MCL 447.152 Definitions

• Library: Michigan Statutes
• Edition: 2023
• Currency: Current through Public Act 321 of the 2023 Legislative Session
• Year: 2023
• Citation: MCL 447.152

As used in this act:

(a) "Authority" means the Michigan export development authority created by section 3.

(b) "Board" means the board of directors of the authority established by section 4.

(c) "Eligible export loan" means a loan by a participating financial institution located within this state the proceeds of which are restricted to the financing of eligible export transactions.

(d) "Eligible export transaction" means the sale of goods or services, or the development of goods or services for sale, outside of the United States by a person doing business in this state, which goods or services, in the judgment of the authority, have a substantial portion of their value created within this state and which sale or development, in the judgment of the authority, creates or maintains employment in this state.

(e) "Export insurance" means insurance made available by the authority to protect an exporter against a foreign buyer's failure to pay for goods or services for political or commercial reasons. The amount of the loss covered for each transaction and particular risks shall be determined by the authority.

(f) "Grant" means an amount of money provided by the authority to a nonprofit organization.