There is a newer version of the Michigan Compiled Laws
2010 Michigan Compiled Laws
Chapter 445 - TRADE AND COMMERCE
Act 351 of 1984 - DUE-ON-SALE CLAUSES (445.1621 - 445.1629)
DUE-ON-SALE CLAUSESAct 351 of 1984
AN ACT to regulate the enforcement of due-on-sale clauses in certain real estate mortgages; and to provide penalties and remedies.
History: 1984, Act 351, Eff. Oct. 15, 1985
- Section 445.1621 - Definitions.
- Section 445.1622 - Enforcement of due-on-sale clause generally.
- Section 445.1623 - Procedure before sale or transfer of property securing residential window period loan containing due-on-sale clause; fees; grounds for enforcement of due-on-sale clause; failure to follow procedure.
- Section 445.1624 - Amendment of loan contract; rate of interest; monthly payments of principal and interest; execution, delivery, and effective date of amendment; lien priority; extending term of loan.
- Section 445.1625 - Limitations on enforcement of due-on-sale clause during term of land contracts or second mortgages.
- Section 445.1626 - Circumstances under which enforcement prohibited.
- Section 445.1626a - Consent to sale or transfer of real property subject to residential window period loan containing due-on-sale clause.
- Section 445.1627 - Contract for sale or transfer of residential property subject to mortgage; provisions in boldface type.
- Section 445.1628 - Violation by lender; liability; action to recover civil fine; prohibited conduct by licensee; liability for civil fine; revocation of license; action for declaratory judgment or injunction; action for actual damages and attorneys' fees.
- Section 445.1629 - Effective date.
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
