September 6, 2007, Introduced by Senators KUIPERS, ALLEN, GARCIA, RICHARDVILLE, BIRKHOLZ, PAPPAGEORGE, HARDIMAN, JELINEK, VAN WOERKOM, PATTERSON, CROPSEY, GEORGE, GILBERT, CASSIS, McMANUS, OLSHOVE, JANSEN, SWITALSKI, STAMAS, CHERRY, BROWN, JACOBS, BARCIA, GLEASON, WHITMER, CLARKE, BASHAM, BISHOP, ANDERSON, SCHAUER, HUNTER, SCOTT and CLARK-COLEMAN and referred to the Committee on Senior Citizens and Veterans Affairs.
A bill to amend 1986 PA 316, entitled
"Michigan education trust act,"
by amending section 4 (MCL 390.1424).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 4. As used in this act, except where the context clearly
requires otherwise:
(a) "Advance tuition payment contract" means a contract
entered into by the trust and a purchaser pursuant to section 6 to
provide for the higher education of a qualified beneficiary.
(b) "Board" means the board of directors of the Michigan
education trust described in section 10.
(c) "Fund" means the advance tuition payment fund created in
section 9.
(d) "Purchaser" means a person who makes or is obligated to
make advance tuition payments pursuant to an advance tuition
payment contract.
(e) "Qualified beneficiary" means any resident of this state.
(f) "State institution of higher education" means a college or
university described in section 4, 5, or 6 of article VIII of the
state constitution of 1963, or any 4-year degree-granting
institution college or university established by the state after
the
effective date of this act , which institution that is
designated by the state as a state institution of higher education
for purposes of this act, if that college or university considers a
student enrolled in that institution a resident of this state for
determining his or her tuition rates if the student is an active
duty member, or the spouse or dependent child of an active duty
member, of the armed forces of the United States, while that active
duty member is stationed in this state and during the student's
continuous full-time enrollment in the academic degree program in
which he or she is enrolled if that active duty member is
transferred to active duty outside of this state.
(g) "Trust" means the Michigan education trust created in
section 5.
(h) "Tuition" means the quarter or semester charges imposed to
attend a state institution of higher education and all mandatory
fees required as a condition of enrollment as determined by the
board.
(i) "Weighted average tuition cost of state institutions of
higher education" means the tuition cost arrived at by adding the
products of the annual undergraduate tuition cost at each state
institution of higher education and its total number of
undergraduate fiscal year equated students, and then dividing the
gross total of this cumulation by the total number of undergraduate
fiscal year equated students attending state institutions of higher
education.