Michigan § 206.906 Withdrawal matched by program site; contingent beneficiary; financial institution not responsible for verification.

Michigan Statutes

§ 206.906 — Withdrawal matched by program site; contingent beneficiary; financial institution not responsible for verification.

Michigan § 206.906

Ch. 206INCOME TAX ACT OF 1967

Act 513 of 2006INDIVIDUAL OR FAMILY DEVELOPMENT ACCOUNT PROGRAM ACT (206.901-206.911)

This text of Michigan § 206.906 (Withdrawal matched by program site; contingent beneficiary; financial institution not responsible for verification.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 206.906 (2026).

Text

INDIVIDUAL OR FAMILY DEVELOPMENT ACCOUNT PROGRAM ACT (EXCERPT) Act 513 of 2006 206.906 Withdrawal matched by program site; contingent beneficiary; financial institution not responsible for verification. Sec. 6.

(1)Money withdrawn during a calendar year from an individual or family development account by an account holder for a purpose under section 4 shall be matched by the program site as provided in the participant savings plan agreement between the account holder and the program site.

(2)An account holder shall name at least 1 contingent beneficiary at the time the account is established and may change beneficiaries at any time. If an account holder dies, the account shall be transferred to a contingent beneficiary. If the named beneficiary is deceased or otherwise cannot accept the t

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INDIVIDUAL OR FAMILY DEVELOPMENT ACCOUNT PROGRAM ACT (EXCERPT) Act 513 of 2006 206.906 Withdrawal matched by program site; contingent beneficiary; financial institution not responsible for verification. Sec. 6. (1) Money withdrawn during a calendar year from an individual or family development account by an account holder for a purpose under section 4 shall be matched by the program site as provided in the participant savings plan agreement between the account holder and the program site. (2) An account holder shall name at least 1 contingent beneficiary at the time the account is established and may change beneficiaries at any time. If an account holder dies, the account shall be transferred to a contingent beneficiary. If the named beneficiary is deceased or otherwise cannot accept the transfer, the money shall be transferred to the estate of the beneficiary. (3) A financial institution is not responsible for verifying whether or not withdrawals from accounts held at that financial institution are made in accordance with and for a purpose allowed under section 4.

Legislative History

2006, Act 513 , Eff. Jan. 1, 2007 Compiler's Notes: This section as originally enacted was assigned the compilation number "206.706". To avoid a conflict with sections added to 1967 PA 281, this section has been renumbered as 206.906.