Michigan Laws 388.1937 – False statement or unauthorized use of proceeds; violation as felony; penalty
Current as of: 2024 | Check for updates
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Attorney's Note
Under the Michigan Laws, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| F | up to 4 years |
Terms Used In Michigan Laws 388.1937
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Qualified loan: means a loan made under this act or former 1961 PA 108 from this state to a school district to pay debt service on a qualified bond. See Michigan Laws 388.1923
A person who knowingly makes a false statement or conceals material information for the purpose of obtaining qualification of a bond issue under this act or for the purpose of obtaining a qualified loan under this act, or who knowingly uses all or part of the proceeds of a qualified loan obtained under this act for any purpose not authorized by this act, is guilty of a felony punishable by imprisonment for not more than 4 years or a fine of not more than $5,000.00, or both.