Michigan Laws 390.1482 – Disclosure of information
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Terms Used In Michigan Laws 390.1482
- Account owner: means any of the following:
(i) The individual who enters into a Michigan education savings program agreement and establishes an education savings account. See Michigan Laws 390.1472Beneficiary: 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 Contract: A legal written agreement that becomes binding when signed. education savings account: means an account established under this act. See Michigan Laws 390.1472 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 Michigan education savings program agreement: means the agreement between the program and an account owner that establishes an education savings account. See Michigan Laws 390.1472 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Program: means the Michigan education savings program established pursuant to this act. See Michigan Laws 390.1472
Each program manager shall disclose the following information in writing to each account owner of an education savings account and any other person who requests information about an education savings account:
(a) The terms and conditions for establishing an education savings account.
(b) Restrictions on the substitutions of designated beneficiaries and transfer of account funds.
(c) The person or entity entitled to terminate a Michigan education savings program agreement.
(d) The period of time during which a designated beneficiary may receive benefits under the Michigan education savings program agreement.
(e) The terms and conditions under which money may be wholly or partially withdrawn from an account or the program, including, but not limited to, any reasonable charges and fees and penalties that may be imposed for withdrawal.
(f) The potential tax consequences associated with contributions to and distributions and withdrawals from accounts.
(g) Investment history and potential growth of account funds and a projection of the impact of the growth of the account funds on the maximum amount allowable in an account.
(h) All other rights and obligations under Michigan education savings program agreements and any other terms, conditions, and provisions of a contract or an agreement entered into under this act.