{"data":{"id":"us-mi/mich.-comp.-laws-206.906","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 206.906","heading":"Withdrawal matched by program site; contingent beneficiary; financial institution not responsible for verification.","body":"Sec. 6.\n\n(1) Money withdrawn during a calendar year from an individual or family development account by an account holder for a purpose under section 4 shall be matched by the program site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.\n\n(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.\n\n(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.","path":["MI Code","Chapter 206","Act Act-513-of-2006"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-206-906","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"cf6f3bbea7d26b2e66ba7dcb64efead7c6db7d2f68d1bc8e12f6658133bf8587","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-206.905","next":"us-mi/mich.-comp.-laws-206.909"},"notice":"GroundRules: Original legal text. Not legal advice."}