriate certification in accordance with standards acceptable to the authority. See Michigan Laws 390.1152
- Talent investment fund: means the talent investment fund as defined in section 8a. See Michigan Laws 390.1152
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
As used in this act:
(a) “Authority” means the Michigan higher education student loan authority created by section 3.
(b) “Bonds” means the bonds authorized to be issued by the authority under this act, which may consist of bonds, notes, term loans, commercial paper, or other debt obligations evidencing an obligation to repay borrowed money and payable solely from revenues and other money pledged by the authority.
(c) “Bond resolution” or “resolution”, when used in relation to the issuance of bonds, means either the resolution or trust agreement securing the bonds.
(d) “Eligible institution” means an institution of higher education; a vocational school; or, with respect to students or their parents who are citizens or nationals of the United States, an institution outside the United States comparable to an institution of higher education or to a vocational school that is approved by the state board of education and by the United States secretary of education for purposes of the guaranteed loan program.
(e) “National of the United States” means a person who, though not a citizen of the United States, owes permanent allegiance to the United States, as described in section 101(a)(22)(B) of the immigration and nationality act, 8 USC 1101.
(f) “Obligations” or “borrower obligations” means loan notes and other debt obligations evidencing loans to students or parents of students that the authority may take, acquire, buy, sell, or indorse under this act and may include a direct or indirect interest in whole or part of the notes or obligations.
(g) “Parent” means a biological or adoptive parent or legal guardian.
(h) “Standard rating service” means a service recognized in the investment profession that evaluates and measures securities investment and credit risk.
(i) “Student” means a person who is enrolled or accepted for enrollment at an eligible institution and who is making suitable progress in his or her education toward obtaining a degree or other appropriate certification in accordance with standards acceptable to the authority.
(j) “Talent investment fund” means the talent investment fund as defined in section 8a.