HB-4887, As Passed House, December 2, 2015
September 22, 2015, Introduced by Reps. Forlini, Iden and Dianda and referred to the Committee on Tax Policy.
A bill to amend 2000 PA 161, entitled
"Michigan education savings program act,"
by amending section 9 (MCL 390.1479), as amended by 2007 PA 153.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 9. (1) Except as otherwise provided in this section, an
account owner or a designated beneficiary of any account shall not
direct the investment of any contributions to an account or the
earnings on an account.
(2) An account owner may select among different investment
strategies
designed by a program manager in all of the following
circumstances
to the extent allowed under section
529 of the
internal
revenue code. :
(a)
At the time any contribution is made to an account with
respect
to the amount of that contribution.
(b)
Once each calendar year with respect to the accumulated
account
balance.
(c)
When an account owner makes a change in designated
beneficiary
of an account.
(3) The program may allow board members or employees of the
program, or the board members or employees of a contractor hired by
the program to perform administrative services, to make
contributions to an account.
(4) An interest in an account shall not be used by an account
owner or a designated beneficiary as security for a loan. Any
pledge of an interest in an account has no force or effect.