{"data":{"id":"us-mi/mich.-comp.-laws-324.5203","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 324.5203","heading":"Loan application by municipality; process; agreement; disposition of money received as repayment.","body":"Sec. 5203.\n\n(1) A municipality that wishes to apply for a loan shall submit a loan application to the department as follows:\n\n(a) In compliance with the application requirements provided in part 53, for activities described in section 5202(1)(a) or (b).\n\n(b) On a form approved by the department, for activities described in section 5202(1)(c) or (d).\n\n(2) The department shall process the loan applications submitted under this part.\n\n(3) Prior to releasing a loan, the authority in consultation with the department shall enter into a loan agreement with the loan recipient.\n\n(4) All money that is received for the repayment of a loan shall be forwarded to the state treasurer for deposit into the fund.","path":["MI Code","Chapter 324","Act Act-451-of-1994"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-324-5203","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"e346b7ec7437b4947514ca45da31f850ae8ea3a2b4ba34c514fe0add81b48456","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-324.5202","next":"us-mi/mich.-comp.-laws-324.5204"},"notice":"GroundRules: Original legal text. Not legal advice."}