Michigan Laws 390.1424 – Definitions
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As used in this act, except where the context clearly requires otherwise:
(a) “Advance tuition payment contract” means a contract entered into by the trust and a purchaser pursuant to section 6 to provide for the higher education of a qualified beneficiary.
Terms Used In Michigan Laws 390.1424
- Advance tuition payment contract: means a contract entered into by the trust and a purchaser pursuant to section 6 to provide for the higher education of a qualified beneficiary. See Michigan Laws 390.1424
- 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
- Board: means the board of directors of the Michigan education trust described in section 10. See Michigan Laws 390.1424
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Fund: means the advance tuition payment fund created in section 9. See Michigan Laws 390.1424
- Purchaser: means a person who makes or is obligated to make advance tuition payments pursuant to an advance tuition payment contract. See Michigan Laws 390.1424
- 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 institution of higher education: means a college or university described in section 4, 5, or 6 of article VIII of the state constitution of 1963 or any 4-year degree-granting institution established by the state after the effective date of this act, which institution is designated by the state as a state institution of higher education for purposes of this act. See Michigan Laws 390.1424
- Trust: means the Michigan education trust created in section 5. See Michigan Laws 390.1424
- Tuition: means the quarter or semester charges imposed to attend a state institution of higher education and all mandatory fees required as a condition of enrollment as determined by the board. See Michigan Laws 390.1424
(b) “Board” means the board of directors of the Michigan education trust described in section 10.
(c) “Fund” means the advance tuition payment fund created in section 9.
(d) “Purchaser” means a person who makes or is obligated to make advance tuition payments pursuant to an advance tuition payment contract.
(e) “Qualified beneficiary” means any resident of this state.
(f) “State institution of higher education” means a college or university described in section 4, 5, or 6 of article VIII of the state constitution of 1963 or any 4-year degree-granting institution established by the state after the effective date of this act, which institution is designated by the state as a state institution of higher education for purposes of this act.
(g) “Trust” means the Michigan education trust created in section 5.
(h) “Tuition” means the quarter or semester charges imposed to attend a state institution of higher education and all mandatory fees required as a condition of enrollment as determined by the board.
(i) “Weighted average tuition cost of state institutions of higher education” means the tuition cost arrived at by adding the products of the annual undergraduate tuition cost at each state institution of higher education and its total number of undergraduate fiscal year equated students, and then dividing the gross total of this cumulation by the total number of undergraduate fiscal year equated students attending state institutions of higher education.