Michigan Laws > Chapter 445 > Act 186 of 2018 – Pyramid Promotional Scheme Act
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Terms Used In Michigan Laws > Chapter 445 > Act 186 of 2018 - Pyramid Promotional Scheme Act
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Application: means a written request to the probate register for an order of informal probate or informal appointment under part 3 of article III. See Michigan Laws 700.1103
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Chief administrative officer: means any of the following:
(i) The manager of a village or, if a village does not employ a manager, the president of the village. See Michigan Laws 141.1542Compensation: means a payment of any money, thing of value, or financial benefit conferred in return for inducing an individual to participate in a pyramid promotional scheme. See Michigan Laws 445.2582 Consideration: means the payment of cash or anything of value or the purchase of goods, services, or intangible property. See Michigan Laws 445.2582 Contract: A legal written agreement that becomes binding when signed. Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103 Decedent: A deceased person. Emergency manager: means an emergency manager appointed under section 9. See Michigan Laws 141.1542 Entity: means a partnership, nonprofit or business corporation, limited liability company, labor organization, or any other association, corporation, trust, or other legal entity. See Michigan Laws 141.1542 Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this act as the property is originally constituted and as it exists throughout administration. See Michigan Laws 700.1104 Fiduciary: A trustee, executor, or administrator. 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. Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Good faith: means participation by an interested party or a local government representative in the neutral evaluation process with the intent to negotiate a resolution of the issues that are the subject of the neutral evaluation process, including the timely provision of complete and accurate information to provide the relevant participants through the neutral evaluation process with sufficient information, in a confidential manner, to negotiate the readjustment of the local government's debt. See Michigan Laws 141.1542 Governing instrument: means a deed; will; trust; funeral representative designation; insurance or annuity policy; account with POD designation; security registered in beneficiary form (TOD); pension, profit-sharing, retirement, or similar benefit plan; instrument creating or exercising a power of appointment or a power of attorney; or dispositive, appointive, or nominative instrument of any similar type. See Michigan Laws 700.1104 hospital: means a public or nonpublic corporation, association, institution, or establishment located within this state for the care of the sick or wounded or of those who require medical treatment or nursing care or home for the aged or which provides retirement housing facilities described in subdivision (f)(iii) operated without profit to an individual, corporation, or association. See Michigan Laws 331.33 Hospital facilities: means any of the following:
(i) A building or structure suitable and intended for, or incidental or ancillary to, use by a hospital and includes nursing homes, homes for the aged, outpatient clinics, laboratories, laundries, nurses', doctors', or interns' residences, administration buildings, facilities for research directly involved with hospital care, maintenance, storage, or utility facilities, parking lots, and garages and all necessary, useful, or related equipment, furnishings, and appurtenances and all lands necessary or convenient as a site for these facilities. See Michigan Laws 331.33in 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 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes. Interested party: means a trustee, a committee of creditors, an affected creditor, an indenture trustee, a pension fund, a bondholder, a union that under its collective bargaining agreements has standing to initiate contract negotiations with the local government, or a representative selected by an association of retired employees of the public entity who receive income or benefits from the public entity. See Michigan Laws 141.1542 Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit. Inventory: means goods, including company-produced promotional materials, sales aids, and sales kits, that a plan or operation requires participants to purchase. See Michigan Laws 445.2582 Inventory repurchase program: means a program that does all of the following:
(i) Upon request, repurchases all current and marketable inventory in the possession of a participant within 12 months after the date of purchase, at not less than 90% of the original net cost, less appropriate setoffs, if any, when the participant's business relation is terminated. See Michigan Laws 445.2582Local authority: means a public municipal corporation incorporated under this act. See Michigan Laws 331.33 Local government: means a municipal government or a school district. See Michigan Laws 141.1542 Minor: means an individual who is less than 18 years of age. See Michigan Laws 700.1106 Neutral evaluation process: means a form of alternative dispute resolution or mediation between a local government and interested parties as provided for in section 25. See Michigan Laws 141.1542 Neutral evaluator: means an impartial, unbiased person or entity, commonly known as a mediator, who assists local governments and interested parties in reaching their own settlement of issues under this act, who is not aligned with any party, and who has no authoritative decision-making power. See Michigan Laws 141.1542 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. Participant: means an individual who joins a plan or operation. See Michigan Laws 445.2582 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Person: means an individual or an organization. See Michigan Laws 700.1106 Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer. Probate: Proving a will Proceeding: includes an application and a petition, and may be an action at law or a suit in equity. See Michigan Laws 700.1106 Promote: means to contrive, prepare, establish, plan, operate, advertise, or otherwise induce or attempt to induce an individual to participate in a pyramid promotional scheme. See Michigan Laws 445.2582 Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106 Pyramid promotional scheme: means any plan or operation in which an individual gives consideration for the opportunity to receive compensation that is derived primarily from recruiting other individuals into the plan or operation rather than from the sale of products or services to ultimate users or from the consumption or use of product or services by ultimate users. See Michigan Laws 445.2582 Receivership: means the process under this act by which a financial emergency is addressed through the appointment of an emergency manager. See Michigan Laws 141.1542 Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Review team: means a review team appointed under section 4. See Michigan Laws 141.1542 School district: means a school district as that term is defined in section 6 of the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 141.1542 Service of process: The service of writs or summonses to the appropriate party. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 700.1107 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 authority: means the hospital finance authority created by this act. See Michigan Laws 331.33 State financial authority: means the following:
(i) For a municipal government, the state treasurer. See Michigan Laws 141.1542Statute: A law passed by a legislature. Strong mayor: means a mayor who has been granted veto power for any purpose under the charter of that local government. See Michigan Laws 141.1542 Strong mayor approval: means approval of a resolution under 1 of the following conditions:
(i) The strong mayor approves the resolution. See Michigan Laws 141.1542terms of the trust: means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. See Michigan Laws 700.1107 Testify: Answer questions in court. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Trust: includes , but is not limited to, an express trust, private or charitable, with additions to the trust, wherever and however created. See Michigan Laws 700.1107 Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o