Michigan Laws 286.845 – Industrial hemp licensing and registration program; industrial hemp licensing and registration fund; creation; deposit of money or other assets; investment; interest and earnings; expenditures; m
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Terms Used In Michigan Laws 286.845
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: means the department of agriculture and rural development. See Michigan Laws 286.842
- 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.
- Industrial hemp: means that term as defined in section 3 of the Michigan Regulation and Taxation of Marihuana Act, 2018 IL 1, MCL 333. See Michigan Laws 286.842
- Licensing and registration fund: means the industrial hemp licensing and registration fund created in section 5. See Michigan Laws 286.842
- Program: means the industrial hemp licensing and registration program established by this act. See Michigan Laws 286.842
- 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
(1) The department shall establish, operate, and administer an industrial hemp licensing and registration program.
(2) The industrial hemp licensing and registration fund is created within the state treasury.
(3) The state treasurer may receive license and registration fees and administrative fines under this act for deposit into the licensing and registration fund. The state treasurer may also receive money or other assets from any other source for deposit into the licensing and registration fund. The state treasurer shall credit to the licensing and registration fund interest and earnings from licensing and registration fund investments.
(4) The department shall expend money from the licensing and registration fund to establish, operate, and enforce the licensing and registration program created under this act.
(5) Money in the licensing and registration fund at the close of the fiscal year shall remain in the licensing and registration fund and shall not lapse to the general fund.
(6) The department shall be the administrator of the licensing and registration fund for auditing purposes.